Services taking precedence over fees, Cerulli study shows
Services, not fees, are increasingly driving client decisions in wealth management and private banking, a leading US consultancy has concluded in its latest study of clients in the high-net-worth (HNW) and ultra-high-net-worth (UHNW) market segments.
MSCI: Gender diversity in corporate boards decelerating
In the latest report from MSCI ESG Research, a nuanced picture emerges on the state of gender diversity within corporate boards. Despite a marginal uptick in the percentage of women directors, concerns loom over the slowing pace of change, according to the annual Women on Boards and Beyond report.
Theobald to succeed Mackel at Luxembourg for Finance
Tom Theobald has been been appointed to succeed Nicholas Mackel as the head Luxembourg for Finance, the country’s state-sponsored association that advocates for the interests of the grand duchy’s financial sector. He will take on the new role from 1 September.
European Council blocks corporate responsibility directive
The new European directive mandating corporate social responsibility for large companies has been blocked by the European Council as yet. Germany, Italy and France last week withdrew their support for the proposal they had agreed to as recently as December.
Morningstar lists 12 funds for Luxembourg excellence award
Morningstar has announced the finalists for the 2024 Morningstar Awards for Investing Excellence Luxembourg. Twelve funds are nominated for a Morningstar Category Award, and six asset managers are shortlisted for a Morningstar Asset Manager Award.
The awards recognise those funds and asset managers that have served investors well over the long term and which Morningstar’s Manager Research team believes will be able to deliver competitive risk-adjusted returns over time.
Transfer Thursday: Pictet, Crestbridge, PwC Luxembourg
This week’s overview of transfers, appointments, promotions and other people news includes updates from Pictet, Crestbridge and PwC Luxembourg.
ESG rating providers now subject to Esma supervision
EU-level regulation adopted this week by the European Parliament places ESG rating providers under direct supervision by the European Securities and Markets Authority, Esma, a move that provides investors with more transparency.
Transfer Thursday: Vistra, LuxCMA, Servitia, Kaufhold
This week’s Luxembourg overview of transfers, appointments, promotions and other people news includes updates from Vistra, the Luxembourg Capital Markets Association, Intesa Sanpaolo Servitia and Kaufhold & Reveillaud.
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.