Author name: j.kent@kentmedia.net

The Partners and former Partners of The Directors’ Office are deeply saddened by the news of Alan Ridgway’s passing, Saturday November 8th, 2025.  Alan became Partner in April 2013 and has since graced and complemented us with his professionalism, friendship, good nature and sense of humour. He was always keen to participate in and contribute to the Partnership, bringing his diverse set of skills and experiences, or as he put it: ‘expertise from set-up, management and liquidation of investment structures’. Alan, born in 1965, was a fellow of the Institute of Chartered Accountants in Ireland and had a formidable career in financial services including Svenska Handelsbanken and IKANO Fund Management. His bravery in dealing with the setbacks he encountered in his private life and with his health in recent years is an example to us all. In, addition to being our Partner, Alan was well known and respected in the market and Luxembourg financial community. He will be sadly missed. We will fondly remember him and wish his son, Jack, and daughter, Sarah, strength to cope with their loss. He will remain with us in our thoughts.

A glance at the history of The Directors’ Office over the more than 20 years of its existence demonstrates its contribution to Luxembourg as a great place to do business and its championing and promoting of the highest standards of governance. Our members are all self-employed independent directors who work in a mutually supportive environment. And The Directors’ Office is a place that welcomes people who have excelled in their executive lives and who seek to take on a new professional challenge in the world of independent directors.  One of the Partners who helped set these standards, Arnaud Dubois, joined The Directors’ Office in the early days (2006) and recently decided his time to retire had finally come – and so it is that we have waved a fond farewell to Arnaud. Arnaud is one of those special people who, no matter how busy his schedule, always took the time to provide encouragement to newer members. His opinions were always helpful and usually served up with a dose of sardonic wit that made every interaction memorable. Arnaud will never be forgotten by those of us lucky enough to have worked alongside him, and as he himself would admit, The Directors’ Office is in good shape for the future. As written by Paul de Quant, Lead Partner

Interview with Riccardo del Tufo. Partner, The Directors’ Office. What were you doing before you came to Luxembourg?My entire career has been in investment funds. I started with a large U.S. bank in London, working on UCITS Funds, and then moved toward asset management, looking after an Irish fund platform. My responsibilities included risk management, portfolio management, and product development. Later, I joined The Directors’ Office assisting Conducting Officers and Fund Directors perform their duties around risk management and  governance. The Directors’ Office founded MDO, during what I call the “ManCo revolution”—when funds began to be managed through Management Companies rather than through individual conducting persons. At MDO, I worked across risk, valuation, and operations, and eventually served as interim CEO. When MDO was acquired and became part of the Waystone Group, The Partners of The Directors’ Office sold their stake. In November 2023, I became a non-executive director (NED). After leaving Waystone, it was a natural fit to re-join The Directors’ Office and a great way to start my NED career. 2024 wasn’t the easiest economic year in Luxembourg. How was it for you? Read More … It certainly wasn’t the easiest year to start out as an NED! But overall, Luxembourg remains a very business-friendly environment. Are there any particular types of investment funds that align well with your expertise?I’ve always been a technician in the investment fund space—valuation, portfolio management, and operations. Within the ManCo, I always had operational responsibilities, which puts me in a good position to now speak with various stakeholders because I understand the technicalities of a wide range of asset types so I’m fairly agnostic when it comes to sectors. What trends in the Investment Fund space are you seeing?In recent years, alternative funds—especially infrastructure, PE and private debt funds—have been the most dynamic section of the market and, in my opinion, will continue be so. A big development is the democratisation of alternative funds through structures like ELTIF 2 and semi-open-ended retail-tilted alternative funds. So do you think policy makers are taking the right steps to unlock the savings of European savers?European savers are still too conservative and regulation is only part of the solution. There’s a real need for investor education around risk. I meet many people who want to invest in “anything and everything” but with no risk—it’s just not realistic. There are new products on the market to create new opportunites for investors, but we also need to teach people how to use the toolbox we’re giving them. In light of the new tariffs from the USA, how do you see 2025 playing out?This is a tough topic to avoid! We’re getting a taste of how the next four years might look like. The future will be different from what we’re used to. I’m not sure there’s a clear right or wrong. Europe has been complacent for many areas, and it’s time to wake up. Whether we succeed in doing so will shape our future—and our kids’ future. Do you think Luxembourg remains competitive?In relative terms, we’re in a downturn—but Luxembourg still has a positive business climate. It’s just not as strong as it was. Ongoing challenges include protectionism, “gold-plating” of rules, and a lack of urgency. The truth is that Luxembourg must stay as business-friendly as possible as we depend on foreign business. There’s no point in overseas clients launching a fund here if it takes half the time to do it in their own country. We have many tools in the box—but sometimes we lose focus.  

What were you doing before becoming an Independent Director? Where there is an absence of independent directors this has to change!. Click here to hear Sheenaghs views..  

