EDB to support Arab Bank’s real estate ambitions in Emea
European Depositary Bank, a Luxembourg-based provider of banking, depositary and custody solutions that is part of the Apex Group, on Monday said it has been appointed by Arab Bank to support its real-estate ambitions in the European, Middle East and Africa region (Emea) with digital banking services.
EDB said it has been selected to provide services for 32 bank accounts for 14 special purpose vehicles as part of Arab Bank’s 400 million euro pan-European real estate strategy.
Luxembourg has high hopes for Eltif 2.0 framework
Luxembourg’s fund industry has high hopes for Eltif 2.0, the revised European regime for long-term investment funds that is set to be approved next month by the European Parliament. Thanks to the updated rules, products like private funds can be targeted directly at retail investors in all 30 countries in the European Economic Area with one single AIFM passport.
IO Top Stories for 2022: Alternatives and PE
Luxembourg’s international status as a hub for alternative investments and private equity this year was reinforced as institutional investors sought stability as global equity and bond markets were taking a beating by surging inflation and rising interest rates.
CSSF hits Bank of Singapore unit with €210,000 AML fine
BOS Wealth Management SA, the Luxembourg-based European wealth management arm of Bank of Singapore, has been handed a 210,000 euro fine by Luxembourg’s financial regulator CSSF for non-compliance with laws designed to fight money laundering and terrorist financing.
EU court: publishing UBO data infringes fundamental rights
The European Union’s Court of Justice on Tuesday ruled that private information on the ultimate ownership of companies and investment funds registered in the Luxembourg Business Register does not always need to be made available to the general public. The court ruled that fundamental rights of individuals can sometimes outweigh the general interest of fighting money laundering.
Imbalance between private and public troubles investors
Private market investments have become overweight in institutional portfolios following this year’s substantial declines in public markets. Half of investors are waiting “as long as necessary” for this dislocation to subside. The other half is concerned, a new survey by Bfinance shows. The report is of particular interest to Luxembourg, where interest in private assets and alternative investments has increased significantly in recent years.
Fire breaks out in defensive profiles
Even clients with the most defensive risk profile stand to lose more than -12 per cent at Dutch asset managers this year. “Defensive clients have 2008 experience in their portfolios. And according to many, we are not even at the exit yet.”
‘Europe should not count on a traditional recovery’
Europe should not count on a traditional economic recovery. Due to second-round effects, inflation will widen further by 2023. And, ING chief economist Carsten Brzeski says, don’t count on gas prices coming down either. Nay, on the contrary, the real energy crisis will come next year.
Orcadia sees growth potential in Belgian pension funds
Orcadia Asset Management, active in the Benelux and France, has surpassed the 1.1 billion euro mark in assets under management. This allows the asset manager to operate profitably from Luxembourg. “Mergers and acquisitions in the Belgian landscape only make sense if there is a cultural match.”
Luxembourg bank clients prefer savings to investments
Luxembourg’s bank clients remained conservative in 2021, keeping nearly all - or 80 percent - of their assets in savings, even when interest rates are low, a survey conducted jointly by the Luxembourg bank association ABBL and financial regulator CSSF shows.
This survey showed a significant increase in deposits and in the number of loans granted. It also confirmed underlying trends such as the increasing use of online services. The figures for employment and the number of customers remain stable.