Investment Officer

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. 

Pictet Asset Management advises its clients to remain underweight in equities and maintained an overweight view on US Treasury bonds. In its latest market outlook, the Swiss-based firm said it reduced the risk in its portfolio by downgrading Chinese stocks to neutral.

Luxembourg-based Quintet Private Bank on Sunday said it remains committed to its InsingerGilissen unit in the Netherlands after news emerged at the weekend of another major departure of one of its investment teams, the second such exit in the space of two weeks.

Investor confidence in Europe jumped in August and reached its highest level since January last year, according to the latest State Street Investor Confidence Index.

The investor confidence index, or ICI, for Europe jumped 20.4 points to 106 in August. Investor confidence in North America also increased, although merely 2.1 points to 106.5. The global investor confidence index rose to 107.3 in August, up from 102.2 in July.

European investment funds continued to experience net outflows for a sixth consecutive month as investors withdrew twice as much from Ucits and alternative investment funds during June compared to May, according to the European Fund and Asset Management Association, Efama. 

Net sales of Ucits and AIF funds registered net outflows of 72 billion euro, compared to net outflows of 36 billion euro in May, the association said. Ucits recorded net outflows of 69 billion euro, compared to net outflows of 33 billion euro in May.

Luxempart, a Luxembourg-based investment and private equity company, on Wednesday said it has acquired a 8.4 percent stake in Nexus AG, a German-based publicly listed hospital software provider in Europe through a capital increase of 72.5 million euro.