Investment Officer

The association representing Luxembourg’s banking industry has claimed success in its lobbying effort to persuade the EU to amend the rules governing the prudential requirements and the supervision of third-country branches to its satisfaction. The association said Thursday that a series of subsequent amendments preserve the attractiveness of the EU as a financial centre towards the rest of the world.

Private investors do not know what rising interest rates do to their investments. Despite this, they said they achieved solid returns even when blood ran through the streets.

With a few days to go before crucial EU talks that could lead to major reforms of the Markets in Financial Instruments Directive, known as Mifid, EU asset managers, banks, and brokers are urging policymakers not to succumb to pressure that could lead to “suboptimal outcomes” in the review.

Jean-Marc Goy has been appointed as the new Chairperson of the Association of the Luxembourg Fund Industry (ALFI), the industry body announced on Monday following its annual general meeting. Goy is a board member at Capital Group Luxembourg. Before joining the firm in 2018 he served two decades at the grand duchy’s financial supervisor CSSF.

During a annual general meeting in Amsterdam on Friday, Sandro Pierri, CEO of BNP Paribas Asset Management, was elected as the President of European fund and asset management association EFAMA for a two-year term until June 2025.

The Luxembourg Stock Exchange, also known as LuxSE, has booked a one-time gain of 170 million euro on the sale of its data subsidiary Fundsquare, it said following its annual general meeting on Friday.

The sale of Fundsquare to FE fundinfo, a London-based provider of investment fund data and technology, was completed last September. LuxSE acquired an unspecified ownership stake in FE fundinfo following that transaction.

The European Securities and Markets Authority (ESMA) on Thursday unveiled its ambitious Data Strategy for the next five years, signalling a commitment to bolstering data-related technologies, slashing compliance costs, and enhancing data accessibility within the European Union’s financial markets.

Brussels wants to place ESG data providers under the supervision of the financial watchdog, the European Securities and Markets Authority (ESMA). The proposal aims to address concerns about transparency and potential conflicts of interest in the creation of ESG ratings. It is part of a new package of sustainable finance measures presented by the European Commission on June 13th.

Investment businesses positioning themselves for a future shaped by artificial intelligence should maintain their focus on where they want it to be in the long term. And they should not be alarmed by the massive job losses that will stem from AI adoption. The global economy will be supported by productivity gains that the AI revolution will bring, easing the impact of an ageing workforce.

Brussels-based group Eurosif, representing national sustainable investment organisations including Luxembourg’s LSFI, has raised concerns over the European Commission’s draft proposal for European Sustainability Reporting Standards (ESRS). Eurosif argues that the proposal fails to meet the ambitious standards outlined at the end of last year by the European Financial Reporting Advisory Group (EFRAG).