Amundi reclassifies ‘almost all’ Article 9 funds to Article 8
Referring to a regulatory environment that is “still evolving”, Amundi, Europe’s largest asset management company, said it has taken a “conservative” step and reclassified almost all of its most sustainable investment funds, worth around 45 billion euro, to Article 8 from Article 9 under the EU’s sustainable finance disclosure regulation.
CSSF hits Bank of Singapore unit with €210,000 AML fine
BOS Wealth Management SA, the Luxembourg-based European wealth management arm of Bank of Singapore, has been handed a 210,000 euro fine by Luxembourg’s financial regulator CSSF for non-compliance with laws designed to fight money laundering and terrorist financing.
Without clear game rules, funds will never get it right
Europe’s asset management industry finds itself under a public magnifying glass after a team of international investigative journalists discovered that the most sustainable funds are still investing in polluting companies. Earlier warnings on possible reputation risks, also from specialists inside the sector, now echo loudly, but so does the observation that a lack of clarity in the current sustainability regulations poses significant challenges, both for the industry and investors.
‘There won’t be a recession in Europe,’ says DWS
The most predicted recession ever is not coming at all. At least, not in Europe. According to DWS, the record-negative figures do not correspond to the actual state of the economy. “We expect growth, not contraction.”
CSRD: Industry left ‘to pick up ESG data pieces,’ says Efama
Following in the footsteps of the European Parliament earlier this month, the Council of the EU on Monday finalised the legislative process by adopting the Corporate Sustainability Reporting Directive, known as CSRD.
Efama, the trade association for Europe’s fund and asset management industry, welcomed the adoption of what it sees as “a crucial piece of the puzzle”, but warned that the industry still faces years of uncertainty because of the “staggered” adoption between the years 2025 and 2029.
Depositary, custodian services ‘heavily concentrated’
Markets for depositary and custodian banking services in Luxembourg are “heavily concentrated”, with the top ten banks holding more than three quarters of all assets, the first ever survey on depositary and custodian services in the grand duchy shows.
New ESG product rules under Mifid2 take effect
A new set of rules - part of an update to the EU’s Mifid 2 directive - took effect in Luxembourg on Tuesday that will set out how banks and asset managers are required to handle their investment products in terms of Environmental, Social and Governance.
M&G adds arctic drilling, adult, tobacco to exclusions
M&G said it will introduce an additional set of ESG exclusions to its M&G (Lux) Optimal Income fund managed by Richard Woolnough.
Luxembourg real estate fund assets up 26% vs year ago
Real Estate Investment Funds, or Reifs, in Luxembourg saw total assets climb by 26 percent in the year running up to the end of the third quarter, to 131 billion euro. The number of Reifs increased by 20 percent to 621 funds.
The latest edition of the Reif survey conducted by the Association of the Luxembourg Fund Industry, or Alfi, showed that multi-sector allocations remain the most popular strategy for Reif investors, with 49 percent.
EU court: publishing UBO data infringes fundamental rights
The European Union’s Court of Justice on Tuesday ruled that private information on the ultimate ownership of companies and investment funds registered in the Luxembourg Business Register does not always need to be made available to the general public. The court ruled that fundamental rights of individuals can sometimes outweigh the general interest of fighting money laundering.