Investment Officer

BTG Pactual, the largest investment bank in South America, said it acquired Luxembourg-based private bank FIS Privatbank in a move that should enable its Latin American clients to diversify their investment portfolios in developed countries while expanding its European client base beyond Portugal, Spain and the UK.

Total interest income at Luxembourg’s 120 credit institutions last year surged 39 percent as most banks were able to boost their margins from borrowing and lending activities on the back of higher central bank interest rates, according to data posted by financial supervisor CSSF. The supervisor also said, like last year, that 23 banks in the grand duchy were not profitable.

Net inflows for Ucits investment funds in Europe more than doubled in January when compared to a month earlier as investors regained trust in the economy and were feeling hope that the interest rate peak was in sight. Money market funds and alternatives funds however experienced a surge in outflows.

Data reported by the European Fund and Asset Management Association, Efama, showed that net inflows for Ucits funds rose to 43 billion euro in January, compared to 16 billion in December of last year.

Luxembourg-based European Depositary Bank, provider of banking, depositary and custody solutions, has named two women to senior leadership: Cecilia Gejke is now managing director and member of the executive management board and Gilda B. Neiman (photo) is now a member of the board of directors.

This Luxembourg edition of IO Talks hears about the latest developments in the realm of legislation around alternative investment solutions, and in particular European Long Term Investment Funds, or ELTIFs, and what they mean for Luxembourg. 

Rabobank said it took advantage of the sharp fall in prices of deeply subordinated bonds of European banks to buy additional cocos. BlueBay Asset Management is also betting on the risky bank bonds after Credit Suisse coco shareholders saw their money go up in smoke.

This Luxembourg edition of IO Talks is about developments in the realm of management companies, popularly referred to as “ManCos”, in Luxembourg. Mancos are an key component of the asset services ecosystem in the grand duchy.

Investment Officer spoke to a range of actors in Luxembourg asset services and alternative investments universum during Alfi’s 2023 European Asset Management conference. This playlist brings all interviews together. It includes, among others, Silke Bernard at Linklaters, Micaela Forelli at M&G, Denis Harty at Waystone Luxembourg and Emmanuel Gutton at Alfi.

At this week’s Alfi European Asset Management Conference in Luxembourg, Emmanuel Gutton, Alfi’s director of legal and tax, spoke to Investment Officer’s Raymond Frenken for this edition of IO Talks Luxembourg. The topic: European Long Term Investment Funds, a new type of investment fund known as Eltifs that opens the door to private equity and alternatives to a wider group of investors, in particular wealth management clients and the “retail plus” segment. Luxembourg is keen to become a European ánd global hub for these funds.

Crestbridge, a fund services provider for private equity and real estate funds, has been granted its depositary licence by Luxembourg’s financial services regulator, the Commission de Surveillance du Secteur Financier, CSSF.

The firm has already been licenced by the UK’s FCA to provide depositary service in the UK since 2001. Its Luxembourg licence enables it to further expand its capabilities in supporting a growing number of fund managers in Europe.