What were you doing before becoming an Independent Director? I worked with all alternative asset classes. I had worked for a bank in Germany and Singapore before moving to the USA and then to Brazil, where I worked with alternative investment funds, a private equity firm, a family office, and an asset manager. What prompted you to join The Directors’ Office? The Directors’ Office was recommended by a private banker who had experience working with them and private label funds. At the time, I was relocating from São Paulo, Brazil, to Luxembourg and wasn’t very familiar with the Luxembourg market. Read More … How have you found it so far? To be honest, 2023 and 2024 have been slow, but requests for directorships started picking up in the last quarter of 2024 and are expected to continue growing in 2025. Most of the demand has been coming from alternative funds rather than UCITS. As an Independent Director, what are your goals and aspirations? My goal is to provide stable and effective corporate governance for my clients. Each client has a different risk profile, and I strive to ensure oversight which is appropriate to the client’s risk profile. Additionally, I want to contribute to making Luxembourg a more attractive financial hub and raise awareness among clients about its strengths as a domicile for investment funds and holding companies. Which asset classes are you most optimistic about in 2025? In my view, private debt will experience the most significant growth. Real estate is also starting to come back after a sluggish period. At the beginning of 2025 I thought infrastructure investments will remain popular and stable, but I didn’t expect significant growth in this sector. However, the huge infrastructure spending package by the German government has changed my opinion to bullish. Overall, I do believe 2025 will be an excellent year. Given the current market volatility, are you concerned about its impact on business? Indeed, liquid assets are experiencing significant volatility. However, private assets are much less affected. From a global perspective, I believe this volatility will lead to increased investment being directed toward Europe. If you could give one piece of advice to the Luxembourg government, what would it be? It would be good to compare the Luxembourg regulations and supervisory practice with other EU jurisdictions to see if there is room to reduce the compliance burden, e.g. in the area of asset AML.  

Asset managers have trimmed the number of independent directors on their fund boards as they wrestle with cost pressures, new research finds.The average number of independent directors per fund board fell 11 per cent last year to 2.3, according to research from Fitz Partners, a specialist fund research firm.Over 30 boards dropped one of their independent directors in the analysis that covers 502 funds domiciled in Luxembourg and Ireland. To read more click here Fund boards cut independent directors

We are delighted to welcome our newest Partner to join The Directors Office  Jaime Gómez-Ferrer Rincón after several senior roles within the Luxembourg Financial ecosystem including the Board of Santander and as CEO of CA Asset Management. You can see more of his background here

Originally appointed to Eurosif’s Board as an Independent Director at the beginning of the year, Nathalie was successful in being elected to the position of Eurosif Chair. This position was made vacant following Will Oulton’s decision to step down after more than 8 years, as communicated in Eurosif’s press release of 9 April. The election to nominate a new Chair was held with the full participation of Eurosif’s membership. Nathalie was first officially appointed as Director in a dedicated seat for the Chair by the membership in the context of Eurosif’s General Assembly on 11 April and then officially confirmed as the Eurosif Chair by the Board in its new composition. Read More She has been appointed for a term of three years. Commenting on her election as Eurosif Chair, Nathalie Dogniez said: “I feel privileged and honoured to have been appointed as Eurosif Chair and I am looking forward to working with the rest of the Eurosif Board, as well as the organisation’s dynamic team and membership to advocate for the continued development and advancement of the sustainable finance landscape in Europe.” Commenting on Nathalie Dogniez’s election as Eurosif Chair, Eurosif Executive Director Aleksandra Palinska said: “In this crucial next stage for the sustainable finance landscape, I am delighted that Eurosif will benefit from having Nathalie as its Chair. Nathalie is a consummate professional with a real wealth of experience to bring to the role and I am looking forward to working with her closely and to supporting the Board as we continue to deliver on the organisation’s mission to promote sustainable finance at the European level”. Eurosif Board Directors and Eurosif members look forward to working closely with Nathalie in her new capacity as Chair, and to drawing on her extensive experience in the sustainable finance sector to further develop the organisation, to cultivate its good reputation, amplify its advocacy and influence, and finally, to expand its membership and reach across Europe and beyond

Half–way through the year already – and what a big year it is, at least politically. The results of the European parliamentary elections are in, and jostling for the top jobs has begun in earnest. Read More … Interestingly, and likely comforting for Brussels insiders, the turnout was better than it has been for twenty-five years at 51.1% but still nowhere near what true enthusiasts would like to see. While the turnout was a bit higher, the results will have significant impact and alongside change in the Brussels institutions, the aftershocks are being felt at national level with President Macron dissolving the French parliament and calling a general election immediately in the wake of the European results, and rumours of potential change in leadership of ruling coalitions elsewhere. But turning back to the European institutions, one of the key battlegrounds is for Commission President; after all it is in the Commission where the real power lies. Read more here  

We are delighted to announce that Riccardo del Tufo, CFA, FRM, is coming home to The Directors’ Office as Partner, after a distinguished career as head of risk management and acting CEO of one of Luxembourg’s leading Management Companies.