Luxembourg’s financial regulator has fined Zeus Asset Management just over €18,000 for failing to adequately protect investors, the third penalty the watchdog has levied against the investment fund firm in the past 18 months.
The breaches involve management of the ALS sub-fund “from 2 October 2017 until its liquidation on 28 January 2022 (which is still ongoing),” the CSSF said this week.
The regulator said it “identified material and repeated breaches” including Zeus Asset Management misclassifying trades in its portfolio, leaving 38% of the subfund’s assets sitting in a cash account at a brokerage firm, and allowing continued subscriptions and redemptions for 15 months when it could not accurately calculate the subfund’s net asset value.
The administrative sanction was imposed on 16 July 2025 and announced on Monday.
The company’s 2021 annual report, which was filed in April 2023 and is the last one publicly available, indicated a loss of roughly €246,000 on net turnover of €2.4 million. The company said it had a total of nine staff in 2021.
Also read:Luxembourg investment fund manager fined for second time this year
Last year Zeus Asset Management was fined €14,000 for failing to file its annual report on time and €46,000 for shortcomings in its IT systems and anti-money laundering, delegation and internal audit procedures.
The Luxembourg Times was not able to reach Zeus Asset Management to request comment. An email sent to its publicly listed address failed to be delivered and its publicly listed telephone number was disconnected when called on Tuesday. Its authorisation is still listed as “active” in the CSSF database.
The Luxembourg Times has requested comment from Aiguille SA and Zeus Capital SA, two companies in Switzerland that are the primary shareholders of Zeus Asset Management.