Investment Officer

The Blackstone Real Estate Income Trust, one of the world’s largest property investment funds, in April accepted 29 per cent of 4.5 billion dollars worth in redemption requests. The fund told investors on Monday that it decided to fulfil 1.3 billion, less than a third, of these requests to sell.

Luxembourg is set to modernise its legislation for investment funds under a proposal that will first be discussed later this week in the grand duchy’s parliament. The bill seeks to improve the various structuring options for investment funds. 

The parliament budget and finance committee on Friday will discuss Bill 8183, which was submitted at the end of March. At the 5 May meeting the committee is due to appoint a rapporteur who will coordinate the legislation.

First-quarter net income at Amundi, Europe’s largest asset manager, fell 7.5 percent to 300 million euro when compared to the same period last year, “in line with the unfavourable evolution of the market,” the company said on Friday.

The firm nevertheless referred to a “strong performance” as a result of the diversification of its activities and its operational efficiency and good cost control.

Grand Duchy banks are taking action to prepare for an economic downturn, according to bank sector association ABBL. 

At its annual general meeting on Thursday, the organisation noted that rising interest rates and geopolitical uncertainty have caused households and companies to become reluctant investors. Banks began setting aside more provisions last year in order to cover increased risk of credit defaults - a move already reflected in 2022 figures with an increase of over 400%. 

Ada Schmitt and Oliver Zwick have been named partners at law firm Clifford Chance in Luxembourg. Their promotions are part of a global cohort of 32 lawyers.

Schmitt (photo) is a member of the Luxembourg Litigation and Dispute Resolution practice. She handles both domestic and cross-border litigation and arbitration cases and represents corporate, banking and financial investor clients, with special focus on investment funds and asset managers. 

Pictet Group has announced the appointment of Raymond Sagayam as the 47th Managing Partner in the 218-year history of the firm, effective 1 January 2024.

Sagayam joined Pictet Asset Management in 2010 as head of total return fixed income to build and expand the firm’s long-short credit capabilities. His investment and management track record led him to be appointed chief investment officer of fixed income and a member of its executive committee in 2017. 

Deutsche Börse AG on Thursday made an offer of 3.9 billion euro in cash for Danish investment software and data provider SimCorp A/S. The offer is endorsed by SimCorp’s board.

The German stock exchange said it plans to integrate SimCorp into its existing data and analytics business and that the acquisition will allow the creation of a “full scope” front-to-back investment management solutions segment. 

The 30 countries in the European economic area account for less than one out of every five credit ratings issued by credit rating agencies across the world, according to a new report published on Tuesday by the European Securities and Markets Authority, Esma.

The BCEE, one of Luxembourg’s main domestic banks and commonly known as the Spuerkees, credited rising interest rates as playing a key role in increasing its increased banking income portion of its overall annual report for the year ending in 2022 through over 20% increase to its interest margin. According to a bank press release, this was also due to an increase in lending activities. 

The presentation of the European Commission’s long-awaited retail investment strategy, has now been delayed once more, from an early May to a tentatively scheduled 24 May date, according to a person familiar with the policymaking process in Brussels.

In Luxembourg, the financial sector is concerned about whether the Commission will opt for a ban on inducements on investment advice as part of its strategy.