Dissolution and judicial liquidation: ALFA ASSET MANAGEMENT (EUROPE) S.A.
Press release 25/21
(published on 22 December 2025, updated on 31 December 2025)
The CSSF informs that the Tribunal d’arrondissement de et à Luxembourg (Luxembourg District Court) sitting in commercial matters ordered on 18 December 2025, the dissolution and judicial liquidation of the investment firm incorporated under Luxembourg law, ALFA ASSET MANAGEMENT (EUROPE) S.A. pursuant to Article 129, paragraph (1), point 2. of the Law of 18 December 2015 on the failure of credit institutions and certain investment firms (hereinafter “Law of 18 December 2015”). The judgement grants an application of the CSSF in this regard.
By the same judgement, Me Alain Rukavina, avocat à la Cour (attorney-at-law) was appointed as liquidator. Ms Nadège Anen, vice-president of the Tribunal d’arrondissement de et à Luxembourg, was appointed as juge-commissaire (official receiver).
In accordance with Article 129, paragraph (7) of the Law of 18 December 2015, the judgement determines the liquidation method regarding the institution.
The deadline for submitting the declarations of claims is set for 1 July 2026, 5 p.m.
Eligible clients1, whose claims would result from the incapacity of ALFA ASSET MANAGEMENT (EUROPE) S.A. to:
- repay money owed to or belonging to them and held on their behalf in connection with investment business2 ; or
- return any instruments belonging to them and held, administered or managed on their behalf in connection with investment business,
are invited to contact the SIIL by email to cpdi@cssf.lu or by mail to the following address, in order to be eventually reimbursed up to 20,000 euros, in accordance with Article 196 of the above mentioned law and based on the assessment of their eligibility.
Conseil de protection des déposants et des investisseurs
CSSF
283, route d’Arlon
L-2991 Luxembourg
Clients have 10 years starting from 18 December 2025 for submitting their claim.
The SIIL will not pay any compensation before the eligibility of the claimant and the amount of the compensation have been determined and verified, in accordance with Article 197, paragraphs 4 and 6 of the Law of 18 December 2015.
1 Article 195(2) of the law of 2015 excludes certain types of clients, in particular financial institutions, insurance undertakings, undertakings for collective investment, pension and retirement funds, professional or institutional investors, supranational institutions, States and central, regional or local administrations, members of the administrative and management bodies of ALFA ASSET MANAGEMENT (EUROPE) S.A., members personally liable for ALFA ASSET MANAGEMENT (EUROPE) S.A., natural or legal persons which hold at least 5% of ALFA ASSET MANAGEMENT (EUROPE) S.A.’s capital, natural or legal persons which have similar status in other companies belonging to the group to which ALFA ASSET MANAGEMENT (EUROPE) S.A. belongs, the spouse or relatives up to the third degree of aforementioned persons, the other companies of the group to which ALFA ASSET MANAGEMENT (EUROPE) S.A. belongs, clients who have any responsibility for or have taken advantage of certain facts relating to ALFA ASSET MANAGEMENT (EUROPE) S.A. which gave rise to financial difficulties or contributed to the deterioration of ALFA ASSET MANAGEMENT (EUROPE) S.A.’s financial situation, persons that have been convicted for an offence related to money laundering as defined in Article 1(2) of Directive 2005/60/EC or related to the financing of terrorism as defined in Article 1(4) of Directive 2005/60/EC, companies other than those likely to be authorised to draw up abridged balance sheets pursuant to the Law of 19 December 2002 on the trade and companies register as well as those of comparable size subject to the law of another Member State.
2 Investment business as defined in Annex II, Section A of the amended Law of 5 April 1993 on the financial sector, and investment service referred to in point 1 of Annex II, Section C, of this law, on an instrument referred to in Annex II, Section B of this law.