Exploring the trends affecting the future of asset management and their impact on your business
Asset and wealth management
Belgium’s asset and wealth management industry is rapidly evolving due to rising investor demands, new European regulations, and ecosystem-driven models. Technologies like AI and distributed ledgers are transforming value creation and client engagement. To stay competitive locally and in Europe, firms must rethink traditional models and enhance their strategic positioning.
Resilience is no longer enough; firms need bold reinvention by building connected ecosystems, strong partnerships, and embedding digital, data-driven capabilities. Leaders will not just adapt but shape the future of asset management, strengthening Belgium’s role as a forward-looking European financial centre.
How we can help
We support asset and wealth managers across the full fund lifecycle — from launch and structuring, through operational optimisation and ongoing compliance, to liquidation and mergers. At every stage, we combine regulatory insight, operational expertise, and digital capabilities to help you manage complexity, unlock efficiencies, and create long-term value.
Fund launch and structuring
Structuring phase
- Choice of the appropriate vehicle
- Defining a development strategy
- Tax structuring advice, including VAT compliance
- Service providers selection (including alternative investment fund managers (AIFMs) or management companies (ManCos), depositary banks, fund administrators)
- Analysis of the investment strategy and establishment of the risk management process
- Establishment of a business plan and cash flow modelling
- Structuring of the management participation programme and underlying valuations
Drafting/negotioation phase
- Constitutive documents (including wording relating to regulatory measures including general data protection regulation (GDPR), european market infrastructure regulation (EMIR), sustainable finance disclosures regulation (SFDR))
- Prospectus, issuing documents, private placement memorandum and offering memo
- Negotiation with investors (including drafting of shareholder agreements side-letters)
- Negotiation with service providers including drafting of agreements
- Drafting and/or review of financing documents
- Review of contractual documents from a direct and indirect tax perspective
- Transfer pricing
- Issuance of legal opinions
- Creation of carried interest vehicles, investment, and holding structures
- Organisational and conduct rules
Regulatory
- Preparation of the application to the Belgian regulator
- Subsequent coordination with the Belgian regulator
- Coordination with registration for passporting
- Internal audit services
Tax
- Tax analysis of the product
- Draft and/or review of tax section of prospectus, private placement memorandum
- Request of tax advance rulings to secure tax regime applicable to both funds and investors
Marketing, distribution and regulatory
- Advice on selling restrictions
- Packaged retail and insurance-based investment products (PRIIPS) drafting
- Notification services
- Tax regulatory
- Foreign account tax compliance act (FATCA) and common reporting standard regulatory
Incorporation and launch
- Anti money laundering / know your customer (AML/KYC) clearance
- Introduction to domiciliation service providers or independent directors
- Coordination of the first closing, if applicable, and the finalisation of documents
- Liaising and representation before a notary
- Board trainings
Operations
Assurance services
Statutory audits
Regulatory audits
Contractual audits
Third party assurance (ISAE 3402 attestation)
Governance
Regulatory watch
Tax watch
Compliance function
Internal audit services
Drafting / negotiation phase
Day-to-day operations
Advice on acquisitions from a legal and operational point of view
Advice on financing of such acquisitions
Accounting services
NAV calculation and valuation of participations
Fund company secretarial services
Preparation of annual accounts
Tailor-made trainings
Tax related services
- Belgian tax fund reporting services - Comprehensive investor tax reporting solutions for investment funds distributed on the Belgian market:
- Belgian tax on savings income (Reynders tax): Computation of the Belgian taxable income per share (BTIS) and asset test for both retail and private equity funds
- Contractual mutual funds: Daily breakdown of income earned by contractual mutual funds, enabling Belgian investors to transparently report their share of income received
- DRD SICAV: Qualification of the securities held in portfolio and computation of the dividends received deduction (DRD) ratio This applies to dividend distributions and to each net asset value (NAV) calculation in case of share sale or redemption
- Fund's tax Reporting: Funds registered for public marketing in Belgium are subject to Belgium's annual net asset tax (NAT) We provide end-to-end assistance on matters related to the Belgian NAT We determine and document the taxable base, prepare and file NAT returns and refund requests, engage with the Belgian tax authorities on audits, regularisations and individual rulings, and manage protective litigation where appropriate
Regulatory
Regulatory reporting
Preparation of FSMA on-site inspections
Gap analysis on regulatory topics including DORA, FSMArequirements, and EU legislation)
Regulatory remediation plans
Technology
- Automate and digitalise core fund processes to reduce operational burden
- Replaces manual Excel- and email-based activities with automated workflows and digital tools
- Reduces operational risk, speeds up routine tasks, and frees teams to focus on higher-value work
- Leverage GenAI to optimise workflows, enhance data quality, and accelerate reporting
- Use AI to read documents, check data, draft reports, and support decision-making
- Improves reporting speed and accuracy, reduces manual reviews, and supports compliance-heavy processes
- Design and deploy digital solutions tailored to asset management operational need
- Build customised tools (dashboards, trackers, and data pipelines) for AWM processes
- Provides transparency, ensures consistent processes, and improves overall operational control
Valuation
Portfolio valuation services
Financial modelling services
Sustainability
- Performing ESG risk assessments aligned with regulatory and investor expectations
- Evaluating how environmental, social, and governance risks affect investments
- Ensures investment decisions are compliant, forward-looking, and in line with investor expectations
- Providing limited and reasonable assurance on SFDR-related disclosures
- Auditing the ESG data and statements that funds publish under SFDR
- Strengthens credibility with investors and reduces greenwashing risk
- Supporting the drafting and validation of PAI statements
- Helping collect, calculate, and report Principal Adverse Impact indicators
- Ensures accurate, complete disclosures, essential for SFDR compliance
- Advising on pre-contractual and periodic ESG disclosures under SFDR
- Guiding what needs to be written in the fund prospectus and annual ESG report
- Ensures disclosures match the fund's strategy, avoiding compliance issues or investor misalignment
- Reviewing and strengthening ESG governance frameworks and internal policies
- Assessing and improving internal ESG policies, controls, and procedures
- Demonstrates robust governance to regulators and investors, reducing operational and regulatory risk
- Assisting in the preparation of the Corporate Governance Statement
- Supporting the structuring and writing of governance reporting required under Belgian/EU rules
- Ensures compliance, transparency, and alignment with best governance practices
Liquidation and mergers
Regulatory
- Support restructuring (liquidation, merger)
- Drafting of legal documentation and provision of legal assistance
- Notification abroad
- Liquidation services
- Legal missions by the statutory auditor
- Contractual audits
Contact us
Brieuc Lefrancq
