News

With Donald Trump being re-elected, European leaders are bracing for a seismic shift in transatlantic relations. French President Emmanuel Macron and German Chancellor Olaf Scholz on Wednesday were swift to pledge a new path forward, stressing the need for a stronger, more self-reliant Europe.

The unexpected re-election of Donald Trump as President of the United States delivered an immediate shake-up on Wall Street Wednesday, creating clear winners and losers across sectors. Small-cap stocks surged while renewable energy and long-term bonds took a significant hit, reflecting investor expectations of a shift in economic and regulatory policies.

This week’s overview of transfers and appointments in the fund and asset management community in and outside Luxembourg includes updates from Carmignac, CMS Luxembourg, and Mainstreet Partners.

Financial markets are reacting with both trepidation and anticipation to Donald Trump’s victory in the 2024 US presidential election. The so-called ‘Red Sweep,’ which also sees Republicans take control of Congress, has investors bracing for substantial shifts in the US economic and political agenda.

UBS Asset Management has expanded its digital asset capabilities with the launch of the “UBS USD Money Market Investment Fund Token” (uMINT), a tokenised money market product built on Ethereum’s distributed ledger.

Luxembourg’s financial regulator CSSF has delivered a sharp warning to the country’s Investment Fund Managers (IFMs) regarding weaknesses in oversight practices when delegating portfolio management. The CSSF’s latest review highlights specific shortcomings, particularly in conflict of interest management and contingency planning, that could expose IFMs to regulatory risk and potential operational failures.

A narrow victory for Kamala Harris in the U.S. election could stir up significant market turbulence. Trump appears unwilling to concede, and his resistance might disrupt the current rally. It wouldn’t be the first time.

Franklin Templeton has secured approval from Luxembourg’s financial regulator, the Commission de Surveillance du Secteur Financier (CSSF), to launch the first fully tokenised UCITS fund in the country.

LuxFlag’s Sustainability Investment Week (LSIW24) kicked off on Tuesday, with several speakers sharing their relative optimism around commitments to ESG and impact investing.

Czech Banka Creditas has made a binding takeover bid for the Maltese group over online bank MeDirect. Behind Banka Creditas is relatively unknown billionaire Pavel Hubáček.