Luxembourg, Maison de la Microfinance, 12 May 2010
Today the Luxembourg Government, LuxFLAG, and MicroRate announced the launch of LUMINIS Microfinance (“LUMINIS”). LUMINIS will provide critical information on
Microfinance Investment Vehicles (MIVs) in order to facilitate future growth and investment in microfinance.
Building on its many years of experience in the industry, MicroRate will manage and direct this new investor information service with the support of the Luxembourg Government and the Luxembourg Fund Labeling Agency “LuxFLAG”.
The goal of LUMINIS is to create widespread transparency in the universe of MIVs. For the first time, MIVs’ critical performance data will be collected, analyzed and disseminated throughout the industry via a web-based platform. The data and accompanying analyses will allow investors to compare MIVs, analyze performance and trends, and ultimately make informed investment decisions.
Sebastian von Stauffenberg, MicroRate’s Managing Director & CEO, said, “Transparency, critical analysis and fund comparison data are all vital components to establishing microfinance as a truly- recognized asset class and to help ensure the successful, long-term growth of this sustainable poverty-fighting sector.”
“This new project represents a clear step forward for the microfinance industry, whose stakeholders have long been demanding clearer and more reliable industry information,” according to Daniel Dax, General Manager of LuxFLAG. “Through the service agreement with MicroRate, LuxFLAG will capitalize on LUMINIS’ data collection and analysis, increase its visibility and attract foreign-domiciled MIVs. In addition, LUMINIS will be able to provide LuxFLAG with in-depth, comprehensive and up-to-date information on the LuxFLAG labeled MIVs.”
LUMINIS reinforces Luxembourg’s position as a leading hub for MIVs. This initiative supports its vision of being a center of excellence for microfinance and further diversifies the activities of Luxembourg’s financial center.
LuxFLAG, Luxembourg Fund Labeling Agency
Created in July 2006, The Luxembourg Fund Labeling Agency (LuxFLAG) grants its Label to Microfinance Investment Vehicles (MIVs). The primary objective of the Label is to reassure investors that the MIV actually invests, directly or indirectly, in the Microfinance sector. The LuxFLAG Label facilitates distribution and therefore fund raising, and contributes to the visibility of the relatively young MIV sector. LuxFLAG’s activities reflect the broad interest that Microfinance has elicited in the Luxembourg financial center.
MicroRate is the leading microfinance-rating agency dedicated to evaluating performance and risk in microfinance institutions (MFIs), as well as evaluating microfinance funds, also known as microfinance investment vehicles (MIVs). As the oldest and most well-respected organization of its kind, MicroRate’s primary goal is to promote growth in the microfinance industry by facilitating the efficient flow of money from capital markets to MFIs through independent evaluation and increased transparency. Since its inception in 1997, MicroRate has conducted over 500 MFI ratings and has become the largest MIV evaluator in the industry.