Fund Governance Masterclass

what Luxembourg Fund directors should know​

Become a Fund Governance Expert

ILA has created the Fund Governance Masterclass, a programme which will dive participants into the practical world of being a Fund Governance Expert in Luxembourg. This intensive and interactive 80-hour training programme is conducted by Luxembourg practitioners and well-known experts.

The course is dedicated on the one hand to ILA Certified Directors whishing to develop a solid understanding of the Fund Governance framework and will lead to an additional and experienced sectorial certification; and on the other hand, to fund professionals who are eager to strengthen their skills in the Fund Governance area, and are aspiring to obtain a Fund Governance Diploma.

Main advantages of the Masterclass


Participants can attend either the full programme or the courses sperately. if they attend the complete masterclass, modules can be taken within a timeframe of 2 years. 


This certification is led by current practicioners , industry experts, and renowned guests. 


the masterclass is open to ILA certified directors, ILA members with experience in Funds industry and Non-members. 

Certified Directors wishing to obtain the Fund directors certification delivered by ILA will need to attend all modules. 

Extra visibility

relevant visibility on ILA website and attendance to tailor made events with highly qualifed external speakers

Training modules

Part one

Module 1 – General introduction to fund governance (2 days)

Module 2 – Governance of AIF and AIFM (1.5 days)

Module 3 – Investment Management oversight for UCITS & Alternatives (1.5 days)

Part two

Module 4 – Fund administration & valuation, the role of the depositary (1 day)

Module 5 – Anti-Money Laundering & Counter Terrorist Financing (0.5 day)

Module 6 – The role of the auditor (0.5 day)

Module 7 – Marketing, distribution and transfer agency (1 day)

Module 8 – Strategy and technology challenges for fund directors (0.5 day)

Module 9 – Key regulatory considerations for fund directors (0.5 day)

Module 10 – ESG  developments for Fund Directors (1 day)


Week 1
  • Module 1 - Day 1 & 2
  • Module 2 - Day 3 & 4
  • Module 3 - Day 4 & 5

Dinner with guest speaker

Exam - online QCM (at the end of the week)

Week 2
  • Module 4 - Day 1
  • Module 5 - Day 2
  • Module 6 - Day 2
  • Module 7 - Day 3
  • Module 8 - Day 4
  • Module 9 - Day 4
  • Module 10 - Day 5

Dinner with guest speaker

Exam - online QCM (at the end of the week)

The topics covered

The course covers a wide variety of topics relevant to:

Investment funds, including both undertakings for collective investment in transferable securities (UCITS) and alternative investment funds (AIFs), covering both funds which may be marketed to the public and which may be marketed to certain types of investors.

Investment fund managers, including UCITS Management Companies and Alternative Investment Fund Managers (AIFMs).

The topics include a general introduction to fund governance, governance of investment funds and IFM, oversight of investment management, the role of the auditor, marketing, AML and ESG among others.

You will be led through key issues specific to exercising a Fund mandate in Luxembourg highlighting what the Luxembourg director should know and specifically challenge.