Citi’s Global trustee and fiduciary services, news & views - Issue 51, April 2019

30 years on from its inception, Stephane Karolczuk explores the development of UCITS over the years, the role of UCITS in Asia and as a key instrument to the internationalisation of Asian based managers.

Please click here to read the full article.


  • Evolution of the UCITS legal framework
  • From a European product to a global brand
  • Distribution of UCITS in Asia
  • Asia-based managers and UCITS
  • Towards an Asian version of UCITS?
  • Reflections on Hong Kong MRFs
  • No credible challengers yet, but already one loser
  • What will most likely happen in the coming years

This article was first published in ‘Citi’s Global Trustee and Fiduciary Services News & Views Issue 51 2019’

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Stéphane Karolczuk

Stéphane Karolczuk is a Partner of Arendt & Medernach SA and the Head of the Hong Kong office. Stéphane advises clients based in the Asia Pacific region regarding their European projects and their Luxembourg legal and regulatory questions. As Partner in the Investment Management practice, Stéphane advises international clients on all issues relating to Luxembourg investment funds (UCITS or other vehicles) including the structuring, setting-up and marketing of these funds (under UCITS or AIFMD), as well as strategies involving investments in the Asia Pacific region and questions relating to the distribution of funds in the region. Stéphane also specialises in questions relating to the interna...

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