Authors

KPMG Luxembourg Blog Authors

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  • Michael Ayachi

    Michael Ayachi: Partner, Commerce & Industry Tax

    Michael is a partner in the tax function at KPMG Luxembourg. Michael has 15 years of international tax experience spent in both the alternative investment and commerce & industry sectors. He is leading tax engagements for major multinationals and provides support on business restructurings, M&A and exit strategies. Since October 2020 he has been heading the Luxembourg Tax Desk for the US market. He is now actively supporting the US teams by identifying opportunities and providing services to US multinationals with operations (or plans to establish roots) in Luxembourg.

  • Antoine Badot

    Antoine Badot: Partner, Alternative Investments

    Antoine Badot is an international corporate tax specialist, primarily advising clients in the alternative investments fund industry with a focus on real estate and infrastructure. With nearly 18 years’ experience, he has sound expertise in the international tax structuring of regulated and unregulated funds, including but not limited to REITs. Antoine is a member of several working groups of the Association of the Luxembourg Fund Industry (ALFI) and is a regular speaker at tax conferences.

  • Ravi Beegun

    Ravi Beegun: Partner, Chief Innovation Officer (CINO)

    Ravi Beegun is KPMG Luxembourg’s Chief Innovation Officer and a member of the Executive Committee. He follows trends on customer experience, innovative technology, and data and analytics to understand their disruptive impact on industry business models. He works collaboratively to design and drive changes that are required for businesses to survive and thrive in the future. Before becoming Chief Innovation Officer, Ravi led KPMG Luxembourg’s Asset Management practice.

  • Julien Bieber

    Julien Bieber: Partner, Alternative Investments

    Julien Bieber plays a dedicated role in serving the private equity sector. His work centres on the setting up of investment structures, fund-raising vehicles, management incentive plans and carried interest. He endeavours to add value to the most prestigious American and European houses for their venture capital, leveraged buy-out and credit transactions. Julien is also an active member of the Luxembourg Private Equity Association (LPEA) tax committee.

  • Sabrina Bonnet

    Sabrina Bonet: Director, People & Change, Advisory

    Sabrina Bonnet is the head of People & Change services. She brings extensive experience in human resources combining internal HR (local and European) and consultant experiences. In this fast-growing and quick-changing world, human resources has a central role to play. Her team helps the organizations to redefine the workplace experience and to engage employees like never before while helping the business manage and adopt people strategies that align with strategic business objectives.

  • Sophie Boulanger

    Sophie Boulanger: Partner, Transfer Pricing

    Sophie Boulanger has been heavily involved in the development of KPMG’s transfer pricing practice, assisting multinational enterprises with a wide range of services from strategic planning to risk assessments to global transfer pricing documentation. She serves clients in industry/commerce, alternative investments, finance, and others.

  • Bobbi Jean Breboneria

    Bobbi Jean Breboneria: Partner, Real Estate

    Bobbi Jean Breboneria is an an audit Partner in the KPMG Luxembourg Real Estate department.

  • Annick Breton

    Annick Breton: Partner, Partner, Advisory

    Annick is a Consulting Partner in the Advisory practice of KPMG Luxembourg. Her areas of expertise cover the fund industry, both for traditional and alternative asset classes, with a focus on the Asset Servicing, Management Company /AIFM and Depositary Bank activities.

  • David Capocci

    David Capocci: Partner, Managing Partner

    David Capocci is the Managing Partner of KPMG Luxembourg. After 20 years of experience in alternative investments funds, he has learned the key to success is client centricity. An advocate of pragmatic and efficient solutions, David empowers the people of KPMG to find ways to always be better tomorrow. Like when leading the alternative investments sector at KPMG for the last three years, his drive for innovation will remain center stage, paving the way to a bright future for the firm.

  • Raluca Carp Hengy

    Raluca Carp Hengy: Managing Director, Sustainability

    Raluca is a Managing Director in the Sustainability team. She has 17 years of experience in the financial sector. She started her career in the banking sector, where she held different positions in the private and corporate banking departments.

