wealth management

This week’s overview of transfers and appointments in the fund and asset management community in and outside Luxembourg includes updates from Carmignac, CMS Luxembourg, and Mainstreet Partners.

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

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.

If you want to be considered wealthy in Luxembourg, you’ll need to earn an annual gross income of at least 365,000 euro.

As the asset management industry embraces wealthtech, its business model has suddenly become very scalable. That also explains the interest of private equity, writes Han Dieperink in his column for Investment Officer this week.

Deutsche Bank Belgium aims to position itself as a global player and to expand further in the private & wealth management segment. Local presence is important. The distinguishing factor compared to other private banks and wealth managers is that Deutsche Bank Belgium focuses primarily on investment advice and support, including for small portfolios. The standard discretionary management of the competition is definitely not the strategy pursued.

A Netflix-like environment that provides access to advice that is data-driven, personalized, continuous and preferrably subscription-based, is the future of wealth advice according to McKinsey.

Iqbal Khan, the new co-head of global wealth management at UBS, plans to break up the Swiss bank’s dedicated unit for the ultra wealthy. According to the Financial Times, this is part of an overhaul designed to increase higher-margin lending to some of the world’s biggest family offices.