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

The company, which has around EUR 250 million (USD 315 million) under management, already acts as adviser to two carbon funds structured as Luxembourg-regulated SICARs. 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, previously general manager of Aareal Bank's Dublin branch.

Source: Carbon Finance, November 2008, Volume 5, Issue 11, p. 8