  • Julie Castiaux

    Julie Castiaux: Associate Partner, Sustainability Lead

    Julie is an Associate Partner at KMPG Luxembourg, leading the Sustainability Finance Services in the Management Consulting department. With 15 years of experience in sustainability, Julie has had the opportunity to work on both assurance and consulting engagements in various industries. Over the last few years, Julie has orientated her expertise towards sustainable finance, supporting financial market participants to understand and comply with the EU regulatory landscape.

  • Stanislas Chambourdon

    Stanislas Chambourdon: Partner, Partner, Head of Sales and Markets

    Stanislas is KPMG Luxembourg’s Head of Sales and Markets and member of the Executive Committee. He will also represent the firm as Head of Financial services.

  • Yves Courtois

    Yves Courtois: Partner, Head of Advisory

    Yves Courtois is KPMG Luxembourg’s Head of Advisory and member of the Executive Committee. He has over 24 years' experience in M&A and valuation across industries, including banking, insurance, commercial and industrial markets, asset management, private equity, real estate and infrastructure. Yves previously led the Deal Advisory practice in Luxembourg. He holds the CFA, CMT and MRICS professional qualifications. He is a lecturer at University College London and has been a consultant to the CFA Institute for the past 15 years. Yves has been serving on the board of the Luxembourg Private Equity Association since its inception until summer 2020.

  • Laurent de la Vaissière

    Laurent de la Vaissièr de la Vaissière: Partner, Audit

    Laurent leads a hybrid team of auditors and advisors helping our clients assess tech-related internal controls, manage security and technology risks, and make sense of data in sensitive contexts. Laurent is an active member of various industry groups including FTL and the ABBL. While Laurent mainly serves financial services institutions, he has also worked for various sectors with diversified IT needs and operating models. Laurent is passionate about helping clients find an optimal balance between the opportunities and risks arising from digital transformation.

  • Rhenie de Vries

    Rhenie de Vries: Director, Audit

    Rhenie is a Director in Audit specialising in commercial and industrial companies. Rhenie is passionate about delivering training and translating complex topics into an understandable manner for the everyday user.

  • Sandrine Degrève

    Sandrine Degrève: Director, Head of the Tax Technical team

    Sandrine is Head of the Tax Technical team. She has 18 years of tax advisory experience in corporate and alternative investment funds. With her deep knowledge and technical expertise, she supports KPMG professionals with their day-to-day work and helps provide innovative solutions for our clients.

  • Christophe Diricks

    Christophe Diricks: Partner, Head of Alternative Investments - M&A, Structuring PE/RE & Debt Transactions

    Christophe is KPMG Luxembourg’s Head of Alternative Investments. Alternative Investments or Private Assets encompass private equity, private credit, infrastructure and real estate. Christophe assists AIF managers with governance to help them comply with regulatory requirements (notably AIFMD, BEPS, ATAD and DAC6). Technology and innovation are top of Christophe’s agenda. He recently launched a tool called “KPMG Idea”, an Intelligent Data Extraction Assistant which automates compliance work. Christophe is also the leading sponsor of the annual KPMG Luxembourg Private & Real Assets Substance Survey which takes the pulse of over 60 fund managers based in Luxembourg.

  • Said Fihri

    Said Fihri: Partner, Partner, ADV – Investment Services

    Before joining KPMG Luxembourg in 2011, Said had five years’ experience in fund distribution and regulatory with Deloitte, and two years’ experience in a large U.S. asset manager (BlackRock).

  • Julien Hugo

    Julien Hugo: Director, Customer and Employee Experience

    Julien is in charge of our Experience Management initiative, putting customers and employees at the heart of transformation projects. This approach involves a wide range of practices: organizational CX/EX governance, customer-centric culture set-up, journey mapping, improvement frameworks (Design Thinking, UX design, Lean Management), survey building (NPS, CES, CSAT), metrics and measurement methods, strategy canvases (Business Model Canvas, Strategy Maps), and applied behavioral sciences amongst others.

