Investment Officer

The latest edition of the Boston Consulting Group’s (BCG) Global Asset Management Report provides a stark portrait of today’s asset management industry. Despite a robust 12 percent growth in global assets under management, reaching a formidable 120.000 billion dollars in 2023, the sector faces significant headwinds. Rising costs, eroding revenues, and the fading allure of traditional asset management approaches paint a troubling picture.

Degroof Petercam, Belgium’s largest private bank with a significant presence in Luxembourg, on Wednesday posted a double-digit decline in its full year net profit because of one-time costs related to sale of a majority stake to France’s Credit Agricole group and due to higher tax pressure.

Addressing its business performance, the firm said its private banking business improved due to higher interest rates, while its asset management activities faced a decline in revenues. 

This week’s overview of transfers, appointments, promotions and other people news includes updates from Euroclear, Norton Rose Fulbright, Mourant Luxembourg and Pictet.

Valérie Urbain

Valérie Urbain (photo) has officially been appointed as chief executive officer of Euroclear, with her appointment having been approved at the May 3 annual general meeting. She will replace Lieve Mostrey.

Swiss-headquarterted private equity firm Partners Group has announced the launch of a new private equity European Long-Term Investment Fund (Eltif), opening up its private offerings also to retail investors. The fund is its first new private equity fund under the updated Eltif regime.

The Partners Group Private Equity Evergreen was already registered in Luxembourg last December and has a minimum investment threshold of 10,000 euro. The fund will be available to investors across Europe, including Germany, France, Spain, Italy, and the Benelux regions.

This week’s overview of transfers, appointments, promotions and other people news includes updates from the Luxembourg Stock Exchange, EFG Bank, Edmond de Rothschild, UEL and Mapfre.

Laetitia Hamon

Laetitia Hamon (photo), head of sustainable finance at the Luxembourg Stock Exchange, or LuxSE, has been appointed as member of the European Commission’s High-Level Expert Group on scaling up sustainable finance in low and middle-income countries.

The Norwegian parliament is poised to debate the merits and drawbacks of incorporating private equity investments into the country’s mammoth 1,490 billion euro sovereign wealth fund, the largest globally. The government is hesitant about unlisted funds, despite previous recommendations from Norges Bank, the country’s central bank which manages the national oil fund.

Schroders plc, one of Europe’s leading asset managers, has announced that its CEO, Peter Harrison, intends to retire next year after a decade on its board.

The firm, headquartered in London, has initiated a search for his successor and anticipates an orderly transition throughout 2025. Harrison will remain a director of the company during this period.

This week’s overview of transfers, appointments, promotions and other people news includes updates from ABBL, Schroders, Clifford Chance, Tidan Capital and Schroders.

Yves Stein

Yves Stein (photo), CEO of Edmond de Rothschild (Europe),  has been elected as new chairman of the Board of Directors of the Luxembourg banking association ABBL. He takes over from Guy Hoffmann, who held the post since 2018.

This week’s overview of transfers, appointments, promotions and other people news includes updates from FE Fundinfo and Amundi.

The European Central Bank (ECB) is charting a course of strategic patience, signalling a readiness for a gradual policy shift that could commence as early as June. Analysts uniformly anticipate that while the near term may see steady policy rates, a carefully orchestrated move towards easing is on the cards.

As the ECB prepares for its forthcoming rate decision on Thursday, leading financial analysts have shared their insights, painting a picture of what asset owners can expect in the coming months.