Wealth Managers

Once a rising star among investment options, private credit now faces headwinds as defaults increase and traditional banks re-enter the fray as competitors.

Quintet Private Bank, based in Luxembourg, has forged a partnership with Berlin-based digital investment platform Moonfare. The alliance aims to bolster Quintet’s private-market offerings to select clients while extending Moonfare’s distribution reach.

Global investors are increasingly favouring businesses with localised supply chains in response to geopolitical uncertainty and inflation, according to the Schroders Institutional Investor Study for 2023.

The Luxembourg government, represented by prime minister Xavier Bettel and finance minister Yuriko Backes, on Tuesday officially inaugurated Bank of America’s new branch in Luxembourg. The office was already opened on 10 May.

The ambition of the financial sector to further democratise private markets is not yet convincingly reflected in practice.

Registrations of reserved alternative investment funds took a very relaxed late-summer break during August, quietening to a level last seen early in the Raif product’s history — in January 2019. Only 15 new funds were registered during the month, according to data from Luxembourg Business Registers analysed by Investment Officer.

This week’s overview of transfers in the fund and asset management sector includes appointments at Axa Investment Managers, Allianz Global Investors, Alter Domus and Linklaters.

Bruno Valersteinas has been formally appointed as Chief Executive Officer at OneLife per 1 August, replacing Antonio Corpas who passed away due to an accident in January.

OneLife said that Valersteinas’ appointment has been approved by the Commissariat aux Assurances, the supervisor for Luxembourg’s insurance sector. He formally takes on the role as CEO and dirigeant agréé, or authorised manager. 

Reserved alternative investment fund registrations (Raifs) in July continued a moderate recovery from a slowdown earlier this year, with 31 new Raifs added to the Luxembourg Business Register list.

Banque Internationale à Luxembourg (BIL), a Chinese-owned systemic bank in Luxembourg, on Monday posted a robust financial performance for the first half, revealing a net profit of 103 million euro, up from 68 million in the same period a year earlier. The bank attributed  the surge to the current global financial environment characterized by central banks hiking interest rates to combat soaring inflation levels. Clients deposits have fallen 6.8% during the first half.