  • Gabrielle Jaminon

    Gabrielle Jaminon: Director, Managing Director

  • Jean Kizito

    Jean Kizito: Partner, Financial Services Tax

    Jean Kizito is an active figure in the Luxembourg financial community and a Partner in the financial services tax department of KPMG Luxembourg. He provides ongoing tax advice to financial groups regarding both corporate and operational tax issues. He specializes in operational taxes in the investment fund and banking sector, specifically in Automatic Exchange of Information (including the Common Reporting Standard (“CRS”) the U.S. Foreign Account Tax Compliance Act (“FATCA”) and Qualified Intermediary (“QI”) regimes). He recently worked on projects around DAC6 implementation, WHT assessment, TRACE, Relibi and US Tax Compliance (K-1, PFIC, and reclaims). He is fluent in English, French and Dutch.

  • Pierre Kreemer

    Pierre Kreemer: Partner, Head of Real Estate

    Pierre Kreemer is a Partner specializing in tax. He is regularly involved in large-scale transactions and re-organizations of high-level international clients, and focuses on corporate re-organizations and structuring of regulated and unregulated real estate/infrastructure funds and transactions. He is a member of the KPMG Task Force for sovereign and pension funds and the INREV Tax Committee, and co-chairs the ALFI Strategy Working Group for Real Estate and the ALFI Global Debt Fund working group. He is also a member of the ALFI Alternative Investments Steering Committee and the KPMG Network’s Global Real Estate Steering Committee.

  • Olivier Lacour Royre D'Autriche, FCCA: Partner, Deal Advisory

    Olivier Lacour is a partner within KPMG Luxembourg's Deal Advisory department and has over 15 years' experience. Olivier is responsible for leading due diligence and capital markets engagements, and is a highly-experienced solution-driven professional with significant exposure to high-profile and complex cross-border transactions (having advised on 150+ transactions and been involved in deals up to €1.5 billion). Olivier is recognised for his acuity in identifying the issues most relevant to management and board members. He is trained as a Chartered Certified Accountant (UK and France).

  • Emilien Lebas

    Emilien Lebas: Partner, Commerce and Industry Tax

    Emilien is a partner in the International Tax department. He graduated from HEC Paris and Sciences-Po Paris and has a master's degree in corporate law. He has extensive experience in international tax, including a two-year assignment at KPMG LLP in New York (2018–2019) as Head of KPMG Luxembourg’s Tax Center of Excellence, advising North American multinationals expanding into Europe. Emilien has a robust track record with complex merger and acquisition projects, integrations and spin-offs for multinational corporations, as well as cross-border finance, holding and IP structures. He is also an authority on the exchange of information and operational taxes (FATCA, CRS, mandatory disclosure rules etc.) and is a member of multiple professional associations and lobbying bodies. While Emilien’s client portfolio is mostly comprised of commercial and industrial groups, he also has over 10 years’ experience in servicing banks and insurance companies.

  • Stephan Lego-Deiber

    Stephan Lego-Deiber: Partner, IFRS Leader

    Stephan is an audit Partner in the Commerce Industry & Public Sector (CIPS). Stephan joined KPMG in 2003 and he has spent more than 17 years auditing listed and unlisted companies with international footprints as well as private equity entities, predominantly reporting in accordance with IFRS. In 2017, Stephan became the leader of KPMG Luxembourg’s IFRS Department of Professional Practice. In this role, he is mainly responsible for technical and quality control issues related to IFRS as well as for the development and delivery of technical trainings on all aspects of IFRS. Stephan is also an active member of IFRS sub committees for the local market and is leading several IFRS ad-hoc advisory services for international clients.

  • Cyril Magnien

    Cyril Magnien: Associate Partner, Forensic Services

    Cyril leads Luxembourg's forensic and corporate investigations service line. He has been active on many projects involving third party management, the assessment of corruption and fraud risks or the identification of inappropriate transactions.

