FX specialist Monex aspires bigger presence in PE, funds
Monex Europe S.A., a commercial foreign exchange specialist, has relocated to a larger office in downtown Luxembourg to accommodate its growth and future expansion plans and ambitions to expand its services in private equity and investment funds.
Brussels mulls overhaul of SFDR classifications
The European Commission is considering a revamp of the way sustainable investment products are classified and is about to launch a three-month consultation soon. The current system, governed by the Sustainable Finance Disclosure Regulation (SFDR), categorizes these products under Article 8 and Article 9, but this could be subject to change.
Gender parity in fund management hits a wall
In a significant blow to the push for gender equality within the asset management sector, Citywire’s Alpha Female Report for 2023 shows almost no progress in the representation of female fund managers over the past year.
Esma’s Ross wants action on digitalisation, greenwashing
Verena Ross, the chair of the European Securities and Markets Authority, Esma, has laid out a robust European framework for improving financial markets, boosting trust and transparency. But in a speech in Germany on Monday, she also identified the industry’s sluggish response to digitalisation and “greenwashing” as barriers to progress.
Luxembourg view of AI risks: manipulation & fraud
In Luxembourg as in the wider world of finance, the marvels of artificial intelligence are being celebrated, but there’s a growing focus on the potential downsides. The risk of fraudulent behaviour and manipulation in financial markets is looming large, and both local and international cybersecurity experts are warning that today’s hackers may enhance their abilities through AI. This advancement is happening while numerous organisations are neglecting basic cybersecurity measures.
Golergant joins Biondi to co-direct Monex Luxembourg
Monex Europe S.A., a Luxembourg-based specialist in commercial foreign exchange, announced the appointment of Percy Golergant as executive director for Luxembourg. He will work alongside Carlo Biondi, who has held the role of executive director since March 2021.
Golergant and Biondi will co-direct the Luxembourg office’s operations. This includes streamlining its IT solutions, enhancing risk management services, and driving sales in the market.
Market gains offset outflows for Luxembourg funds
A positive performance in global financial markets stemmed net capital outflows in Luxembourg during the month of June, leaving the grand duchy’s investment funds with a net positive balance of 35.191 billion euro at the end of the month, according to data from financial supervisor CSSF.
The increase represents the balance of negative net capital investments - or outflows - of 15.302 billion euro and of the positive development of financial markets amounting to 50.493 billion euro.
Fund flows confirm major switch to ETFs
Investment managers are shifting fund investments towards Exchange Traded Funds (ETFs) at the expense of traditional mutual funds. The shifts are clearly visible both in Ireland and Luxembourg, Europe’s two leading hubs for ETFs, according to insights from LSEG Lipper. BlackRock was the biggest-selling fund promoter in the first half, accounting for more than half of all European ETF inflows.
Redoing everything from A to Z
It was June 2014, and I was flying back from Lisbon for an exciting interview at J.P. Morgan Bank Luxembourg. Landing this job would validate that getting a master’s degree was worth it. I was thrilled about being part of our fund industry.
There could be no delays in my travel plans. I was scheduled to land at 13:15, and the interview was set for 14:00. Fortunately, a friend picked me up, giving me enough time to put on my suit and share my excitement about interviewing for a leading bank.
AIFMD deal clarifies leverage rules for loan funds
Negotiators from the European Council and European Parliament have reached a provisional agreement on new rules aimed at enhancing European capital markets and bolstering investor protection within the EU. The deal, reached during the early hours on Thursday, includes consensus on leverage limits and passporting rules for Loan Originating Funds (LOFs), marking a significant milestone in the regulatory landscape.