Reference

What Reference does

Reference Financial Services S.A. is a CSSF-regulated Specialised PSF headquartered in Luxembourg City, providing a full suite of fund administration and corporate services to international clients. The firm is organized around ten core service modules: incorporation of Luxembourg companies, domiciliation and office lease, directorship mandates, accounting (LuxGaap/IFRS), tax compliance (CIT, municipal business tax, net worth tax, VAT), company secretarial, central administration, transfer agency, family office advisory, and maritime registry services. It serves more than 120 entities with assets under administration of approximately EUR 4 billion as stated on the company website, with a more recent partner-cited figure of approximately EUR 7 billion as of September 2024.

The company was founded in 2011 by Olivier Jarny and Cédric Raths as Reference Corporate Services, a Certified Public Accounting firm, and was transformed in 2017 through the acquisition and integration of Centuria Capital Luxembourg S.A., a fellow CSSF-regulated Specialised PSF. The merged entity adopted the Reference Financial Services name in December 2017. Service delivery is performed by a team of approximately twelve experienced professionals based at a single Luxembourg City office, with no proprietary technology platform; all services are delivered through professional expertise and manual workflows rather than software.

The business model is professional services: fees are earned on a per-engagement or retainer basis for fund and corporate services to Luxembourg vehicles and entities, with no publicly disclosed pricing schedule. Clients are exclusively international in their activities and operate across Real Estate, Private Equity, Intellectual Property, E-commerce, Advisory, Wealth Management, and Maritime sectors. The firm positions itself as an independent, 100% Luxembourgish boutique differentiated from large multinational administrators by personalized senior access and willingness to handle exotic asset classes, and it remains wholly owned by its two founding partners with no external institutional investment.

Name

Reference

Legal name

Reference Financial Services S.A.

Website

https://reference.lu

Company type

Private

Founded year

2011

Operating status

Operating

Headcount range

11–50 employees

Short description

Reference Financial Services S.A. is a CSSF-regulated Specialised PSF boutique in Luxembourg providing fund administration, corporate services, tax compliance, and maritime management to more than 120 international entities with approximately EUR 4-7 billion in assets under administration.

Ownership category

akta.pro rank

Product category

Fund Administration & Corporate Services

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Other Financial Vehicles (52599)

SIC

Services-Business Services, Nec (7389)

akta.pro primary industry

Unit Registry & Transfer Agency for Alternatives (Private Funds, SPVs, Closed-End) (FSAAAMAK)

akta.pro secondary industries

Financial Reporting & Technical Accounting Advisory (GAAP/IFRS) (BPAHABAF), Tax Services (Withholding, Reclaims, FATCA/CRS) (FSAAAOAM), Corporate & Institutional Trust Services (FSAAANAB)

Keywords

• Fund administration services
• Corporate domiciliation services
• Tax compliance services
• Directorship and secretarial
• Maritime management

Headquarters

HQ city

Luxembourg

HQ country

Luxembourg

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Others, Marketing or Sales, Technology or R&D

Revenue model

1. Fund & Corporate Services Fees: Reference Financial Services generates revenue through fees for professional services including fund administration, corporate services (domiciliation, incorporation, liquidation), tax compliance, directorships, transfer agency, and maritime management. Services are provided to Luxembourg vehicles and entities on an ongoing basis. The firm serves more than 120 entities with an aggregate amount of nearly EUR 4 billion of assets under administration (as of the main website content). A more recent partner interview (September 2024) cites approximately EUR 7 billion of assets managed.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

Reference Financial Services S.A. is an independent, CSSF-regulated Specialised PSF providing the full range of fund administration and corporate services to Luxembourg vehicles and entities. Services span incorporation, domiciliation, individual and corporate directorship mandates, LuxGaap/IFRS accounting, corporate income tax and net worth tax compliance, company secretarial, central administration (including NAV calculation and AIFM assistance), transfer agency, family office advisory, and accredited maritime registry services for 120+ international clients.

Product overview

Reference Financial Services is an independent Luxembourg-based company providing a comprehensive suite of fund administration and corporate services under CSSF regulation. The company operates as a unified service offering organized around 10 core service modules: Incorporation of Luxembourg Companies, Domiciliation & Lease of Offices, Directorship Services, Accounting Services, Tax Compliance Services, Company Secretarial Services, Central Administration Services, Transfer Agency Services, Family Office Services, and Maritime Registry Services. The portfolio serves international clients operating in Real Estate, Private Equity, Intellectual Property, E-commerce, Advisory, Wealth Management, and Maritime sectors, administering over 120 entities with assets approaching €4 billion. The services function as an integrated offering rather than standalone products, with the company providing end-to-end support from company formation through ongoing administration, compliance, and reporting.

