Sector

In comparison to some other European countries, including Luxembourg and Germany, investors in the Netherlands appear hesitant to embrace the new generation of Eltif funds at the moment. Questions to private banks and wealth managers in the Netherlands reveal a restrained level of enthusiasm.

Investors have been liquidating billions of euros in assets in European real estate funds for a year now. German investors in particular have been remarkably active in selling their property positions.

EU-level regulation adopted this week by the European Parliament places ESG rating providers under direct supervision by the European Securities and Markets Authority, Esma, a move that provides investors with more transparency.

Imagine a groundbreaking European savings and investment product, open to all 450 million individuals across the European Union, supported by a harmonised tax incentive endorsed by every EU member state. Wishful thinking? Probably so, but maybe not.

This week’s Luxembourg overview of transfers, appointments, promotions and other people news includes updates from Vistra, the Luxembourg Capital Markets Association, Intesa Sanpaolo Servitia and Kaufhold & Reveillaud.

Interest in investing in private markets, private credit in particular, may have surged, but that growth is just the beginning. “We see a structural shift towards private credit,” says Joan Solotar, global head of Private Wealth Solutions at Blackstone.

On 19 December 2023, the European Securities and Markets Authority, Esma, published its final report on the draft regulatory technical standards (Eltif 2.0 RTS) under Regulation 2023/606 (Eltif 2.0). Since Esma published its Consultation Paper, these have been the core focus of the discussion. This contribution sheds some light on the proposed “matchmaking mechanism” and offers some insights as to its impact on (closed-ended) Eltifs, if adopted in current form.

Nicolas Mackel, currently serving as the ceo of Luxembourg for Finance, is preparing to assume a new role as Luxembourg’s permanent representative to the European Union in Brussels. 

According to Luxemburger Wort and RTL, Mackel’s transition from the financial sector to a diplomatic post is expected to occur in September, marking his return to the international diplomatic arena.

Tokenisation is the next step for the asset management industry. So says not only Larry Fink, Blackrock’s CEO, but also Jeroen van Oerle, manager of Lombard Odier’s fintech strategy. He sees the potential impact mainly in private markets.

Switzerland is preparing to step up competition with Luxembourg as a fund domicile for alternative investment funds. The industry, however, is not convinced that the Swiss alternative can fully match the international success of Luxembourg Raifs.

From next month, the Swiss will allow management companies to create a new type of fund known as L-QIF that will compete with the successful regime for Reserved Alternative Investment Funds, or Raifs, first made possible in the Grand Duchy in 2016.