ING braces for Luxembourg AML indictment

Dutch financial group ING is bracing for a criminal indictment in Luxembourg over its failure to properly manage anti-money laundering (AML) processes at its unit in the Grand Duchy.

The bank said it was informed in January by a Luxembourg investigating judge that he intends to instruct the relevant prosecutor to prepare a criminal indictment regarding shortcomings in the anti-money laundering at ING Luxembourg.

Luxembourg private banking growth outpaces Switzerland 

Private banks in Luxembourg have seen their assets under management double since the 2007-8 financial crisis, according to a survey conducted by KPMG and the Luxembourg Bankers’ Association (ABBL). The report observed that growth at Luxembourg’s private banks in 2020 outpaced growth at their counterparts in Switzerland.

Private banks held 508 billion euro in assets at the end of 2020, up 9 percent from 466 billion euro a year earlier and more than double the 225 billion euro held at the end of 2008.

Deutsche Bank Belgium: quality research and advice make the difference

Deutsche Bank Belgium aims to position itself as a global player and to expand further in the private & wealth management segment. Local presence is important. The distinguishing factor compared to other private banks and wealth managers is that Deutsche Bank Belgium focuses primarily on investment advice and support, including for small portfolios. The standard discretionary management of the competition is definitely not the strategy pursued.

Quintet’s Matti: UHNW clients demanding institutional-level services

Investment Officer Luxembourg recently had an opportunity to speak with Stephan Matti (pictured above), Group Head of Asset Servicing & Financial Intermediaries at Quintet Private Bank, about his role and the advantages of offering asset servicing and financial intermediary services from within an organisation that also has a large private banking operation.

ABN Amro wants private markets as a fixed asset allocation component 

ABN Amro is broadening the options for clients who want to invest in private equity. For the first time, the bank is offering a basket of private equity managers, in addition to the already existing single manager funds. Meanwhile, the bank is getting ready for the next step: private markets as a structural part of the strategic asset allocation. 

CFOs & bank operational agility

Pressure on banks to manage costs and be more agile is felt particularly keenly by the chief financial officer (CFO). Efficiently provided financial data are key to enabling executives to operate effectively, seek operational efficiencies and increase compliance. A panel of five CFOs assembled by the ABBL discussed how they work towards this, particularly regarding their use of IT and outsourcing.