Oliver Portenseigne has joined a new fund market infrastructure (FMI) initiative from the Luxembourg Stock Exchange. He was previously director, Product Management Shareholder Services and Distribution Support at RBC Investor Services.
Portenseigne departed RBC Investor Services in January and joined the Luxembourg Stock Exchange on Feb. 1 as commercial operating officer for the new FMI. The infrastructure will support, facilitate and standardize the cross-border distribution of funds.
The initial scope of services will focus on order management and related communications and information and reporting services, leveraging on Finesti, the stock exchange subsidiary, which provides investment fund information.
The initial step will be to cover Luxembourg and cross-border UCITS funds domiciled in Europe, then Asia and Latin America.
This FMI will serve the market as a subsidiary of the Luxembourg Stock Exchange, which will become a user-owned and user-governed market utility. The FMI project is supported by main market players and the Luxembourg State
The objective is to Go live, for phase 1, in July 2013 with the first users connected to the platform. This first step will be followed by other developments such as the trade settlement.
Dominic Valschaerts, currently CEO of Finesti, will become CEO of the FMI. Maxim Aertz, formerly a partner at Accenture, joined the Luxembourg exchange last year as product director and chief operating officer of the FMI.
(JDC)