Luxembourg.

Nineteen people work at Grand-Rue Chambers, the largest European office. Sable Okonjo-Lindqvist, Chief Operating Officer, is based here, and so is Cormac Delacroix-Nwosu, Independent Director and Chair of the Audit Committee. The group operations function sits in the same building: settlement oversight, reconciliations and the management information that reaches the Executive Committee each month pass through it before they go anywhere else.

Fund administration, registrar and domiciliation services are provided by Alzette Fund Administration, appointed when the office opened, and the depositary of the platform is Seefeld Depositary in Zürich. Both arrangements are supervised under the Third-Party Risk and Outsourcing policy, and both are reviewed annually against service levels the hub sets. The replica of the group primary records systems is held in Luxembourg, which is why the office also carries an information security obligation for the whole group.

Substance is a matter of fact here rather than of form. The boards of the holding companies meet in Luxembourg, the people who take their decisions work in Luxembourg, and the accounting records are kept there. Luxembourg is the lead office for the 2028 European phase of Programme Latitude, which scales the fund platform, adds two compartments and increases the regional headcount, all of it funded from realised proceeds.