BIL Manage Invest (BMI), the third-party management company of Banque Internationale à Luxembourg (BIL), has secured CSSF CSSF approval to launch its Lux Multimanager SICAV, a hosted ‘rent-a-compartment’ UCITS fund platform.

The Lux Multimanager SICAV aims to provide third-party investment managers, fund initiators and other fund promoters of investment funds with a fully UCITS-compliant umbrella fund platform, which enables them to manage a sub-fund (compartment) in accordance with their own investment strategies.

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Additionally, BIL Manage Invest has selected RBC Investor Services Bank in Luxembourg to provide custody, central administration and domiciliary services to the platform.

The managers are chosen by BMI as investment manager and distributor to the manager’s own dedicated sub-funds.

BMI said that the managers will benefit from the efficiencies offered by the pre-existing structure of the platform in terms of sharing of costs, existing middle and back office operating model, tried and tested systems, and quick time to market.

The new platform will also offer managers with a fully UCITS-compliant sub-fund which they can market within the EU without the need to set up their own fund and/or management company substance in Luxembourg or in another EU member state.

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BMI CEO Alexandre Dumont said: "The launch of Lux Multimanager SICAV complements and completes the range of UCITS management company and Alternative Investment Fund Manager (AIFM) services offered by BIL Manage Invest to third-party managers.

"BIL Manage Invest can now assist our clients in setting up and running dedicated, standalone funds or sub-funds within our rent-a-compartment platforms as fully UCITS- or AIFMD-compliant structures."