Investment Officer

The position of women in the asset management industry has barely improved in the last seven years. Citywire’s Alpha Female Report 2022 shows that a mere 5.5 percent of all actively managed funds - or one out of 18 - are led by women. “Progress towards gender parity in portfolio management looks to have come to a grinding halt.”

Luxembourg’s financial regulator CSSF imposed a total of 4.3 million euro in fines on financial services companies in the Grand Duchy last year, less than the 6 million euro in fines issued in 2020. Most fines were imposed under laws preventing money-laundering and terrorism finance, according to CSSF’s 2021 annual report.

The number of complaints received about financial services in Luxembourg last year rose by 25 percent, with clients in Germany and the U.K. accounting for almost half of them, according to the latest CSSF annual report.

Aude de Roquancourt has joined EY Luxembourg as a new partner in the accounting compliance and reporting department, the firm said on Thursday.

De Roquancourt previously served as head of fund reporting at EQT Luxembourg and as head of accounting at Societe Generale. She holds a master’s degree in business and management from the EM Lyon Business School, France. She is a certified Six Sigma Black Belt Project Manager and qualified as chartered accountant. 

The European Central Bank announced its biggest ever interest rate hike on Thursday. Its three key interest rates will be raised by 75 basis points in an attempt to control rapidly rising inflation in the eurozone. “The ECB has put its credibility on the line today.”

Rising inflation, the tightening of monetary policy, Russia’s invasion of Ukraine, and the resulting risks to economic growth have caused sales of investments funds defined as Undertakings for Collective Investments for Transferable Securities, or Ucits, to turn negative in the second quarter, according to the European Fund and Asset Management Association, known as Efama.

Apex Group, a fund services provider with substantial operations in Luxembourg, on Thursday said it has acquired Prometa Fund Support Services Inc., a Canada-based provider of fund services. Financial details were not disclosed.

Degroof Petercam on Wednesday said it has strengthened its partnership with Swiss-based impact investor Quadia by participating in a capital increase. Financial details were not disclosed. 

Following the capital increase, Basel-based Hanaku AG becomes a new strategic shareholder next to Degroof Petercam. Hanaku is a net zero emission focused Swiss holding company specialised in energy transition through infrastructure and finance.

Financial supervisor CSSF has imposed two fines totalling 1.015 million euro on Fuchs & Associates after an on-site inspection found that the Luxembourg management company did not comply with laws for internal controls and EU requirements under the Mifid rules.

Romain Swertvaeger has been appointed as head of fintech at EY Luxembourg. He takes over from Gaël Denis, who earlier was appointed as chief operating officer at the firm.

Swertvaeger will lead EY’s fintech practice, which provides services ranging from digital transformation, process management, regulatory compliance and audit, fundraising and valuation support, to tax services and technology risk management.