  • Xavier Martinez

    Xavier Martinez: Partner, Global Mobility and People Services

    Xavier Martinez is a Partner in the Tax department and is Head of our Global Mobility and People Services department, specializing in individual taxation. Xavier has 20 years of national and international experience with a wide variety of clients, gaining extensive knowledge in personal tax and social security relevant to workforce global mobility and rewards. He has collaborated with organizations across various industries, assisting them with employee mobility and in designing attractive remuneration packages.

  • Gerard McCaul

    Gerard McCaul: Partner,

    Gerard is a Partner in the corporate and accounting service line at KPMG Luxembourg. He began his career in his native Ireland and has spent time working on large international finance structures in both Budapest and Zurich before arriving in Luxembourg in 2010.

  • Anne-Sophie Minaldo

    Anne-Sophie Minaldo: Partner, Advisory, Consulting & Regulatory services, Head of Corporate Citizenship

    Anne-Sophie Minaldo is the head of regulatory services for Luxembourg. In that role, she ensures that KPMG's regulatory experts take account of the compliance- and business-related impacts that any new regulation may have for clients. As team leader, she ensures that her team of 30+ professionals in banking, investment management and forensics work together to deliver an unparalleled client experience. She aims to provide an exceptional service, bringing together expertise, business skills and foresight.

  • Sven Muehlenbrock

    Sven Muehlenbrock: Partner, Risk Consulting

    Sven Muehlenbrock has over 16 years' international experience in various industries, including financial services (funds, banks, insurance). He loves challenges, and with his wide-ranging experience in risk/performance management and modeling, finance, valuation, prudential regulations (Basel III (CRD/ CRR) and Solvency 2), data analytics and IFRS/US-GAAP, in addition to intangible assets, he is ideally placed to help clients identify, measure and manage risks, ensure regulatory compliance, enhance risk/return profiles and meet and advance their objectives in an increasing complex environment.

  • Alan Picone

    Alan Picone: Partner, Advisory, Asset Management & Alternatives Consulting Leader

    Alan joined KPMG Luxembourg in 2018 as a Partner and Head of our Regulatory & Risk Advisory division for Asset Management/Alternatives. With Risk Management as his core subject-matter expertise, Alan has developed throughout his career a comprehensive command of how to best interconnect Risk & Regulatory matters into the strategy top-line, and how to optimize operational effectiveness accordingly. In this context, Alan advises Asset Management businesses along their transformation program in protecting business value and minimize disruption, whilst properly mitigating regulatory risk. Leveraging his previous industry experience as Conducting Officer and Member of the Board of Managers of a 3rd party AIFM, Alan takes a practitioners’ standpoint to support Management Companies and AIFMs in their evaluation and monitoring of regulatory impact as supervisory scrutiny continues to increase. In addition, Alan supports ManCos/AIFMS in establishing effective operating models along with appropriate regulatory risk management protocols. Alan’s areas of expertise, including practical experience in the role, embed all facets of Risk Management along with extensive command of Portfolio Management, Valuation, Delegates Oversight Framework, covering both liquid and alternative strategies.

  • Henri Prijot

    Henri Prijot: Partner, Partner, Head of Family Office Initiative

    Henri Prijot is tax Partner at KPMG Luxembourg. He has more than 25 years experience in advising clients on Luxembourg and international tax matters with particular focus to the Middle East, Russia and emerging markets. He is also responsible for the KPMG Family Office Initiative and assists HNWI in the restructuring of their private wealth. Henri is also Board Member of the Luxembourg Maritime Cluster.

  • Daniel Rech

    Daniel Rech: Partner, Financial Services Tax

    Daniel is a Partner in the Financial Services Tax Department of KPMG Luxembourg. Daniel has extensive experience in the Luxembourg taxation of banks, asset managers, investment funds and insurance companies. His working languages are French, German, English and Luxembourgish. Alongside daily tax structuring and tax compliance, Daniel has actively promoted withholding tax reclaim and relief services for investment funds and insurance companies for over 10 years. Daniel also shares responsibility for KPMG’s tax reclaim outsourcing solutions for national and international financial institutions.

