Top Five Tips for Female Allyship

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In a workplace where women face unique challenges, fostering allyship is crucial. Jasmine Le Maistre, Finance Officer in the UK, highlights five top tips for being an ally, such as listening, challenging bias, and celebrating women’s successes. Through mentorship, education, and open conversations, she encourages everyone to help create a more supportive and inclusive environment for women.

Listening

Making the time and actively listening to your female employees can enable you to learn from their experiences and perspectives. Listening to people and enabling voices to be heard allows not only personal development but a more trusting and supportive environment.

Mentorship

We highly value the importance of mentorship in the workplace at Belasko, along with building multigenerational friendships. Having a support network in place and people to turn to, who may share your experiences, enables a more comfortable workplace.

Challenge bias

Calling out any unconscious or conscious bias you witness, or harmful attitudes and behaviours enables a more supportive work environment for female employees. If you hear anything sexist or biased, you can calmly speak to the person about what they have said or walk away from the situation, if you are concerned speak to a manager. Do not promote the biased behaviour.

Education

It’s good to say to call out behaviour (as above) but what if you are unsure of what this behaviour constitutes? The key is education, research typical bias towards women in the workplace, work on identifying if you can see these items in your workplace, or identify if you have any unconscious bias yourself. Being able to provide allyship requires an understanding of the issues faced.

Celebration

The final and most fun tip, to celebrate achievements! By highlighting female contributions, successes, awards, you build a strong level of trust and respect with your colleagues. Work can be difficult, but supporting your team and celebrating the wins can definitely make it a little less difficult.

By following these simple steps, we can all contribute to a more inclusive and empowering workplace for women. Allyship is not just about acknowledging the challenges women face but actively supporting and uplifting them, creating an environment where everyone can thrive.

Author: Jasmine Le Maistre, Finance Officer, UK

The Power of Female Friendships: More Than Just Social Bonds

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Here, Naomi King, an Accountant in our UK office, reflects on the profound impact of female friendships, the health benefits and the value of cross-generational bonds, where sharing diverse perspectives fosters personal growth.

I recently read an article that got me thinking, especially as we celebrate International Women’s Day. The article[1] referenced a study from the Harvard Business Review, which found that women leaders who had mostly female friends in their inner circle earned about 2.5 times more and held more authority than those who didn’t.

When I was younger, I thought it was all about having a huge group of friends and spending all my time with them.  But as I have got older, I have realised that having a small group of friends with whom I have a strong bond is much more meaningful—and it seems studies back up this idea too.

The article pointed out that women face unique challenges compared to men, and having a close group of female friends can really help them navigate these. Female friendships often provide emotional support, understanding, and encouragement, which are all important for overall well-being and personal growth. This shows just how crucial female friendships can be, not only in general but also when it comes to a woman’s career.

Having good friends, whether they are female or not, brings many benefits. Friends can improve your life by lowering stress and boosting happiness. They can also have a positive effect on both your physical and mental health. A study published in the American Journal of Psychiatry found that people with friends and close confidants are more content with their lives and less likely to experience depression. After all, we are social beings!

Beyond emotional and career-related benefits, friendships also offer invaluable learning opportunities. One often-overlooked advantage is the value of having friends across different generations. Friendships that span age groups allow people to share wisdom, experiences, and fresh perspectives. Younger women can gain valuable life and career advice from older friends, while older friends can benefit from the energy, optimism, and modern viewpoints of younger ones. This cross-generational exchange fosters empathy, understanding, and growth, strengthening both individuals and communities. It also highlights the importance of women lifting each other up, whether through friendships, mentorships, or professional networks.

As we reflect on International Women’s Day, it’s clear that female friendships are about much more than just companionship. They are powerful drivers of success, mental and physical well-being, and personal growth. So, whether it’s an old friend who has stood by you for years or a new connection that sparks inspiration, investing in meaningful friendships is one of the best things we can do for ourselves.

After all, when women support each other, incredible things happen!

Author: Naomi King, Accountant in our UK office

 

[1] https://hbr.org/2019/02/research-men-and-women-need-different-kinds-of-networks-to-succeed

Catch the spirit of International Women’s Day with Belasko!

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Ahead of International Women’s Day this weekend, we asked our employees to share the female role models who inspire them the most. From trailblazing leaders and historical figures to mothers, sisters, daughters and colleagues, their responses reflect the incredible impact that women have on our lives, workplaces, and society.

View the video here

Murielle Nya

Client Service Lead
Based in: Luxembourg

I refer to all women who have shaped our history as they paved the way for future generations and therefore all stand out as an inspiration to make the world a better place.

