Jan Kemper surprises by resigning as CFO at N26
Jan Kemper will step down as chief financial officer and chief operating officer of German neobank N26, he announced in a post on social media. He only joined the challenger bank in July 2021.
N26, one of Europe’s fastest-growing fintechs with more than eight million clients, is partly owned by Luxembourg-based venture capital firm Ilavska Vuillermoz Capital. Ilavska is among a range of VC firms who collectively have invested 1.8 billion euro in N26.
Bargains expected in secondary private markets
The number of private equity portfolios in the secondary market is increasing as both fund managers and investors in private equity funds seek liquidity opportunities.
In its private markets outlook, BlackRock focuses on private equity, private debt, infrastructure and real estate. “Given the long lead time between the decision to sell a private equity asset and the sale, we expect more of these opportunities in 2023.”
SIF managers fined for providing ‘incomplete’ info
Financial supervisor CSSF is putting on the thumbscrews. It has imposed individual financial fines on a total of seven managers and directors at two specialised investment funds in Luxembourg. The fines were issued because they sent “incomplete information” to the supervisor. It is the first time such fines were issued under a 2007 law that governs these funds.
JPMorgan to convert active strategies into passive ETFs
JPMorgan Asset Management plans to convert a number of active mutual funds in the US to passive ETFs next year. The asset manager is not alone. Globally, passive is starting to catch up with active.
Empira sells Vienna property held via Luxembourg Raif
Swiss-based real estate investment manager Empira has sold a 16,000 square metre property project in Vienna for an undisclosed amount. The property had been held through a Luxembourg Reserved Alternative Investment Fund.
The Zug, Switzerland based firm had only bought the property two years ago. In a statement, Empira spoke about a “successful sale at attractive terms… exactly in line with the investment approach of this product”.
Cube closes acquisition of MVV’s Czech activities
Luxembourg-based Cube Infrastructure Managers has finalised the purchase of the Czech activities of German energy firm MVV Energie AG. The transaction has been done through the “Cube Infrastructure Fund III” brownfield reserve alternative fund, under the corporate form of Cube III Energy CZ s.r.o. Financial details were not disclosed.
Luxembourg bourse open for trading in Chinese A-shares
The Luxembourg Stock Exchange has admitted China International Capital Corporation as a new trading and listing member with immediate effect. CICC will enable the indirect trading of shares listed on Shanghai the Shenzen stock exchanges via the Luxembourg bourse.
‘High-dividend, low-volatility equities can reduce portfolio risk’
Quintet sees little cause for celebration when the world rings in the new year, the Luxembourg private bank said in its 2023 outlook. The year ahead will be one of two halves: once central banks stop raising interest rates, a new cycle of uneven, global growth will begin. High-dividend and low-volatility equities may provide an opportunity to reduce portfolio risk, the firm’s investment officers said.
Fed hikes 50bps, raises terminal rate above 5%
The Federal Reserve last night raised the target range for the federal funds rate by 50 basis points to 4.25-4.5 percent, rounding off a cumulative tightening of 425 basis points this year.
‘As super-cycle ends, 2023 will be fat and flat’
Looking ahead to 2023, emerging market funds specialist East Capital has positioned itself for a period of “fat and flat” returns in the belief that 2022 has likely marked the end of a lucrative super cycle fuelled by ultra-low interest rates and abundant liquidity.