Its Luxembourg comprehensive asset management licence allows the Bad Vilbel-based company to manage its own funds directly, rather than acting as an advisor, and to administer carbon funds for third parties, said Martin Schulte, the co-head of the Luxembourg subsidiary.

Markus Hüwener, CEO of First Climate Group said: “We are now in a position to develop additional innovative and sophisticated investment products to respond to the increased demand we are seeing among our customers and investors. We have ambitious plans to grow the carbon advisory business.”

The company, which has around €250 million ($323 million) under management, already acts as advisor to two carbon funds structured as Luxembourg-regulated SICARs (Société d’investissement en capital à risque). Schulte added that Luxembourg provides “a good legal structure to set up carbon management vehicles”.

Schulte – a former CEO of Hypo Pfandbrief Bank in Luxembourg – is joined as co-head of First Climate Asset Management by Ralph Brödel, who was previously general manager of Aareal Bank’s Dublin branch.


Source: www.carbon-financeonline.com/index.cfm