Jessica Savery

Fund and Corporate Officer
Based in: Luxembourg

The female leader who inspires me most is Emmeline Pankhurst for her fundamental work in the women’s suffragette movement.

Meriem Sala

Legal and Corporate Officer
Based in: Luxembourg

My role model is Christine Lagarde, a pioneering leader who has broken barriers in global finance. As the first woman to head both the European Central Bank and the IMF, she embodies the spirit of ‘who run the world, girls!’, inspiring women to lead and shape the future.

Karolina Czerwonka

Fund and Corporate Officer
Based in: Luxembourg

The female leader who inspires me is Maria Sklodowska Curie as she was the first woman to be awarded a Nobel Prize.

Callum Wilson

Senior Legal & Corporate Officer
Based in: Luxembourg

My own Mum: The embodiment of empathy, compassion, love, dedication and is strong beyond all measure.

Patti Smith: A trailblazing powerhouse who laid foundations for men and women alike to express themselves through art, music and writings.

Philippe Paul

Head of Investor Onboarding
Based in: Luxembourg

While I don’t have a specific name in mind, I would like to recognise the unknown women, those women we don’t talk about. The nameless women who deserve all the praise but never get it – so I’m taking a moment to think about them!

Peter Toft

Risk and Compliance Director
Based in: Luxembourg

I think several things make Serena Williams stand out as a role model. Firstly her work and training ethic and discipline that make her one of the greatest female athletes. But also, maybe even more, she had the mental capacity to come back after many setbacks, not only being injured but also discriminated against.

Greg McKenzie

Country Head of Luxembourg
Based in: Luxembourg

My grandmother, Estelle, is my female role model—quite possibly the hardest-working person I’ve ever known. Despite limited means, she raised five children while balancing countless responsibilities with unwavering resilience, dedication, and grace. Those values have been a guiding influence throughout my life.

Nick McHardy

Head of Fund Operations
Based in: London

Dame Judi Dench has made a massive contribution to the Arts through hard work, humility and her respect for others.

Ed Green

CEO
Based in: UK

The female leader who inspires me is Queen Elizabeth for her unflappable demeanour and for holding her own with fifteen different prime ministers.

Paul Lawrence

Group Managing Director
Based in: Jersey

Female leader who inspires me is Margaret Thatcher. She was more than just the first female UK Prime Minister, she was the longest serving Prime Minister of the 20th Century.  As a result she not only transformed the UK political landscape, she put the UK economy on a different trajectory by leading free market principles and the privatisation a number of state owned entities.  She was also a major contributor to the end of the Cold War.

She was often referred to as the “Iron Lady”, displaying the unwavering determination and resilience that would serve as an example to us all and undoubtedly served as a role model for women paving the way for many to follow her example.

Sandeep Lamba

Head of Fund Operations
Based in: Jersey

God cannot be everywhere and therefore he created my Mother. Mrs Jasbir Bholaram Lamba, my mother, inspires me with her humble take on life – to have patience, keep faith, never give up on your focus in life, maintain harmony, be God loving and always respect family and your elders. No wonder we call our home Mother Earth.

Adrian Franklin

Head of Operations
Based in: Jersey

Woman who inspires me most is Alice Franklin. Alice Franklin is my niece, and is a Graduate of the University of East Anglia. Alice has recently published her debut novel called Life Hacks for a Little Alien which is a heartwarming story about the linguistic awakening of a neurodiverse girl and her experiences in life. It is a very funny and relatable book that is a fantastic and inspirational achievement for Alice.

Liliana McDonnell

Financial Controller
Based in: Jersey

Female leader who inspires me most is Amal Clooney for her fearless advocacy!

Marylin Ajanaku

Operations Project Manager
Based in: UK

Female leader who inspires me most is Bozoma Saint John.

Alice Heald

Head of Marketing
Based in: Jersey

Female leader who inspires me most is Michelle Obama as she is a beacon of inspiration, proving that leadership is about resilience, leading by example and empowering others. A favourite quote of mine she once said is: “Don’t ever underestimate the importance you can have, because history has shown us that courage can be contagious, and hope can take on a life of its own.”

Alex Le Prevost

Associate Director
Based in: Guernsey

My female role models are my mother, wife and two daughters.

My mother for being the ultimate rock to our family through thick and thin, my wife for being a general superstar and fantastic role model to our kids and my two girls, who navigate their young lives with a smile and determination.

Hannah Dunnell

Guernsey Managing Director
Based in: Guernsey

Margaret Thatcher is my female role model, not necessarily for her policy or decisions (or shoulder pads for that matter) but because she paved a way for women being respected and accepted in senior leadership roles and exemplified the impact a female perspective can have in a multitude of situations.

