LUXEMBOURG - A four-strong group of fund industry executives have set up a one million-euro investment fund servicing company in Luxembourg.

The executives include Robert DeNormandie, Peter Spinnler, Yves Wagner and Patrick Zurstrassen, who have backed the venture - dubbed the Directors Office - with one million euros.

The Directors Office said in a statement that it has received approval from the Commission de Surveillance du Secteur Financier, the supervisory authority.

The company said its "main mission" is to help Luxembourg fund firms confronted meet the requirements of the European Directive for Investment Funds known as UCITS III, in force in February.

It said: "Following the directive, a management company must have 'substance'. While it may outsource an important number of functions, it must be managed by two professionally responsible directors who will have at their disposal the human and technical infrastructure allowing them to exercise their mandates and control risk, compliance issues, and the outsourcing process."

The firm said it offers a "cabinet" of fund directors in Europe with technical expertise and operational infrastructure.

The company would be operational in the autumn and has started to recruit the eight to 10 managers and employees who will assist the initial 12 to 15 director-members.

It said: "The company will be an important actor in this evolutionary process and in the future development of the Luxembourg Fund industry."

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