Paolo Maceratesi is CEO of Armundia Luxembourg, a subsidiary of Armundia Group established in 2023. He brings decades of experience in fund administration, depositary and private banking, built in conducting officer roles at Fideuram Gestions and Fideuram Bank Luxembourg. Photo: ArmundiaGroup2026

Paolo Maceratesi is CEO of Armundia Luxembourg, a subsidiary of Armundia Group established in 2023. He brings decades of experience in fund administration, depositary and private banking, built in conducting officer roles at Fideuram Gestions and Fideuram Bank Luxembourg. Photo: ArmundiaGroup2026

Luxembourg’s fund management sector is among the most sophisticated in the world. The expertise is there, the technology too. Yet many operators still manage critical processes manually, passing files between departments and reconciling data by hand. Not for lack of tools – for lack of integration.

In Luxembourg’s fund management industry, the data is there, the processes are there, the expertise is there. And yet, many market participants – depositary banks, AIFMs and investment managers – still operate with fragmented data flows, manual reconciliations and files passed between departments. The problem is not technological: it is one of data aggregation and process integration.

A sector under structural pressure

AIFMD, ESG reporting, institutional investor requirements: the back and middle office of depositary banks is managing an ever-growing regulatory burden with infrastructure that was never designed for this level of complexity. The typical response has been to add tools, connectors and manual procedures to fill the gaps. A patchwork that compensates for the absence of process – until it no longer holds.

Automation and data quality

The most common mistake is to assume that automation means replacing the entire system. That is precisely what causes large transformation programmes to overrun their timelines and budgets. Our approach at Armundia Luxembourg is different: to build process by progressively integrating existing workflows through modular components, independently deployable and connectable via API to systems already in place.

Data quality is the foundation of process, not a secondary outcome. Fragmented flows and manual reconciliations inevitably produce errors, duplications and delays that propagate throughout the entire operational chain. An integrated architecture eliminates these points of failure: data is ingested, normalised and validated upstream, ensuring that every subsequent stage – NAV calculation, monitoring, reporting – operates on a reliable basis and within a coherent process.

This is the principle behind 3SIXTY Fundwatch, the platform developed for depositary banks, AIFMs and investment managers for the end-to-end management of all fund types, including alternatives. It covers the entire fund lifecycle within an architecture that can be integrated by functional blocks. The results for our clients are tangible: reduced operational lead times, fewer manual interventions, and data delivered to regulators and investors with greater accuracy and consistency.

People at the centre, systems around them

The most common concern in the industry is this: will automation replace people? It is a legitimate question, but it rests on a flawed assumption. Reconciliations, controls, report production – these are activities that consume valuable time without requiring judgement. They are tasks that systems can perform more quickly and reliably than people, and which, when left to human handling, carry their own risk of error.

Freeing teams from these activities is not a reduction: it is a restoration. When the process works, people return to what they do best: analysing, deciding, building relationships. Automation does not replace this. It makes it possible.

For more information, contact info@armundiagroup.com or visit www.armundia.com.

A full version of this article is also available in French.

This promotional article was written by Armundia Luxembourg as part of the company's membership with the Paperjam Club. If you would like to become a member of the Club, please contact us at club@paperjam.lu.