OFI Asset Management and Gottex Solutions Services intend to enter into a joint venture called Luma Solutions Services, a Luxembourg based platform providing onshore managed account services to Ucits and other European onshore funds with an initial asset base of USD350m (EUR250m).

The formation of the joint venture is subject to approval from the Luxembourg regulatory authorities.

Luma Solutions Services will be the first independent platform offering managed accounts services for both Ucits III and non Ucits III onshore funds to European and international clients.

Managed account and risk management services to Luma Solutions Services will be provided by GSS, which in that case would offer both offshore and onshore managed account services, operating a platform with over USD1bn in assets covering a broad range of strategies and asset classes.  

The platform aims to be the most technically advanced platform in the current market with transparent pricing, high quality service providers, integrated tax reporting and other unique features.

Luma Solutions Services plans to combine GSS’s experience in managing platforms with OFI’s experience in Luxembourg and European distribution capabilities.

Gabriel Bousbib, chief executive of GSS, says: “We are very pleased to announce this joint venture opportunity and the development of the Luma Solutions Services platform.  This initiative is to further strengthen our ability to serve a broad range of hedge fund investors globally. Managed accounts will continue to play a central role in our industry.”

Thierry Callault, deputy chief executive of OFI Asset Management, adds: “We believe that the market needs such an independent neutral offering in the managed accounts business. The Luma Solutions Services platform should enable us to offer our clients high quality managed account and risk monitoring services.”