Dom Rice

Manager
Based in: Guernsey

I chose my mum as my female role model because she has always inspired me by her grit and determination to tackle all life’s challenges head on.

Keeleigh Le Tissier

Senior Manager
Based in: Guernsey

I chose Hannah Dunnell (our Guernsey MD) as my role model as since I have been in the finance industry, she has always set a great example of empowering and educating women, and I would never have achieved what I have if it wasn’t for her leading the way.

Anna Robinson

HR Administrator
Based in: UK

My sisters inspire me in so many ways. Esmé’s resilience and strength drive her to do the best in everything she puts her mind to, while Amy’s hard work, supportive nature, and unwavering encouragement uplifts those she loves. Together, they remind people they are capable and worthy of anything they set their mind to, and they inspire me to be the best version of myself every day.

Georgi Krumov

Junior Accountant
Based in: UK

My mum inspires me as she has proven many times that anything is possible and your dreams can come true if you really desire it.

Kwesi Francis

CDD Team Lead
Based in: UK

I chose Dr Gladys West as an inspirational woman because her pioneering work in mathematical modelling was crucial to the development of GPS technology. Her contributions have had a profound impact on modern navigation.

Mariam Sunmonu

CDD Analyst
Based in: UK

My Mum was the true definition of a virtuous woman. She showed me how to be a great mum, supportive and loving spouse, trustworthy friend, kind & hospitable and most importantly she led me to God.

My Older sister inspires me by her act of service, her resilience through life’s challenges as a sole carer of four kids who also manages her business, she discharges her roles effortlessly. She is also very hospitable and has impeccable entrepreneurship skills. She is now my mum and my best friend.

Nassim Ait-Kaci

Junior Accountant
Based in: UK

I chose Katniss Everdeen as she embodies courage, resilience & selflessness. She defies tyranny, protects the vulnerable and sparks a revolution. Willing to die without fear, her love for her family fuels her bravery, proving that even against all odds, one voice is enough to ignite change. She inspires defiance, hope and strength!

Sugees Mahen

Head of Fund Accounting
Based in: UK

My wife is my greatest source inspiration, where she supports me 100% and doesn’t judge me for anything I do.

Join us in celebrating the resilience, strength, and inspiration of these remarkable women as we continue to champion gender equality and empowerment.

Happy International Women’s Day from Belasko!

A Day in the Life of a Working Mum by Liliana McDonnell

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Juggling a career and motherhood is no easy task and here, our very own Liliana McDonnell, Financial Controller in our Jersey office, shares how she balances her role at Belasko with her most important job of all—being a mummy…

Being a full-time working mum isn’t an easy task but being blessed with my beautiful toddler (who is 3 years old) and knowing I’m able to give her the best possible start in life, makes me extremely grateful.

Here’s a little glimpse into an average day in our lives…

Rise and shine!

Most weekdays start with a 5-6am wake-up — I’m definitely a morning person! My brain feels the sharpest and I have the most energy first thing in the morning (plus, those early bedtime snuggles with my little one are something I live for).

I try to make it to the gym at least three times a week (though life doesn’t always cooperate). On the days my husband does the nursery drop-off, I lay out my daughter’s clothes the night before to make the mornings run smoother. More often than not, both of them are still fast asleep when I leave for my early start so I give them each a kiss before heading out the door.

In the office before 8am

Having the flexibility to work 8-4 instead of the traditional 9-5 means I can get into the office early (there’s nothing more productive than a quiet office!) and leave before the 5pm rush if I’m on the nursery pick-up duties.

My day always starts with a peppermint tea (yes, even before coffee!). Once I’m logged on, my first priority is reviewing the team calendar and workload to ensure we’re on track with any upcoming or due deliverables. After a quick catch-up with my boss to flag any potentially urgent matters, I always make time to check in with the team, ensuring they are happy with their deliverables for the day before diving into my own work

Busy day in the office!

My workdays absolutely fly by! Working in a busy, challenging environment allows me to thrive, there’s absolutely no time for clock-watching, and before I know it, it’s time to log off and switch off for the day.

Nursey pick-up…

No matter how many pick up’s I’ve done, I’m always just as excited as the very first one to grab my little one, she is a full-on mummy’s girl and regularly reminds me, “You’re my best friend, Mummy.” It’s the little moments like these that make all the hard work worth it!

After lots of excitement and cuddles, we say goodbye to her friends and head home. We’re extremely lucky to live by the sea, with a beautiful marina just steps away from our door. On lighter evenings, we love taking a walk along the coast. My little one adores seeing all the boats, and a well-deserved ice cream treat after her busy day at nursery. It is hard work being a three-year-old!

