Building the Foundations for Institutional Capital
Fund Architecture. Governance. Infrastructure. Global Connectivity.
European fund infrastructure brings together the legal, organizational, technological, administrative, and operational components required to support investment structures and institutional capital relationships.
Within the broader Tank MDLT Alliance, the European fund infrastructure vision is designed to connect fund architecture, wealth and capital, technology, digital identity, governance, institutional relationships, and cross-border connectivity.
The objective is to establish a structured environment in which qualified entities and professional counterparties can coordinate the functions required for appropriate investment structures, subject to applicable laws, regulatory requirements, approvals, and finalized operating arrangements.
Institutional Fund Architecture
Connecting the Essential Components
A fund structure may involve multiple entities, service providers, jurisdictions, and specialized functions. Depending on the structure, these essential components include:
Investment Vehicle
The legal structure through which the investment strategy and assets are organized.
Fund Manager / AIFM / ManCo
The entity responsible for the relevant management functions where required by the applicable framework.
Depositary
An appropriately authorized entity responsible for applicable safekeeping, oversight, and cash-flow monitoring functions.
Fund Administration
Administrative functions such as registrar, NAV calculation and accounting, and investor communication, where applicable.
Legal & Tax Advisors
Professional support for legal structure, documentation, tax considerations, and governance.
Technology & Digital Infrastructure
Systems supporting identity, records, communication, reporting, data, and institutional connectivity.
* The actual roles, responsibilities, and regulatory status of each participant depend on the final structure and applicable law. Luxembourg’s regulatory framework requires the applicable authorisation for investment vehicles and investment fund managers before they conduct regulated activities.
Fund Governance
Structure Before Scale
Defined Oversight & Regulatory Framework
Effective fund infrastructure depends on clearly defined governance and accountability. The broader Tank approach emphasizes defined responsibilities and appropriate separation between the different functions involved in an institutional structure.
Where a regulated fund structure is established, governance must reflect the applicable Luxembourg and European regulatory framework.
Administration & Depositary Oversight
Operational Processes and Independent Institutional Controls
Fund Administration & Operations
Institutional fund structures require reliable operational processes, including:
- Investor and shareholder records
- NAV calculation and accounting
- Transfer agency functions
- Investor communication
- Cash-flow monitoring
- Regulatory reporting & Document management
- Data, recordkeeping & Operational controls
Luxembourg’s fund framework specifically recognizes UCI administration functions including registrar, NAV calculation/accounting, and client communication.
Depositary & Asset Oversight
For applicable Luxembourg investment funds, the depositary function represents an important element of investor and asset protection.
The CSSF states that Luxembourg-domiciled UCIs must appoint an eligible depositary performing defined safekeeping and oversight responsibilities. Tank’s architecture distinguishes between fund infrastructure and regulated depositary functions.
Wealth, Capital & Digital Integration
Connecting Funds with Long-Term Capital Architecture and Technology
Long-Term Capital Architecture
European fund infrastructure forms part of a broader wealth and capital environment. Areas of coordination include:
e-CIS iD for Fund Operations
Provides an infrastructure layer for identity verification, KYC/KYB, authentication, digital credentials, and permission-based access for participating institutions. e-CIS iD does not replace independent statutory AML/KYC obligations.
Digital Finance & Fund Connectivity
Connects traditional fund infrastructure with digital financial technology across: e-CIS iD → TankBanking → Core/BaaS Infrastructure → DAHAV Digital → Multi-Currency Connectivity. Supporting institutional connectivity between identity, financial infrastructure, digital value, and participating financial environments without altering the legal status of regulated entities.
Cross-Border Connectivity & Risk Management
One European Framework. Multiple Markets.
Luxembourg provides an important European environment for cross-border fund structures. The CSSF recognizes cross-border management and distribution frameworks under the UCITS and AIFM regimes, including European passport mechanisms for appropriately authorized managers.
Designed for Responsible Institutional Operations
Fund structures require appropriate consideration of liquidity and risk. Key dimensions include liquidity management, redemption processes, valuation, counterparty risk, operational risk, market risk, concentration risk, and governance controls.
The Luxembourg regulatory framework was updated in 2026 to introduce additional liquidity-management requirements for Luxembourg-domiciled UCITS and certain Luxembourg-authorized AIFMs managing open-ended AIFs.
Technology, Reporting & International Partnerships
Specialized Institutions with Defined Responsibilities
Technology & Institutional Reporting
Infrastructure capable of supporting data management, investor records, reporting, digital documents, access controls, audit trails, and regulatory information through secure digital infrastructure.
International Partnerships
Exploring relationships with qualified AIFMs, ManCos, depositaries, administrators, legal/tax professionals, auditors, technology providers, and institutional investors. A prospective discussion does not constitute a finalized partnership.
Developing European Fund Infrastructure
Requires legal structuring, regulatory analysis, governance, qualified counterparties, technology, documentation, operational readiness, and risk management to support appropriate institutional investment structures.
Information presented communicates institutional direction. It does not represent that Banque Tank Luxembourg currently operates as an authorized investment fund manager, AIFM, management company, depositary, fund administrator, or other regulated fund service provider unless expressly identified in formal documentation.