  • Rachel Redlinger

    Rachel Redlinger: Partner, International Tax Reporting for Funds and Investors

    Rachel is a Partner within the Managed Services Practice at KPMG Luxembourg. She has extensive professional experience in accounting, financial reporting and tax reporting. She joined KPMG in 2018 to lead the investor tax reporting services, supporting asset managers in complying with investor tax requirements linked to cross-border fund distribution. Client-centricity is at the core of her values as she guides her team towards further innovations and creating internal synergies between services.

  • Estefania Rizzo

    Estefania Rizzo: Associate Partner,

    Estefania has a 25-year track record in the financial, banking and IT sector. Her specialties include: Data protection and privacy, IT attestations, ISAE 3402, IT governance, IT external and internal audits, IT outsourcing, IT regulatory and compliance. Estefania is a member of ISACA, the International Association of Privacy Professionals (IAPP) and the Luxembourg Data Protection Association (APDL). Estefania has contributed to the development of the GDPR CARPA certification mechanism as part of a working group of audit professionals created by the Luxembourg Data Protection Authority (CNPD).

  • Olivier Schneider

    Olivier Schneider: Partner, Financial Services Tax

    Olivier Schneider is a Partner at KPMG Luxembourg. He has been a member of the of the tax practice for more than 10 years. Olivier has extensive experience in advising clients in the investment management industry, and has a particular expertise in the fields of fund taxation, withholding tax reclaims as well as EU tax. He participates in ALFI working groups and actively works on the publication of brochures and newsletters, such as the Fund Taxation Newsletter and the Withholding Tax Study. He actively participated in the joint KPMG/EFAMA report analysing the tax consequences of the UCITS IV Directive for the Luxembourg fund industry. Olivier is a fully qualified lawyer (admission to the German bar exam) and has a Master’s in international business law.

  • Lorenzo Stipulante

    Lorenzo Stipulante: Director, ADV - RC - Banking & Insurance

    Lorenzo is a Director in Risk Consulting focusing on the Insurance Sector. He has more than 20 years of experience in financial and insurance services, including international experience in compliance. He is an active figure in the Luxembourg financial community and a member of various industry groups including ALCO, APCAL and the ACA. He specializes in AML/CTF risk management, licensing strategy and cross-border insurance distribution related topics. He's a Certified AML Specialist (CAMS).

  • Frank Stoltz

    Frank Stoltz: Partner, Financial Services Tax

    Frank Stoltz is a Partner in the financial services tax department and is the lead Partner for tax services for the insurance sector in Luxembourg. He supports financial sector clients, including banks, insurance companies, reinsurance companies and asset managers. His principal areas are structuring/restructuring operations, compliance, due diligence, operational taxes (QI, FATCA, CRS) and withholding tax reclaims. Frank holds a Masters in Economics with a specialisation in Business Administration (EAP Paris, Oxford, Berlin), and speaks Luxembourgish, English, French and German.

  • Mickael Tabart

    Mickael Tabart: Partner, Audit, Private equity and Assurance

    Mickael Tabart is a Partner in the investment management sector, with 15 years’ experience in financial services in Luxembourg and New York. Mickael is the engagement Partner for audits of major financial institutions and investment funds, with a focus on UCITS, microfinance funds, hedge funds and private equity funds. He is also responsible for assurance services and for the issuance of service organisation control reports (ISAE 3402) for fund administrators and custody banks in particular. In addition, Mickael also delivers training sessions for various organisations and speaks at conferences on the investment fund sector. He is a member of several technical working groups relating to the investment fund industry and chairs the LuxFlag microfinance eligibility committee.

  • Excee Tan

    Excee Tan: Partner, Audit

    Excee Tan is an audit Partner specializing in the audits of alternative investments (private equity, real estate, infrastructure, VC and debts) and has significant experience in IFRS, Lux GAAP and US GAAP for investment companies. In addition to audit, Excee does sustainability assurance work. He is an active member of various industry groups such as ALFI. Excee is known to his clients as the person who they can easily contact and who provides pragmatic solutions within the remits of applicable standards.

