CSSF fines Mizuho nearly half a million euro for breaches
Luxembourg’s CSSF financial regulator on 20 February announced that in late 2023, it had imposed a nearly half-million euro administrative fine on Mizuho Trust & Banking (Luxembourg) S.A.
The 17 November 2023 fine of 444,400 euros was imposed for non-compliance with professional obligations under Luxembourg’s financial sector law relating to governance and IT organisation.
Belgium sees growing support for ‘common defence bonds’
A proposal to enhance European defence collaboration by raising €100 billion through the issuance of Eurobonds in financial markets is gaining momentum among EU finance ministers.
Vincent Van Peteghem (photo), the Finance Minister of Belgium, presently holding the presidency of the European Council, voiced his support for the concept of ‘common defence bonds’ on Wednesday.
45% of family offices want more private credit in portfolios
More than half of family offices want to add even more private investments to portfolios by 2024. The most popular category is private credit. Cash, public equities and high-yield lose out.
Transfer Thursday: MFS, Candriam, TMF, Eiopa
This week’s overview of transfers, appointments, promotions and other people news includes updates from MFS, Candriam, TMF and Eiopa.
Mackel reportedly set to become Luxembourg’s EU ambassador
Nicolas Mackel, currently serving as the ceo of Luxembourg for Finance, is preparing to assume a new role as Luxembourg’s permanent representative to the European Union in Brussels.
According to Luxemburger Wort and RTL, Mackel’s transition from the financial sector to a diplomatic post is expected to occur in September, marking his return to the international diplomatic arena.
CSSF asks funds to make annual self-assessments
Luxembourg investment firms will have to provide annual self-certifications on key aspects of central administration, internal governance and risk management, according to a new rule introduced by financial supervisor CSSF.
PE industry challenges SEC over new fee disclosure rules
The Securities and Exchange Commission’s (SEC) recent move to mandate increased disclosure of fees and other costs by private equity funds has sparked a legal battle with the PE industry. Lawyers representing both the SEC and the PE industry engaged in a heated argument in a US federal court in New Orleans.
Active ETFs gain popularity among fund selectors
More than two thirds of fund selectors see active fund management as key to outperforming in the current year, a reflection of its growing importance in uncertain markets, the latest Natixis 2024 Fund Selector Outlook Survey shows.
The survey uncovered a strategic pivot among wealth managers, who over the past decade have largely favoured passively managed index funds. However, 45% of fund selectors attribute the outperformance of passive investments to a decade of artificially low interest rates and minimal inflation, conditions that are changing.
Amundi boosts private markets presence with Alpha Associates
Amundi, Europe’s biggest asset manager, on Wednesday confirmed that it has agreed to acquire Alpha Associates, a Swiss-based specialist firm in private equity, private debt and infrastructure investments, boosting its presence in the European private markets sector. Financial details were not disclosed.
Pictet sees ‘tactical opportunity’ in stocks, Gilts
Pictet Asset Management has shifted its investment strategy, upgrading its allocations to global equities, UK government bonds, and information technology stocks.
This move stems from the firm’s latest Barometer report and reflects confidence in the market despite the backdrop of falling interest rates. This change is driven by a notable slowdown in inflation and consistent economic growth observed at the start of 2024.