5-5.30pm — Home time

This is where the evening madness begins! I’m the sole cook in the house, so while my husband is making his way home, I’m juggling dinner prep and bath-time planning.

My husband is usually home by 5.30pm and takes over bath duties while I dive into full chef mode. I absolutely love cooking and find it therapeutic (most of the time, anyway!).

6pm — Dinner time

Yes, we like to eat early in our house. Our little one tends to enjoy a second dinner with us (she’s a foodie like her Mama!) and loves filling us in on her day, usually involving lots of arts and crafts and a story or two (featuring a mermaid or a unicorn).

6.30/7pm — Time for bed

As a very busy three-year-old, bedtime comes early and it includes a good book (or four!). Our little bookworm has quite the collection, and with her love of mermaids, there’s guaranteed to be at least one mermaid tale in the mix.

I usually handle bedtime, it’s honestly my favourite part of the day. After my husband gives his goodnight cuddles, it’s time for me and my exhausted little love to snuggle up until she drifts off into dreamland.

Time out…

Once my little one is fast asleep, it’s time for some much-needed grown-up time with my husband. We catch up on our day, but mostly, we end up chatting about our daughter’s day and all her adventures!

I love to wind down with a good book (I’m a sucker for a thriller!) and, although I do enjoy a little social media scroll, I try to be strict with myself and prioritise reading before bed. Meanwhile, my husband gets his football fix (I’ll happily give that a miss).

Bedtime

I’m rarely awake past 10pm — beauty sleep is essential! After a final check on my little sleeping beauty (and a few extra kisses while trying not to wake her!), I’m off to bed to re-energise and reset before we do it all again tomorrow, good night!

Hats off to all the working parents out there – you are absolute superheroes! Balancing careers, family life, and everything in between isn’t easy, but we do it and we do it with a smile (and the occasional wine or five!!).

Author: Liliana McDonnell, Financial Controller, Jersey

Sharing the Load: A Win-Win for Work and Home

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Happy International Women’s Day! Let’s talk about something we all deal with—household chores and childcare. We all know that juggling work and home life can be stressful and unpredictable, and likely to end in someone crying. But the good news is: when responsibilities at home are shared more equally, everyone wins—at work and in life!

A fairer split of chores and parenting duties isn’t just good for families; it’s great for businesses too. When both partners pitch in, women can grab those well-earned career opportunities, and men get to experience the joys (and occasional terror) of full-on parenting. Plus, companies benefit from happier, more balanced employees—what’s not to love?

Luxembourg is leading by example with its fantastic parental leave policy. Each parent gets six months of paid leave, and it’s a “use it or lose it” deal—so no sneakily handing it off to your other half while you ‘focus on work.’ This means more dads are stepping up, embracing the baby-led weaning, Bluey marathons, and the art of assembling baby toys with the patience of a saint. Think of it like diversifying your investments—spreading the load reduces risk and increases long-term gains (in this case, a stronger bond with your child and a well-balanced family life).

“I feel fortunate to have had the opportunity to take parental leave for both my daughters, with each leave being tailored differently to meet the needs of my family at that specific time. It allowed me to be present for my girls while helping my wife transition back to work. In today’s world and the quest for equality, fathers stepping up for diaper duty is one small step at helping us achieve this goal – just don’t expect a few months watching Netflix!” – says John Russell, Director in Belasko Luxembourg Office

Much like investment funds, a well-balanced family strategy relies on proper asset allocation. If one person takes on all the work, you’re looking at an overleveraged portfolio doomed to collapse under pressure. But if both partners contribute equally, you get a steady return on investment—whether it’s bedtime stories, first steps, or finally mastering the art of installing a car seat without a meltdown. And let’s face it, investing time in family pays dividends that no hedge fund can match.

At the end of the day, fostering a work culture that supports shared responsibilities at home helps everyone. So, let’s celebrate progress, encourage equality, and make sure that fairness at home translates to fairness at work. After all, teamwork makes the dream work—both in the office and at home.

Author: Karolina Czerwonka, Fund and Corporate Officer based in Luxembourg


Calling All Wonder Women: Empowering the Next Generation to Lead with Strength

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The world is evolving rapidly, presenting both challenges and opportunities. Yet one thing remains certain: the future belongs to those bold enough to shape it.

This week, as we celebrate International Women’s Day, we call upon the Wonder Women of tomorrow – not the fictional heroes we’ve read about in comic books, but the real women who are breaking barriers, inspiring others, and paving the way for future generations.

