Wealth Managers

This week’s overview of transfers and appointments in the fund and asset management community in and outside Luxembourg includes updates from Quintet Luxembourg, Candriam and Zedra Group.

Martin Groos unpacks the journey of the European Long-Term Investment Fund (Eltif) since its promising launch in 2015, and explores whether recent reforms under “Eltif 2.0” will finally deliver success.

As Luxembourg’s financial ecosystem adjusts to the open finance revolution, wealth and asset managers must navigate a range of hurdles to stay competitive.

The Luxembourg Stock Exchange is exploring ways to create public listings of European Long-Term Investment Funds, private market vehicles that for now are the exclusive domain of high-net worth individuals. A senior official said the bourse, also known as LuxSE, sees a particular role for itself when it comes to enhancing the exit opportunities.

Quintet Private Bank announced on Thursday the launch of its Luxembourg-based Finnish desk by building a new team that crossed over from competitor Union Bancaire Privée.

The first half of 2024 revealed contrasting fortunes for European asset managers as they navigate volatile markets, shifting investor sentiment, and regulatory pressures.

Creating European Long-Term Investment Funds (Eltifs) as sub-funds under existing alternative investment funds has become a bit easier in Luxembourg. Firms no longer need to fill out a separate CSSF approval form for a new sub-fund when adding an Eltif-class to an existing fund.

The 2024 Luxembourg Banking Insights study by KPMG Luxembourg has revealed a remarkable surge in net interest income, driven primarily by the European Central Bank’s interest rate hikes.

Nomadic millionaires increasingly relocate in response to structural changes in the global economy. It means the UK and the Netherlands will millionaires move to other parts of the world by 2028, according to a report by UBS. Luxembourg, meanwhile, remains the country with the biggest number of millionaires per capita, says the Swiss bank.

The next decade will witness the largest wealth transfer in history.