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ABBL: EU retail investment plan is ‘controversial’

Luxembourg banking association ABBL on Monday said it sees the EU’s new retail investment plans as “controversial”, warning that the package that aims to prioritise consumer interests and strengthen investor protection “may have unintended consequences” and could distort the investment sector.

FundRock to service Partners Capital’s Master C fund

FundRock Management Company, a unit of Apex Group, has been appointed by Partners Capital to provide ManCo services for their flagship fund.  FundRock will provide ManCo services for Partners Capital’s flagship fund, the Master Portfolio C fund, following their support during the fund’s re-domiciliation to Luxembourg last October.

The end of the dinosaurs!

Financial stability as we have always known it is showing cracks. The climate in the financial markets is changing. Despite earlier assumptions, it turns out to be a definitive shift.

To thrive in a new climate, adaptability is needed. Market participants lacking this quality face the same fate as the dinosaurs. Dominant market players fail to realize that a major catastrophe is not necessary. After all, dinosaurs at the top of the food chain do not pay attention to their surroundings.

UK-EU MoU could end mutual lack of trust, rebuild bridges

A Memorandum of Understanding on financial services agreed between the EU and the UK, published on 19 May, could elevate the tone of the discussions and lead to a more productive relationship. “It’s a very encouraging confirmation that the relations between the EU and the UK are warming up,” said Nicolas Mackel, the CEO of Luxembourg for Finance, the public-private Luxembourg agency for the development of the financial sector.

Pictet moves its European hq out of Luxembourg

Swiss private bank Pictet has decided to move its European headquarters to Frankfurt, relocating the function from Luxembourg. The grand duchy has served as the main European hub of the Geneva-based private bank for about three decades.

The  bank said that its former Pictet & Cie (Europe) S.A. “transferred its registered office from Luxembourg” to Frankfurt per 26 May “by way of a cross border conversion from a Luxembourg Societé Anonyme into a German Aktiengesellschaft.”