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By Alexandre Quiquerez, Associate Professor, University of Lyon
The Specialised Investment Fund (fonds d’investissement spécialisé or SIF), created by the Luxembourg Law of 13 February 2007, has rapidly gained a European reputation, not to say an international reputation, as a vehicle for investment in works of art and other tangible assets. The Luxembourg Law of 23 July 2016 has recently added a new type of fund to the panoply of Luxembourg funds, the Reserved Alternative Investment Fund (fonds d’investissement alternatif réservé) or RAIF, as it is known in practice.
The Treachery of Images, by the surrealist Belgian painter René Magritte, shows us a picture of a pipe with the words Ceci n’est pas une pipe painted below it. In somewhat similar...
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