Fuchs fined €1.02 mln as CSSF finds lack of internal controls
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 named as head of fintech at EY
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: equities underweight, downgrades Chinese stocks
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.
Quintet says it remains committed to Dutch branch
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 at highest level since January 2021
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.
Net fund outflows doubled in June compared to May
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 acquires stake in hospital software firm Nexus
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.
Dividend payouts surge to record 545 billion in Q2
Dividends worldwide rose by 11.3 percent in nominal terms in the second quarter of 2022 to a historic quarterly record of 544.8 billion dollars, the latest Global Dividend Index report by Janus Henderson shows.
If the strong US dollar and other underlying factors are taken into account, underlying growth is even stronger at 19.1 percent. Some 94 percent of companies surveyed either paid out more in the second quarter or kept payouts stable.
Cube Infrastructure takes over MVV’s Czech energy business
Cube Infrastructure Managers, a Luxembourg-based infrastructure investor, has agreed to take over the Czech activities of Germany energy firm MVV Energie AG for an undisclosed amount. The transaction would be done through Cube IM’s “Cube Infrastructure Fund III” brownfield fund.
Klein joins Deutsche Börse as Chief Compliance Officer
Marc Peter Klein will join Deutsche Börse as Managing Director Group Compliance on 1 January 2023.