A native of South Africa, Dirk Coetzer is a behavioral psychologist and trade finance specialist who serves as the managing director of the Luxembourg-based company Firminy Capital. In this position, Dirk Coetzer is responsible for the oversight of a firm incorporated as a limited liability company, known in Europe as a société à responsabilité limitée (SARL).
A SARL is a commercial company that combines characteristics of a partnership with characteristics of a capital company. In this sense, the SARL adopts the concept of non-transferrable company shares from the former, and the partners’ liability being limited to the amount of capital they contributed from the latter.
In Luxembourg, any kind of company can be incorporated as a SARL with the exception of savings, investment, and insurance companies. The benefits of incorporating a company as a SARL include the ability of shareholders to establish a firm with less required capital than other types of incorporations, with a minimum share capital of just 12,000 Euros in cash or a contribution in kind in order to establish one.
There are also no stipulations on who can become a partner within a SARL. The only requirement with regard to shareholders is that there be at least two individuals involved, and no more than 100. The company must also be managed by two directors who share equal powers, and must also create a panel of directors.
Dirk Coetzer brings extensive experience in investment banking and wealth management to his role as managing director of the investment firms ICON Capital Sarl and Firminy Capital Sarl, both based in Luxembourg. As an active supporter of the European Life Settlement Association (ELSA), Dirk Coetzer is committed to a comprehensive code of practice that ensures the industry’s highest level of ethical and professional standards.
The goals of ELSA include education, promoting best practices, and research development facilitated through the following activities:
1. Creating and updating a comprehensive list of best practices and product guidelines.
2. Organizing a yearly investor conference.
3. Organizing symposiums (typically half-day) involving panel discussions and topical presentations by industry experts.
4. Collaborating with key regulators and related industry associations, including the Financial Conduct Authority, Luxembourg’s Commission de Surveillance du Secteur Financier, and the Irish Stock Exchange, on industry developments and the development of best practices.
5. Publishing documents, including research and conference presentations, of interest to the ELSA community.
In addition to his role as managing director of Icon Capital Sarl, the Capellen, Luxembourg-based financial services executive Dirk Coetzer concurrently serves as managing director of Firminy Capital Sarl. He has also directed trade finance for Firminy’s offices in Panama City, Panama. Sub-funds under Dirk Coetzer’s control include the Arabian Gulf Series 1 Sub-Fund.
The Arabian Gulf Series 1 Sub-Fund is one of four registered sub-funds of the Firminy Equity Fund FT. However, company administrators ensure that its assets remain separated from all other sub-funds and the Firminy Equity Fund FT as a whole.
Registered at the behest of a leading member of one of the United Arab Emirates’ governing families, the Arabian Gulf Series 1 Sub-Fund facilitates the achievement of specific financial growth goals on behalf of this family and its associates. To establish effective investment strategies for this sub-fund, Firminy Capital Sarl and the supervising bankers of the Firminy Equity Fund FT consulted with a team of specialists from Geneva, Switzerland. The offices of Firminy Capital Sarl make specific information about these investment strategies available to qualified investors and their established consultants.
Dirk Coetzer guides Luxembourg-registered Firminy Equity Fund and ICON Investments Fund, and pursues investment strategies that reflect overarching economic trends. Dirk Coetzer maintains a close watch on the latest developments in the global markets, including the effects of the Brexit vote on capital flow and investment opportunities.
Since the decision of UK voters to leave the European Union, analysts have struggled to assess the ultimate impact of the Brexit. This reflects the way in which British economic and trade interests are intricately bound up with those of Europe. As estimated by the Institute for Fiscal Studies, the permanent cost of leaving the European single-market for goods and services will be 4 percent of Britain’s GDP, or approximately £3,000 for each household, on average.
This will significantly outweigh the costs of staying in a single market, with net contributions to the European Union budget costing British taxpayers £9 billion annually. Particularly affecting UK exporters is the potential resurgence of non-tariff barriers, such as licensing, which go beyond those addressed by free trade agreements. This may make British goods significantly more expensive to continental European consumers.
An experienced financial trader, Dirk Coetzer is the managing director of Firminy Equity Fund and ICON Capital Sarl, LLC. From his office in Luxembourg, Dirk Coetzer oversees the fund’s alternative investments and securitizations.
Securitization is the creation of liquid assets from illiquid assets through a tailored financial process. The mortgage-backed security (MBS) is perhaps the most recognized form of securitization. An MBS is formed through an intricate process that begins with a financial institution (the originator) collecting mortgages secured by properties. The originator then bundles these mortgages into groups based on factors such as their level of risk, their due dates, and their remaining balances. Each individual group is then presented as collateral for an MBS. The MBS is issued by an investment bank or a regular bank, and the security is sold on the secondary mortgage market, giving it liquidity.
Creditors benefit from securitization because division of ownership reduces the associated risks of holding an MBS. Investors, on the other hand, get to diversify their portfolios and earn a return derived from both principal and interest payments on the mortgages.
Trade finance specialist Dirk Coetzer currently serves as managing director for ICON Capital and Firminy Capital. Both of these firms headed by Dirk Coetzer are headquartered in Luxembourg and engage in securitization.
According to a Pricewaterhousecoopers publication, prior to the financial crisis which started in 2008, securitization was the preferred instrument for a large number of issuers and a rapidly growing contributor to the world capital markets. During the financial crisis it reputation was tainted.
When the financial crisis subsided, it was proven that transparent and simple securitization with high-quality assets had defaults that were within expectations. Economists as well as politicians have come to the conclusion that securitization should play a major role in capital markets.
In connection, in February 2015, the European Commission produced its Green Paper on the Capital Markets Union. One of its stated agendas is to establish a plan for high-quality securitization in the European Union, as securitization is viewed as a critical component of properly functioning financial markets.
As the paper states, a standardized, transparent, and simple securitization framework should be established. Securitization that meets these principles will profit from better treatment from regulatory authorities.
A global investment and financial services professional, Dirk Coetzer has served as managing director of ICON Capital Sarl since 2008. His duties at this Capellen, Luxembourg-based firm revolve around the oversight of several different investment funds. One of the sub-funds under Dirk Coetzer’s management is the Sports & Media Series 1 Sub-Fund.
Although it operates under the umbrella of the mono securitization ICON Investments Fund, the Sports & Media Series 1 Sub-Fund and its assets are independent from the other sub-funds of the ICON Investments Fund. The organizers of this fund were Mr. Coetzer, the management team at ICON Capital Sarl, and their team of authorities in the field of broadcasting.
The Sports & Media Series 1 Sub-Fund is fully registered and appears on appropriate financial industry listing systems such as Clearstream. In addition to investing in sports and media events around the world, this sub-fund stays abreast of investment opportunities that involve new advancements in broadcasting technology.