Institutional

This edition of IO Talks Luxembourg hears from the managing director at M&G in Luxembourg, Micaela Forelli, on the firm’s positioning in the European funds market, on private markets and Eltifs, on cost savings and how the firm’s redundancy programme at M&G group is affecting its Luxembourg business.

Following an accident in December, Antonio Corpas, chief executive officer of The OneLife Group, passed away last Saturday, the company has announced. He was 54 years old. 

Global insurers are diversifying their portfolios and most of them - 87 percent - plan to increase allocations to private investments over the next two years, which would represent a three percent average increase versus their current allocation, Blackrock’s latest global insurance survey shows.  

Accompanying Luxembourg’s finance minister Yuriko Backes on her official visit to Stockholm, Luxembourg’s financial community this week sought to strengthen its financial ties with Sweden, considered a “natural partner” for the Grand Duchy. Backes also discussed plans to support the reconstruction of Ukraine with her Swedish counterpart.

Travelling back to Luxembourg, Backes said on Twitter that her visit had been “very productive.” Backes was accompanied by a Luxembourg for Finance delegation and several representatives of Luxembourg’s financial services sector.

The financial industry often baulked at the tens of billions of euros it pays for EU’s comprehensive regulation framework put in place post 2008 financial crisis. With markets in turmoil over Russia-Ukraine, that tone now is different.

The Luxembourg Fund Labelling Agency (commonly-known as LuxFLAG) has announced the launch of its Sustainable Insurance Product Label certification product.

This certification will be awarded to “eligible insurance products that assist with the transition to mitigate and adapt to the climate crisis, as well other environmental and social issues” that are part of the United Nations Sustainable Development Goals.

The modern bank and insurance broker can to a large extent fill the gap left by the major banks. He can do this by giving personal advice to his clients and fully mapping out their financial situation. Digitalisation also plays an important role in this.

This emerged from an interview with Marc Dhondt (photo), the Belgian representative of the Luxembourg life insurance company OneLife, as part of the BZB congress that was held on 21 October. 

Goldman Sachs has struck a tremendous blow with its takeover of NN Investment Partners, the asset management arm of Dutch insurer NN Group, which was announced a few days ago.

In the coming weeks, the question will be answered as to what fate befalls two important Dutch asset managers: both NN Investment Partners and Actiam are awaiting the Salomon judgment of their mothers, being NN Group and Athora. While NN is still vaguely talking about “a review of strategic options”, at Athora it is only a question of to whom the daughter will be given.

Insurance companies are looking to significantly increase their allocations to private equity, mid-market corporate loans and infrastructure debt, according to a survey of almost 300 firms by Goldman Sachs Asset Management (GSAM).

‘Insurers are planning to increase risk in their investment portfolios, probably by shifting liquidity to riskier asset classes,’ GSAM concludes. The asset manager calls the risk sentiment ‘decidedly positive’, due to reduced uncertainties amid the global pandemic.