Differentiator

Problem solved

Functional benefit

Products and services

• Incorporation of Luxembourg Companies Coordination of incorporation and setup services for Luxembourg companies, including drafting of articles of association, notary liaison, bank account opening, and KYC-AML compliance coordination with banks, tax advisors, and lawyers.
• Domiciliation & Lease of Offices Provision of a registered office seat in the municipality of Luxembourg City (10 minutes walking distance from the railway station), with optional furnished office rental and correspondence forwarding services.
• Directorship Services Provision of individual director, manager, or corporate director mandates for any Luxembourg entities, including regulated structures (RAIF, SIFs, SICAR), liquidator mandates, and auditor mandates.
• Accounting Services Day-to-day bookkeeping, preparation of LuxGaap or IFRS annual accounts (balance sheet, P&L, notes), interim financial reports, auditor support, and consolidated accounts preparation.
• Tax Compliance Services Preparation and filing of net worth tax returns, corporate income tax and municipal business tax returns, VAT registrations and returns, and FATCA/CRS reporting for Luxembourg entities.
• Company Secretarial Services Coordination of board and shareholder meetings including drafting of agenda, minutes, and resolutions; legal document execution, corporate file maintenance, and regulatory filing obligations.
• Central Administration Services Coordination with initiators, other professionals, and regulators for fund launches; constitutional document review; LuxGaap/IFRS financial statements preparation; NAV calculation; AIFM assistance; and regulatory reporting.
• Transfer Agency Services Maintenance of shareholder/investor registers and commitments registers, handling of subscriptions/redemptions, capital calls, and preparation of investor notices and meeting coordination.
• Family Office Services Comprehensive wealth management advisory including situation assessment, professional selection assistance, risk profiling, property management, tax optimization, inheritance planning, and administrative support for complex personal wealth structures.
• Maritime Registry Services Ship registration with the Luxembourg maritime registry, delivery of mortgage documentation to the Luxembourg Mortgage Registry, and provision of accredited maritime manager services for maritime companies.

Quantifiable outcome

• 120+ entities served with an aggregate of EUR 4 billion in assets under administration (more recent partner statement cites EUR 7 billion)
• +1 more outcomes

Named customers1 record

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core.

• Centuria Capital Luxembourg S.A.coreOthersIn June 2017, Reference Corporate Services acquired Centuria Capital Luxembourg S.A., a CSSF-regulated Specialised PSF. By December 2017, the integration was complete and the newly formed entity — Reference Financial Services S.A. — emerged with an expanded scope and formally established as a Specialised PSF under CSSF supervision. This acquisition was the fusion of complementary visions and significantly broadened Reference's capabilities and client base, adding fund administration and alternative investment fund services.
• CSSF (Commission de Surveillance du Secteur Financier)coreOthersReference Financial Services S.A. is governed by the rules and regulations of the CSSF in Luxembourg. As a Specialised PSF, the company operates under the ongoing supervision and regulation of the CSSF, which oversees compliance, reporting, and licensing requirements.

Scale indicators5 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Vistra: Global provider of corporate services, fund administration, and fiduciary services with established Luxembourg operations. Broad incumbent offering incorporation, domiciliation, accounting, and tax compliance to international corporate and fund clients.
• Citco: Global provider of fund administration, custody, and corporate services to alternative investment managers. Broad incumbent with established Luxembourg operations and comparable service lines including NAV calculation, transfer agency, and corporate governance.
• Apex Group: One of the world's largest fund administrators following the acquisition of Sanne Group, with deep Luxembourg presence offering fund services, corporate services, depositary, and ESG solutions. Broad incumbent competing for the same Luxembourg fund administration mandates Reference targets.
• KPMG Luxembourg (Fund Services): Big Four advisory firm with dedicated Luxembourg fund administration and corporate services practice. Broad incumbent offering LuxGaap/IFRS accounting, tax compliance, and AIF advisory services to fund clients, competing with Reference for accounting and tax mandates.
• TMF Group: Global provider of administrative services including fund administration, corporate secretarial, accounting, and tax compliance across 80+ jurisdictions. Broad incumbent with significant Luxembourg operations offering similar service modules to Reference but at much larger global scale.

Direct peers

• Alter Domus: Luxembourg-headquartered fund administration and corporate services firm providing accounting, AIFM support, depositary, and directorship services to alternative investment funds. Direct peer with overlapping service portfolio in Luxembourg and similar client base; Cédric Raths previously worked at Alter Domus.
• JTC Group: Independent provider of fund administration, corporate services, and private client services with Luxembourg presence. Direct peer serving alternative investment managers and corporate clients with comparable service modules including fund accounting and AIF support.
• IQ-EQ: Global fund administration, corporate services, and private capital services firm with strong Luxembourg presence. Direct peer offering fund administration, transfer agency, accounting, and corporate secretarial services to alternative investment vehicles and private market clients.
• European Fund Administration: Luxembourg-headquartered fund administrator providing NAV calculation, accounting, transfer agency, and regulatory reporting for UCITS and alternative investment funds. Direct peer specializing in Luxembourg fund administration for asset managers and fund promoters.
• Amicorp: Global provider of corporate services, fund administration, and trust services with significant Luxembourg operations. Direct peer offering incorporation, domiciliation, accounting, and directorship services; Cédric Raths previously worked at Amicorp Luxembourg.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Reference