It’s time for every woman to step into her power, trust her potential, and lead with unwavering strength. True Wonder Women don’t need capes or superhuman abilities. What they require is resilience, determination, and an unwavering belief in themselves. These are the women who rise above adversity, challenge the odds, and relentlessly pursue their goals.

Every woman who challenges societal norms, who refuses to be held back, and who forges her own path is a Wonder Woman. Their journeys remind us that while success is never without struggle, perseverance makes it possible.

When one woman rises, she uplifts others along the way, creating a ripple of strength and inspiration that can change the world. Empowerment is not just a concept; it is the foundation for progress. It is about equipping young women with the tools, opportunities, and confidence to believe in themselves, chase their dreams, and overcome obstacles. This is the legacy we must build—one where every girl knows she is capable of leading, making her mark, and shaping the future.

Now is the time to lead by example. The next generation needs mentors, role models, and advocates who will guide, support, and inspire them to step confidently into leadership roles. When we rise together, we create a stronger, more inclusive world where every woman has the opportunity to thrive.

This is a call to action. The world is waiting for you to step forward. Now is the time to embrace your inner Wonder Woman, to take the lead with confidence, compassion, and purpose. By doing so, you will not only transform your own life but also inspire others to do the same. Together, we can build a future where every girl discovers her own inner strength, reaches her fullest potential, and leads with the power she was always meant to wield.

And don’t forget… who run the world? GIRLS!

Author: Meriem Sala, Legal and Corporate Officer based in Luxembourg

Celebrating International Women’s Day: Honouring our Power Women at Belasko

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As a business, we’re proud to celebrate International Women’s Day on 8 March and in the lead up to the day, use this week to highlight the incredible women across our team. Throughout the week, we’ll be sharing their stories, experiences, advice, and insights on the topics that matter most to them—both personally and professionally.

International Women’s Day is a global celebration of progress, achievements, and the ongoing journey toward gender equality. At Belasko, we are committed to fostering an inclusive workplace where every individual, regardless of gender, has the opportunity to thrive and reach their full potential.

We recognise and celebrate the invaluable contributions of the women in our business and the wider community. Their dedication, creativity, and leadership drive our success and inspire us to continually strive for excellence. We’re proud to support initiatives that empower women, providing opportunities for growth, development, and leadership.

Our commitment to gender equality is unwavering. We believe that a diverse and inclusive workplace is essential for innovation and progress. We’re dedicated to implementing policies and practices that support equal opportunities, eliminate biases, and support work-life balance for all employees.

We also acknowledge the broader challenges in achieving gender balance in leadership, particularly within financial services. While we continue to work towards increasing female representation in senior roles, we’re delighted to be actively identifying and nurturing the next generation of female leaders within Belasko. Through mentorship, training, and development initiatives, we aim to empower them with the skills and confidence to step into leadership positions.

As we mark this important occasion, we celebrate the achievements of women across all sectors and acknowledge the challenges that remain. We’re inspired by the resilience and strength of women who continue to break barriers and pave the way for future generations

Join us this week in celebrating International Women’s Day as we shine a light on the remarkable women of Belasko. Together, we can continue to champion gender equality and build a more inclusive and diverse future for all.

Author: Katie Bodman, Head of Learning and Development based in the UK

Unlocking Luxembourg: A Strategic Choice for Private Capital Funds

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Luxembourg has cemented its status as a leading hub for fund management, particularly in the realm of private closed-ended funds. With its combination of robust legal and regulatory frameworks, international recognition, and strategic geographical advantages, Luxembourg offers an attractive proposition for fund managers looking to establish their next investment vehicle. Greg McKenzie, our Luxembourg Country Head, shares more on the benefits and opportunities this thriving jurisdiction can offer to ensure success.

The appeal of Luxembourg as a fund destination

Luxembourg, which is home to €5,840.177 billion in net assets under management as at November 2024[1], has been a cornerstone of the global financial sector for over 60 years, gaining international recognition for its stability, innovation, and adherence to high standards. It is also “white-listed” by the Financial Action Task Force (FATF), underscoring its commitment to combating money laundering and financing terrorism.

One of Luxembourg’s most compelling features is its robust legal and regulatory framework, which provides a secure environment for fund operations as well as offers unrestricted marketing opportunities into key regions like the US and the Middle East.

The country boasts an extensive network of double taxation treaties, ensuring tax efficiency and reducing the risk of double taxation on income, gains, and dividends. However, the applicability of these treaties depends on the specific legal form and tax status of the fund. Certain fund vehicles may be considered tax-transparent, meaning the tax treaties may apply at the investor level rather than the fund level. Therefore, careful consideration of the fund structure is essential to fully benefit from these treaties.

