PwC Luxembourg

More than a quarter of financial institutions across Europe plan to terminate at least one ICT service provider this year due to non-compliance with the Digital Operational Resilience Act (Dora), according to a new survey by PwC Luxembourg.

This week’s overview of people transfers and appointments in and around Luxembourg includes updates from Quintet Private Bank, Banque Raiffeisen and PWC Luxembourg.

The number of licensed management companies in Luxembourg has held steady at 298. But this surface stability masks a quiet transformation in the Grand Duchy’s asset services industry.

While strides have been made in governance practices, significant disparities remain across regions and fund types, shows a fund governance survey conducted by PwC Luxembourg and the Luxembourg Institute of Directors, ILA. Especially Alternative Investment Funds have yet to make big steps in governance, it shows.

Demonstrating the impact of sustainable investment remains a significant challenge, according to participants involved in producing a joint report by the Luxembourg Sustainable Finance Initiative (LSFI) and PwC Luxembourg.

Martine Solovieff, Luxembourg’s top criminal prosecutor, has issued a stark warning regarding the country’s persistent struggle with financial crime investigations, citing overwhelming caseloads and staffing shortages as key obstacles.

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

Luxembourg’s banking sector, once heralded for its stability and strong governance, is now grappling with substantial hurdles in adhering to anti-money laundering (AML) regulations, a new consultancy report reveals.

PwC Luxembourg is enhancing its real estate capabilities with the addition of new partner Pierre Wauthier, a veteran with over two decades of experience in Luxembourg’s real estate and deal markets. Wauthier joins the firm after three years at law firm Arendt & Medernach, which had joined in 2020 after nine years at PwC.

The rapid growth of ESG investment has not left private markets behind. LPs and GPs, having taken stock of where the wind is blowing, have moved towards an ‘ESG or nothing’ investment philosophy, with the majority planning to cease investing in or promoting non-ESG private markets products by the end of 2025, according to a new Luxembourg study. This development is part of a paradigm shift in the global private markets landscape.