Asset Servicing

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.

Universal Investment Group on Wednesday announced the launch of a new Luxembourg joint venture Alumia. The firm will operate as Mifid regulated investment advisory firm providing clients with access to innovative investment strategies.

In this IO Talks podcast interview, Peter Hughes, CEO and founder of Apex Group, and Pierre Weimerskirch, the firm’s Luxembourg head, discussed strategic ambitions in Luxembourg, highlighting the region’s increasing dominance in the global investment landscape.

Blackstone, the world’s largest alternative asset manager, has transitioned its Luxembourg offices to a more expansive space in the Vertigo Polaris Building, demonstrating a solid commitment to its European operations in the Grand Duchy. The inauguration of the new location was marked by a special event on Wednesday, graced by the presence of Luxembourg’s Prime Minister, Xavier Bettel, and Blackstone’s CFO, Michael Chae.

Luxembourg-based fund services firm Fuchs Asset Management, which saw its parent company enter liquidation in July, is embarking on a new chapter through a strategic partnership with Trustmoore, a fund services company headquartered in Amsterdam.

This week’s overview of transfers and appointments includes appointments at Apex Group and at EY.

Stephen Geddes

Stephen Geddes (photo) has been appointed as regional head for the United Kingdom at global asset services provider Apex Group.  He joined Apex from Mainspring Fund Services, where he was the founder and CEO. Apex acquired Mainspring in September last year.

FE fundinfo, a Luxembourg-based specialist in fund information, has announced the acquisition of Paris-based firm Adjuto. The move aims to bolster its fee and distribution channel management solutions. Financial details were not disclosed.

Upcoming legislation bringing challenges to the fund distribution industry – notably adding reporting requirements and increasing costs – will be a key focus on Wednesday’s Global Distribution Conference of the Association of the Luxembourg Fund Industry, known as Alfi. “Distribution is still the key to the success of the asset management industry,” said Steven Libby, a partner and Emea AWM leader at PwC and an Alfi board member, who will serve as Master of Ceremony at Wednesday’s event.

Global financial services provider Apex Group on Monday announced the initiation of its business operations in South Korea. The move aims to offer extensive solutions to global asset management clients and solidifies the  firm’s presence in the Asia-Pacific region.

Chantal Free has been appointed at the new chief executive officer at Ocorian, a global asset services provider that also is present in Luxembourg.

Free joins Ocorian from Capita where she was CEO of their portfolio division, leading a portfolio of businesses across a range of sectors including insurance, legal, consulting and technology. Previously she spent 23 years at Willis Towers Watson, a global risk and people consulting and brokerage firm, where she held several senior roles in Asia and Europe.