Luxembourg-based AIFs benefit from the ability to market into the European Economic Area (EEA) through the passporting mechanism provided under the Alternative Investment Fund Managers Directive (AIFMD). It is important to note that the AIFMD passport is available to AIFs managed by authorised AIFMs. This passport allows marketing to professional investors across the EEA without additional national requirements. However, marketing to retail investors or non-EEA investors may still be subject to national regulations and private placement regimes[2].

The country also offers a strategic location with strong transport links to major financial centers like London and other parts of Europe. Being in the European time zone allows for seamless coordination with global markets, making it easier for fund managers to conduct business across different regions.

Typical Fund Structures

The Special Limited Partnership (SCSp)

When it comes to fund structuring, the SCSp is one of the most commonly used legal forms in Luxembourg. Introduced in 2013, the SCSp is modelled after an ‘Anglo-Saxon’ GP/LP structure, offering flexibility and familiarity for managers accustomed to similar vehicles in other jurisdictions. Governed by the law of 10 August 1915, as amended, on commercial companies, the SCSp allows the general partner to manage the fund’s affairs while limited partners/investors participate without being involved in day-to-day operations[3].

The SCSp structure is particularly well-suited for funds, feeders, and co-investment vehicles and fund promoters play a crucial role in supporting the investment management and oversight activities, ensuring sufficient local management and control, which is vital for compliance with local regulations.

Luxembourg’s regulatory environment requires fund managers to demonstrate adequate local management and control, which may necessitate the appointment of local directors or establishing a physical presence in the country. These substance requirements are crucial for tax residency purposes and to benefit from Luxembourg’s extensive network of double taxation treaties[4]. Ensuring sufficient local substance helps in affirming that the central administration and decision-making processes are effectively conducted within Luxembourg[5].

Regulatory options in Luxembourg

Luxembourg offers two primary regulatory options for private capital funds: the Unregulated AIF and the Reserved Alternative Investment Fund (RAIF). Neither option is subject to direct supervision by the Commission de Surveillance du Secteur Financier (CSSF), Luxembourg’s financial regulator, nor do they require prior approval. This flexibility can be advantageous for managers looking to avoid the delays and costs associated with regulatory approvals. Other unregulated options may also be beneficial for funds not intended for marketing.

While Luxembourg offers unregulated fund structures, like the (SCSp) which are not subject to direct CSSF supervision, these structures must still comply with relevant laws, including the law of 12 July 2013 on alternative investment fund managers (AIFM Law), if they qualify as AIFs. This means that while the fund itself is unregulated, the AIFM managing the fund must be authorised or registered under the AIFM Law, ensuring compliance with certain regulatory standards.

However, fund managers should engage legal counsel early in the planning process to determine the most suitable structure and regulatory solution for their specific needs. Legal advisors typically assist with the drafting of constitutional documents, such as the Limited Partnership Agreement (LPA) and side letters, and provide guidance on marketing and tax considerations. This ensures compliance with local regulations and optimises the fund’s structure from a tax perspective.

Belasko in Luxembourg

Luxembourg stands out as a premier destination for fund managers looking to establish their next private closed-ended fund. With its internationally recognised finance sector, robust legal and regulatory framework, and strategic location, Luxembourg offers a wealth of opportunities for private capital fund managers and investors alike. However, its crucial to work closely with expert third party providers, leveraging their expertise in alternative investments to successfully navigate any challenges and unlock the potential of this dynamic jurisdiction.

Belasko in Luxembourg, incorporated in November 2020, has rapidly established itself as a trusted partner for Alternative Investment Funds (AIFs) in the Luxembourg market.

Our team, comprised of seasoned professionals, has extensive experience in servicing global private capital firms and investment companies. We excel in managing complex AIFs and holding structures, offering comprehensive end-to-end fund administration and corporate services.

With a deep understanding of the Luxembourg regulatory landscape, we provide a personalised, reliable, and proactive service, helping clients navigate the complexities of private capital investments with confidence.

If you’d like to speak to our team about setting up your fund in Luxembourg, please get in touch with Greg McKenzie (Country Head) at: greg.mckenzie@belasko.com.

[1] https://www.alfi.lu/en-gb/pages/industry-statistics/luxembourg

[2] https://www.cliffordchance.com/content/dam/cliffordchance/PDFDocuments/the-luxembourg-toolbox-A5-digital.pdf?

[3] https://www.cliffordchance.com/content/dam/cliffordchance/PDFDocuments/the-luxembourg-toolbox-A5-digital.pdf?

[4] cliffordchance.com

[5] https://www.cliffordchance.com/content/dam/cliffordchance/PDFDocuments/the-luxembourg-toolbox-A5-digital.pdf?

