Investment Officer

Luxembourg is taking measures to become more competitive in the international funds market. Finance Minister Yuriko Backes has revealed plans to amend the “subscription” tax imposed on funds such as European Long Term Investment Funds, known as Eltifs, a move aimed at preserving Luxembourg’s position as a leading fund location in Europe.

ShareAction, a UK-based international charity advocating for responsible investment, on Monday launched a new definition of “responsible investment” with the aim of raising standards across the financial sector while combating greenwashing and misleading claims.

Global managed assets decreased by four percent to $255 trillion in 2022, marking the first decline in fifteen years, according to the new Global Wealth report by Boston Consulting Group (BCG). However, global savings increased by over 6 percent during the same period.

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.