LUXEMBOURG - The Luxembourg Investment Funds Association, or ALFI, has named Thomas Seale as its new president, replacing Guy Legrand.
The appointment follows what ALFI itself terms a "massive decline" in the managed net assets of Luxembourg's collective savings industry - down 84 billion euros, or nine percent in 2002.
ALFI is the representative body of the Luxembourg investment fund industry - which promotes Luxembourg as a prime location for fund domiciliation, administration and cross-border distribution.
ALFI said in a statement that its board of directors has elected Seale, who is chief executive of European Fund Administration, as president. He replaces Dexia's Legrand, who had been president since the 2001.
Legrand told ALFI's member newsletter that the Luxembourg fund industry has developed new opportunities, improved operational efficiency and cut cuts. "All these opportunities should allow the industry to be even more effective when financial markets recover."
As at the end of January this year, the net assets of Luxembourg-based investment funds stood at 835.5 billion euros.