A new open architecture platform being launched this week will enable third parties - including financial advisors and family offices, as well as fund managers - to establish their own Luxembourg-regulated Specialised Investment Funds (SIFs).

The platform, described as being the "first of its kind", is being launched by KMG SICAV SIF. The company said the platform will make it easier for promoters to launch a SIF, a new class of SICAV fund created by the Luxembourg authorities last year.

Using the platform, funds can be established and open for capital within a matter of weeks. Back office support will be provided within the platform, with Adepa Asset Management acting as administrator and Kredietbank S.A. Luxembourgeoise providing custody services. Consolidating back office services will create economies of scale and reduce the overall cost of launching a Luxembourg SIF, the company said.

KMG SICAV SIF will cater to all asset classes, including hedge funds, private equity and real estate, and there are no restrictions on leverage.

The platform was created by Kevin Mudd, a Cyprus based financial practitioner and former fund manager. He said the platform would make Luxembourg accessible to a broader range of promoters, including wealth managers, financial advisors, fund managers, family offices, high-net-worth individuals and entrepreneurs.

Mudd said: "Launching a SICAV SIF fund gives financial advisors and affluent investors control over their assets. With a SICAV SIF fund, an IFA can become a product provider, not just a distributor. For businessmen and entrepreneurs, establishing a fund can be a highly time and cost effective strategy for raising capital."

The platform was well received by the Association of International Life Offices. Alan Morgan-Moodie, chairman of the association, said: "It should appeal to IFAs and other parties who want to get SICAV funds up and running very quickly."

Luxembourg ranks as Europe's leading funds centre, with €1.9trn in assets under management in Luxembourg investment funds at the close of June 2008. Launched in February 2007, the SIF regime is designed to cater for funds aimed at sophisticated investors who require less protection than retail investors.