Investment Officer

This week’s overview of transfers, appointments and promotions includes updates from Fidelity, KPMG Luxembourg, Kneip, Creutz & Partners and Allen & Overy.

The Luxembourg government, represented by prime minister Xavier Bettel and finance minister Yuriko Backes, on Tuesday officially inaugurated Bank of America’s new branch in Luxembourg. The office was already opened on 10 May.

The European Securities and Markets Authority (Esma), the EU’s financial markets regulator and supervisor, on Tuesday said it plans a comprehensive review next year of industry efforts to integrate sustainability in investment firms’ suitability assessment and product governance processes and procedures.

The review will be shaped as a Common Supervisory Action, or CSA, in which it closely involves national supervisors such as the CSSF in Luxembourg.

JP Morgan’s recent decision to incorporate India into its Emerging Market bond index has ignited institutional interest in the world’s leading emerging market government bond. However, full acceptance still has significant barriers to overcome.

The European Securities and Markets Authority, Esma, on Thursday posted its 2024 work programme, emphasising digital and green transitions against a backdrop of economic challenges including inflation and geopolitical strains.

Esma said it plans to reinforce its market and risk monitoring efforts and support the European regulatory framework’s implementation, particularly in digital and sustainability sectors. This is in line with the regulator’s aim to address challenges for the European Union and its citizens, including investors.

The European banking sector has witnessed a remarkable resurgence, chalking up its best performance since the 2007 financial crisis, according to a recent Deutsche Bank research report. Notably, European banks have narrowed the long-standing performance gap with their US peers.

EU-domiciled Exchange Traded Funds, or ETFs, are growing at twice the speed of traditional Ucits funds, demonstrating continued appetite among investors for passive and low cost investment vehicles, a deep dive by PwC Luxembourg shows. Meanwhile, Denmark has emerged as Europe’s top target market for ETF distribution.

Universal Investment Group on Wednesday announced the launch of a new Luxembourg joint venture Alumia. The firm will operate as Mifid regulated investment advisory firm providing clients with access to innovative investment strategies.

Paris-based asset manager Carmignac has announced a series of new appointments to bolster its Patrimoine fund, which has a substantial Luxembourg component.

Guillaume Rigeade, Eliezer Ben Zimra, Jacques Hirsch and Christophe Moulin are stepping in as co-managers of Carmignac Patrimoine, joining forces with David Older, the firm’s head of equities. This move follows the recent elevation of Rose Ouahba (photo) to the position of managing director within the firm’s senior management team.

Key players in the Luxembourg financial industry’s effort to prioritise green goals are simultaneously ensuring that oil & gas companies can continue to warm the planet, in some cases until late this century, according to a news investigation by the Luxembourger Wort daily and the Luxembourg Times.