Investment Officer

ING plans to extend its private banking and wealth management services to countries outside the Netherlands, Belgium, and Luxembourg.

The European Central Bank’s (ECB) decision to cut its benchmark interest rate for the first time since 2019 underscores a strategic but cautious approach to managing persistent inflation in the Eurozone. “The ECB did not pre-commit to a specific path for further interest rate cuts,” Ulrike Kastens, Europe economist at Europe’s third-biggest asset manager DWS, told investors.

This week’s overview of transfers, appointments, promotions and other people news includes updates from Robeco, Apex-subsidiary Holtera, and UBS. 

Erik van de Weele

Erik van de Weele (photo) has been appointed to join Robeco’s sales team covering Belgium and Luxembourg. In his role as director of institutional and wholesale business development, Van de Weele is responsible for a broad range of institutional and wholesale clients in the region.

The European Securities and Markets Authority (Esma) issued a warning on Thursday, advising the financial sector to exercise caution in the use of artificial intelligence (AI) in investment services.

While AI promises to revolutionise the retail investment sector with enhanced efficiency and innovation, Esma highlights the significant risks associated with its adoption, urging for responsible innovation and investor protection.

Luxembourg bankers’ association ABBL on Friday said the sector is ready to accommodate clients affected by ING Luxembourg’s recent decision to cease its retail banking services. This strategic withdrawal has left thousands of customers in a state of uncertainty, prompting a response from the ABBL and other local retail banks to ensure a smooth transition for impacted clients.

Banks and asset managers continue to make misleading sustainability claims, according to the European Securities and Markets Authority, Esma. Following an investigation into the compliance of marketing communications with MiFID II rules, Esma found that financial products and services are often presented as green without substantiating the sustainability claims.

This week’s overview of transfers, appointments, promotions and other people news includes updates from Universal Investment, Gen II Fund Services, Deloitte and JP Morgan.

British-American multinational insurance services provider Willis Towers Watson (WTW) is preparing to launch its first Luxembourg-based private equity fund in the coming months. The firm has already has secured over 500 million euro in commitments. The move follows WTW’s recent announcement of a UK private equity fund.

Dutch bank ABN Amro on Tuesday said it agreed to pay 672 million euro for German private bank Hauck Aufhäuser Lampe, also known as HAL, from debt-laden Chinese investment company Fosun International. HAL’s asset services activities in Luxembourg and Ireland are excluded from the transaction.

Luxembourg’s Management Companies, the firms that handle a substantial portion of investments serviced in the Grand Duchy, employed a record 7,700 people at the end of last year, up 11 percent from the previous year. This figure is reported in PwC’s 2024 Barometer for the ManCo sector.