Where Business Belongs – Greg McKenzie & British Chamber of Commerce for Luxembourg

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MEMBER PERSPECTIVE – WHERE BUSINESS BELONGS

Our Luxembourg Country Head, Greg McKenzie, shares his insights on the impact of digital transformation in financial services and how trust, transparency, and collaboration are the foundations of long-term success.

What motivated you to join the British Chamber of Commerce Luxembourg?

Belasko joined the British Chamber of Commerce Luxembourg to engage with a dynamic network of professionals, share insights, and collaborate on opportunities that promote business development in Luxembourg and beyond. The Chamber provides a platform for fostering relationships, staying updated on key developments, and participating in discussions on the future of business in Luxembourg. As Belasko continues to grow and strengthen its presence in the region, we see the Chamber as an ideal way to support our strategic objectives and contribute to the local business community.

What is the hottest topic in your business right now?

One of the hottest topics at Belasko right now is digital transformation in financial services. We’re seeing increasing demand for more efficient, transparent, and scalable solutions that leverage technology to enhance client service. A key driver of this change is the rise of AI and automation, as clients look for smarter, automated solutions that streamline processes, enhance decision-making and provide deeper insights. At Belasko, we’re working to innovate and build on these trends, providing our clients with sophisticated tools and solutions that ultimately create more value and drive success.

What is the best piece of business advice you have received?

The best piece of business advice I’ve received is to always focus on building strong relationships, both with clients and within the team. Trust, transparency, and collaboration are the foundations of long-term success. This advice has guided my approach to leadership at Belasko, where fostering a culture of open communication and teamwork ensures that we not only meet our clients’ needs but exceed their expectations.

Shaping the future: Jersey’s role in global finance amidst market shifts

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Jersey’s finance industry finds itself at the intersection of global economic shifts, geopolitical uncertainty, and a stabilising interest rate environment.

With growth in private capital assets set to reach even greater heights, Preqin predicts growth of $30 trillion in global alternative assets under management (AUM) by 2030 (up from $16.8 trillion expected by 2025)[1]. Following a challenging period, venture capital managers anticipate a rebound in 2025, although private debt remains the darling asset class. Despite a more cautious recent investor sentiment awaiting a more stable and predictable interest rate environment private debt is projected to reach $2.9 trillion by 2029.

Recent discussions at key industry events highlighted the evolving landscape and the opportunities for growth on the horizon for Jersey’s financial services sector.

Navigating Trump 2.0: A changing global investment landscape

Geoff Cook recently shared his views on how the return of Donald Trump to the White House is set to reshape global investment dynamics[2]. Trump administration’s ‘America First’ policies, renewed focus on trade protectionism, and shifts in tax regulations will impact financial centres worldwide. For small-state international finance centres (IFCs) like Jersey, this presents both challenges and opportunities.

  • Global risk and investment flows: A second Trump presidency will reshape global investment dynamics. His policies on trade, diplomacy, and foreign relations could create volatility but also opportunities for IFCs as investors seek stable jurisdictions amid geopolitical uncertainty.
  • Tariffs and supply chain adjustments: We are already seeing Trump take a firm stance on tariffs, driving protectionist measures and reshaping global trade. This could disrupt supply chains, raise inflation, and impact industries like EVs, tech, and agriculture. IFCs could play a pivotal role in facilitating capital flows, supporting companies relocating production and diversifying supply chains to mitigate tariff risks.
  • Tax and corporate structures: Trump’s return to office will almost certainly challenge the OECD’s Pillar two initiative on Base Erosion and Profit Shifting. Although the OECD’s push for a 15% global minimum tax rate has gained traction, Trump is likely to re-evaluate this initiative for the US. His proposed two-tier corporate tax system could see ‘Made in America’ firms benefit from a 15% rate, while foreign companies continue to pay 21%. This approach may drive renewed interest in tax-efficient jurisdictions, making IFCs more attractive for multinational corporations and capital flows.
  • Tech and geopolitical friction: The ongoing US-China tech standoff will shape investment trends, deepening the global technological divide. IFCs are well-positioned to attract fintech and blockchain ventures, reinforcing their roles as key players in the evolving global tech landscape.
  • Trade and digital transformation: Global trade is shifting from multilateral agreements to regional and bilateral deals, potentially sidelining institutions like the World Trade Organisation. IFCs could play a growing role in facilitating regional trade agreements and digital trading hubs. Meanwhile, a more crypto-friendly U.S. administration may accelerate the integration of digital assets into global trade, offering new opportunities for private capital investors.

