Investment Officer

Amundi, Europe’s biggest asset manager, is taking a 26.1 percent stake in Texas-based asset manager Victory Capital. The stake is valued at about 800 million dollars.

Sunday’s French elections have averted the worst-case scenario of a far-right victory but have plunged the country into a period of political uncertainty and potential paralysis.

The CSSF has fined BGL BNP Paribas three million euro for significant lapses in its anti-money laundering and counter-terrorist financing compliance. It’s the second-largest fine ever imposed for AML failings in Luxembourg.

If you want to be considered wealthy in Luxembourg, you’ll need to earn an annual gross income of at least 365,000 euro.

This week’s overview of transfers includes updates from LPEA, Generali, the University of Luxembourg, Esma, Euroclear, La Française and DLA Piper.

ING plans to extend its private banking and wealth management services to countries outside the Netherlands, Belgium, and Luxembourg.

The European Central Bank’s (ECB) decision to cut its benchmark interest rate for the first time since 2019 underscores a strategic but cautious approach to managing persistent inflation in the Eurozone. “The ECB did not pre-commit to a specific path for further interest rate cuts,” Ulrike Kastens, Europe economist at Europe’s third-biggest asset manager DWS, told investors.

This week’s overview of transfers, appointments, promotions and other people news includes updates from Robeco, Apex-subsidiary Holtera, and UBS. 

Erik van de Weele

Erik van de Weele (photo) has been appointed to join Robeco’s sales team covering Belgium and Luxembourg. In his role as director of institutional and wholesale business development, Van de Weele is responsible for a broad range of institutional and wholesale clients in the region.

The European Securities and Markets Authority (Esma) issued a warning on Thursday, advising the financial sector to exercise caution in the use of artificial intelligence (AI) in investment services.

While AI promises to revolutionise the retail investment sector with enhanced efficiency and innovation, Esma highlights the significant risks associated with its adoption, urging for responsible innovation and investor protection.

Luxembourg bankers’ association ABBL on Friday said the sector is ready to accommodate clients affected by ING Luxembourg’s recent decision to cease its retail banking services. This strategic withdrawal has left thousands of customers in a state of uncertainty, prompting a response from the ABBL and other local retail banks to ensure a smooth transition for impacted clients.