  • Laureen Tardy

    Laureen Tardy: Partner, Partner, Transfer Pricing

    Laureen is a transfer pricing Partner at KPMG Luxembourg. She joined KPMG Luxembourg in 2009 in the international tax department and helped create the transfer pricing team as of 2010.

  • Alix Tchana

    Alix Tchana: Partner, Risk Advisory and Balance Sheet Management

    Alix has over 16 years of experience in financial risks topics (credit risk, liquidity risk, market risk, IRRBB) and balance sheet management topics (RWA, net interest income, budget, balance sheet simulation). He has also developed strong skills in regulatory project delivery, FO / MO / BO / risk processes and digital transformation in the banking sector.

  • Ruslan Tumanshin

    Ruslan Tumanshin: Partner, Audit

    Ruslan is an audit Partner in the KPMG Luxembourg Banking department leading the audit and assurance engagements mainly for banking and private equity (e.g., distressed debt business) clients. He has over 15 years of international audit experience in financial services and beyond, working for KPMG in Luxembourg, the UK and the CIS. A registered auditor in Luxembourg (IRE) and a UK chartered certified accountant (ACCA), Ruslan also leads the methodology and accounting department in the firm.

  • Chrystelle Veeckmans

    Chrystelle Veeckmans: Partner, Head of Asset Management

    Chrystelle Veeckmans is KPMG Luxembourg’s Head of Asset Management. Chrystelle is an active figure in the Luxembourg financial community, and a member of various industry groups including EFAMA, ALFI and IRE. As an Audit Partner, she has worked for clients across a wide range of investment activities, ranging from the traditional UCITS to alternative investments, and investments for insurance companies. She is passionate about the fundamental transformation taking place in the fund industry and is ready to assist fund players in providing solutions to investors, reducing costs and contributing to a better society—namely by giving more importance to environmental, social and governance factors in decision-making of all kinds. She believes that a more efficient and sustainable industry will benefit everyone.

  • Quentin Warscotte

    Quentin Warscotte: Partner, Indirect Tax

    Quentin assists our clients in dealing with their VAT questions and obligations. He has a particular focus on VAT issues encountered in the asset management and banking sectors and is an active member of the VAT working groups of ALFI and EFAMA. Quentin is the technology leader for tax at KPMG and is heavily involved in the digitalization of our tax function. He has recently developed and presented the concept of VATDLT which is aimed at fighting cross-border VAT fraud by using blockchain. Quentin regularly publishes on topics related to VAT and new technologies.

  • Clément Welter

    Clément Welter: Partner, Asset Management, Advisory

    Clément Welter is an Advisory Partner within the investment services practice of KPMG Luxembourg. He has accumulated over 15 years of experience in the financial sector with a focus on investment management. During these 15 years, Clément has supported clients in various regulatory, operational, outsourcing and technology-driven transformation projects. He has been strongly involved in the development of a platform of Managed Services to help the asset management industry comply with the increasing volatility and complexity of its regulatory environment in an efficient manner. Clément is currently leading KPMG’s Regulatory Reporting Services and Managed Services business solutions development practice and aims to help clients take advantage of the digital transformation of the investment funds industry.

  • Victor Chan Yin

    Victor Chan Yin: Partner, Audit

    Victor has been with KPMG Luxembourg since 1999. His work primarily concerns alternative investments, and his clients include investment funds managed by US, UK, Swiss, Chinese and Japanese asset managers, including hedge, private equity, structured products, and debt funds. He has extensive knowledge around IFRS, US GAPP and US GAAS, in addition to Luxembourg GAAP. He is an ICAEW and IRE member and participates in several working groups as part of IRE, EFAMA and ALFI. He leads the China and Japan Desks in Luxembourg, and is also responsible for the external deliveries of the iNAV team.