UK economy: A mixed outlook

The UK’s economic outlook remains uncertain, yet it continues to attract significant international investment. According to PwC’s Annual Global CEO Survey[3], the UK has risen to become the second-most attractive global destination for international investment, ranking behind only the US. With a new Labour government prioritising economic growth, investment opportunities may continue to expand. Although a softer tone is being taken by Trump towards the UK for now, potential disruptions from his trade policies risks softening UK exports, contributing further to global inflationary pressures.

While UK growth in 2025 is expected to be sluggish, it remains more positive than the EU average. As a close financial partner to the UK, Jersey is well positioned to support investment structures that navigate these shifting dynamics.

Jersey’s competitive edge: seizing the moment

Jersey’s finance industry is well-positioned to capitalise on global shifts, supported by a stable regulatory and tax environment. Key opportunities include expanding Jersey’s role in UK real estate, private equity, and venture capital—particularly in tech. The Island’s appeal as a hub for VC investment continues to grow, with Monterey data reporting that 246 VC funds were launched in Jersey in 2024. At the same time, Jersey should continue strengthening ties with promoters in the US, Middle East, and Asia, who are looking to leverage the opportunities presented by AIFMD II.

To attract business to the Island, Jersey needs to continue enhancing product offerings and regulatory frameworks. Jersey Finance noted at their Global Horizons event, the key developments in 2024 that will continue to be a focus in 2025. These included the expansion of Limited Liability Companies (LLCs) for broader use cases, updates to the Jersey Private Fund (JPF) Guide to align with professional investor needs, legislative amendments for limited partnerships to incorporate digitalisation and tokenisation frameworks, and potential new regimes for carried interest vehicles and European Long-Term Asset Funds (ELTAF).

In terms of market focus and expanding the island’s global reach, the US is set to offer great opportunities for Jersey, particularly for private wealth in hubs like Miami, New York and even LA. With continued growth taking place in the Middle East, the region is still a key focus for Jersey for both the private wealth and funds industries. Saudi Arabia is showing growing potential as well as Dubai which continues to be one of the biggest market opportunities for Jersey globally. In Kenya and South Africa, opportunities for private wealth, private equity and infrastructure are emerging and Jersey is well-positioned to support HNWIs, family offices, and businesses seeking international finance solutions as interest in global diversification is on the rise.

Key themes set to shape the future of Jersey

Tokenisation: Tokenisation is seen as a critical area for Jersey’s future in the funds industry. As the financial world increasingly embraces digital transformation, tokenisation is gaining traction. Jersey, with its well-established legal and regulatory framework, is positioned to be a leading jurisdiction for the tokenisation of assets.

Islamic finance: Islamic finance continues to offer substantial growth opportunities and Jersey is solidifying its position as a stable and credible jurisdiction of choice for Islamic finance products. The island’s flexibility in structuring Sharia-compliant investment vehicles make it an attractive destination for the structuring of Islamic finance deals, including Private Funds (JPFs) and structured finance transactions.

Women in wealth: The increasing leadership of women in wealth management is a powerful trend, with more HNW families being led by women. Over the past decade, female participation in wealth management and leadership roles has doubled, reflecting broader societal shifts toward gender equality. In particular, as more Middle Eastern women seek stable, confidential, and Shariah-compliant solutions, Jersey offers a robust financial ecosystem with secure wealth structuring, governance, and succession planning options.

Positioning Jersey for the future

As global markets evolve, Jersey’s finance industry must remain agile, proactive, and outward-looking. By leveraging its regulatory strengths, digital infrastructure, and global partnerships, Jersey is well-positioned to thrive in 2025 and beyond. With a focus on alternative assets, private wealth, and innovation, the island will continue to cement its status as a premier international finance centre in a rapidly changing world.

At Belasko, we provide innovative fund administration, corporate services, and private wealth solutions in Guernsey, Jersey, the UK and Luxembourg. With a commitment to delivering bespoke, high-quality services, Belasko partners with fund managers, high-net-worth individuals, families, and entrepreneurs. Powered by leading technology, Belasko’s helps clients navigate complex financial landscapes, unlocking new opportunities and achieving success.

We look forward to another year of growth and collaboration with our partners across the world. If you’re interested in discussing our Jersey offering in more detail, get in touch with Paul Lawrence (paul.lawrence@belasko.com).

[1] https://www.preqin.com/insights/research/blogs/preqin-forecasts-global-alternatives-aum-to-rise-to-usd29-22tn-by-2029

[2] https://international-adviser.com/geoff-cook-on-global-trends-amid-trump-inauguration/

[3] https://www.pwc.co.uk/press-room/press-releases/research-commentary/2024/global-ceos-rank-uk-most-important-market-after-us—pwc-s-28th-.html