Asset Managers

Following the precarious situation surrounding troubled Belgian broker Merit Capital and its financial problems, the management of its flagship Merit Capital Global Investment Fund has now been full transferred to Belgian private bank Dierickx Leys. The 400 million euro fund will be renamed Dierickx Leys Fund III.

Although the global economy finds itself in a slowdown phase, it continues to demonstrate resilience thanks to domestic consumption in the US and government relief measures to reduce energy bills in Europe, Guy Wagner, Chief Investment Officer at Luxembourg asset manager BLI - Banque de Luxembourg Investments, said in his latest investment report. Over the next year however, he expects the global slowdown to deepen.

Developments in Luxembourg legislation have enabled the European Investment Bank, the EIB, to issue for the first time a digital bond under Luxembourg law. In a project codenamed Project Venus, the EIB this week raised 100 million euro by issuing a blockchain-based bond in cooperation with the central banks of France and Luxembourg and backed by a deal team working in five countries.

The most predicted recession ever is not coming at all. At least, not in Europe. According to DWS, the record-negative figures do not correspond to the actual state of the economy. “We expect growth, not contraction.”

Infrastructure investing has looked like a very good business in recent years. Initially, interest in infrastructure was due to its role as a long-term, inflation-resistant vehicle for institutional investors. But the crying need for building, repairing and upgrading the built world while most governments are short on funds has given it an almost socially-conscious image. 

Most such funds have realised they can easily more towards doing ESG-related investments. Often, it’s just about looking for the right investment option.

Following in the footsteps of the European Parliament earlier this month, the Council of the EU on Monday finalised the legislative process by adopting the Corporate Sustainability Reporting Directive, known as CSRD.

Efama, the trade association for Europe’s fund and asset management industry, welcomed the adoption of what it sees as “a crucial piece of the puzzle”, but warned that the industry still faces years of uncertainty because of the “staggered” adoption between the years 2025 and 2029.

TINA - There Is No Alternative - is gone. That’s not a bad thing. And don’t write off the 60/40 portfolio just yet. And the asset management industry has had a clear impact on society and sustainability.

 All of Fidelity International’s sales offices are now supported from Luxembourg, which has a “hub” function in the asset manager’s organisation. A new reorganisation was implemented this year. 

This is confirmed by Sanela Kevric, who has been head of the Benelux region since 2022. She said she is supported by two experienced sales directors based in Brussels and Amsterdam, and by a marketing team and sales support. The Benelux remains one of Fidelity’s strategic markets, she said. 

Europe’s largest asset manager Amundi has appointed Olivier Brouwers as its chief executive officer in Belgium. In this role, Brouwers will also be responsible for Amundi’s business development in Luxembourg.

Private market investments have become overweight in institutional portfolios following this year’s substantial declines in public markets. Half of investors are waiting “as long as necessary” for this dislocation to subside. The other half is concerned, a new survey by Bfinance shows. The report is of particular interest to Luxembourg, where interest in private assets and alternative investments has increased significantly in recent years.