Investment Officer Luxembourg

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.

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’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.

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. 

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. 

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. 

Pictet Group has announced the appointment of Raymond Sagayam as the 47th Managing Partner in the 218-year history of the firm, effective 1 January 2024.

Sagayam joined Pictet Asset Management in 2010 as head of total return fixed income to build and expand the firm’s long-short credit capabilities. His investment and management track record led him to be appointed chief investment officer of fixed income and a member of its executive committee in 2017. 

Deutsche Börse AG on Thursday made an offer of 3.9 billion euro in cash for Danish investment software and data provider SimCorp A/S. The offer is endorsed by SimCorp’s board.

The German stock exchange said it plans to integrate SimCorp into its existing data and analytics business and that the acquisition will allow the creation of a “full scope” front-to-back investment management solutions segment.