In the British vernacular, to 'send someone to Coventry' is to ostracise them, to put them somewhere so far out of sight and mind that they are effectively forgotten. While not quite as bad, perhaps the equivalent in the private equity world is to be sent to Luxembourg.
The country of around half a million people is no match for London or Paris on the cultural or culinary fronts. And unlike Jersey or the Cayman Islands, there isn't the sandy beaches to take the edge off a long day at work.
But as Brexit forces fund managers to draw up new plans, being sent to Luxembourg is becoming increasingly common. At Invest Europe's CFO Forum in May, around half of delegates said they were considering domiciling their next fund there. As you need an office and staff to be able to benefit from tax treaties, more and more PE-types are preparing to call the Grand Duchy home.
So, say you're in Luxembourg and find yourself with time on your hands – what can you do? A fair bit, as it happens.
You could start with a stroll along Chemin de la Corniche, the 17th-century ramparts of Luxembourg City, christened “Europe's most beautiful balcony” by not-at-all-biased Luxembourgish author Batty Weber. Afterwards, why not leave the city for the picturesque town of Vianden, with its centuries-old hilltop castle and Gothic church with a cloister dating back to the 13th century?
By now you're probably hungry. Luckily, Luxembourg City is replete with fine dining options, with some of the hottest tables in town to be found at Clairefontaine, Le Sud and Ma Langue Sourit. And let's not forget Restaurant Chiggeri, which in 2008 was named the restaurant with the world's longest wine list, running at 1,746 different varieties of plonk.
Factor in good schools, an easy-going pace of life and one of the world's lowest murder rates, and you have a pretty nice package. And if you're still not convinced, you can just move to France and commute.