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Luxembourg to modernise fund laws under Bill 8183

Luxembourg is set to modernise its legislation for investment funds under a proposal that will first be discussed later this week in the grand duchy’s parliament. The bill seeks to improve the various structuring options for investment funds. 

The parliament budget and finance committee on Friday will discuss Bill 8183, which was submitted at the end of March. At the 5 May meeting the committee is due to appoint a rapporteur who will coordinate the legislation.

Chart of the week: a recession looming?

A recession is what usually concerns many investors, and economists. But exactly how they estimate the probability of a recession is often unclear to me. And sometimes not much of the “approach” is correct either. Given the significant potential impact on different asset classes, it makes sense to attempt to get a grip on it myself.

‘Unfavourable evolution’ in markets hurts income at Amundi

First-quarter net income at Amundi, Europe’s largest asset manager, fell 7.5 percent to 300 million euro when compared to the same period last year, “in line with the unfavourable evolution of the market,” the company said on Friday.

The firm nevertheless referred to a “strong performance” as a result of the diversification of its activities and its operational efficiency and good cost control.

Luxembourg banks brace for economic downturn

Grand Duchy banks are taking action to prepare for an economic downturn, according to bank sector association ABBL

At its annual general meeting on Thursday, the organisation noted that rising interest rates and geopolitical uncertainty have caused households and companies to become reluctant investors. Banks began setting aside more provisions last year in order to cover increased risk of credit defaults - a move already reflected in 2022 figures with an increase of over 400%. 

Luxembourg to encourage Eltif uptake with tax exemption

Luxembourg’s finance minister has tabled a proposal to the grand duchy’s parliament to encourage the uptake of European long-term investment funds known as Eltifs. If adopted, the proposal will exempt Eltifs from requiring to pay the quarterly registration tax levied on Luxembourg investment funds.

At least 20 new Luxembourg Eltif funds expected this year

Lawyers in Luxembourg expect that at least 20 new European long-term investment funds, known as Eltifs, will be registered in the grand duchy this year, even before the more liberal regulatory regime for these funds enters into force in 2024, researchers at Scope Fund Analysis said. 

Eltifs grew more than 50 percent last year into a 11.3 billion euro market, also buoyed by 4 billion euro in inflows. More than half of the 77 Eltifs available were registered in Luxembourg, according to the latest Eltif study by Scope Fund Analysis. 

Green Deal: SFDR struggles to encourage sustainable investing

The European Union is taking a major step forward with its Green Deal initiative, and investors are now being encouraged to invest green faster. The Sustainable Finance Disclosure Regulation (SFDR) has been designed to play an important role in this effort by providing transparency into how investment firms and managers integrate sustainability risks into their decisions. But it is struggling in a confused industry. 

Schmitt, Zwick named partners at Clifford Chance

Ada Schmitt and Oliver Zwick have been named partners at law firm Clifford Chance in Luxembourg. Their promotions are part of a global cohort of 32 lawyers.

Schmitt (photo) is a member of the Luxembourg Litigation and Dispute Resolution practice. She handles both domestic and cross-border litigation and arbitration cases and represents corporate, banking and financial investor clients, with special focus on investment funds and asset managers.