Investment Officer Luxembourg

The oh-so-popular post-war 60/40 portfolio is worn out - passé. So say many asset allocation strategists. The alternative is 60/40/20: equities, bonds and alternatives. Nay, says Zoltan Pozsar, strategist at Credit Suisse. The future is the 20/40/20/20 portfolio, consisting of cash, equities, bonds and commodities. He explains why in his formidable analysis War and Peace.

A lack of financial literacy and unfamiliarity with digital technologies are key drivers of financial vulnerability and exclusion, Europe’s three financial sector supervisors said in a collective report.

Access to digital channels and digital infrastructure has become a prerequisite for consumers to make use of financial services, the report said, adding that a lack of digital financial skills also makes consumers more prone to be targets of digital scams and fraud.

Luxembourg-based global private bank Quintet has reshuffled the top leadership of its branches in Luxembourg and Germany following a series of departures of senior executives at the end of last year that included CEO Europe Thomas Rodermann. Rodermann, one of the former UBS executives that had joined the bank in recent years, was seen as the architect of the integration of the private bank’s German, Dutch and Belgian businesses into a single business unit. A successor will not be appointed, Quintet said.

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In the Luxembourg market for Reserved Alternative Investment Funds, Dublin-headquartered investment services firm Waystone has emerged as the biggest issuer by a landslide, analysis of 2022 data by Investment Officer Luxembourg shows. The list of most active Raif issuers also includes Carne Global - the number one issuer in previous years, One Funds and Hauck Aufhäuser Lampe.

The analysis showed that Luxembourg was home to a total of about 2125 Raifs at the end of last year after adding some 472 new funds during 2022.

Unlike the Federal Reserve itself, investors believe the “Fed pivot” moment is approaching rapidly. Forward swaps point to a peak in interest rates of up to five per cent. Some market experts however are “uncomfortable” with the view and don’t exclude a level of six percent of the US benchmark.

Secondary funds are gaining traction in Luxembourg’s private equity market. Unlike primary funds, secondary funds invest in assets that have mostly completed their investment periods. Their rising popularity suggests “there is some tension in the market as players search for liquidity or focus,” said Gregory Beltrame, partner at Arendt & Medernach. 

Manfred Dietrich has been appointed as funds and investment management partner at the Luxembourg office of global law firm Maples. He brings more than twenty years of experience in the investment funds, asset management and regulatory industries. 

Dietrich joined Maples in November from Norton Rose Fulbright. Maples said his appointment ”follows a period of exceptional growth at the firm and is in direct response to increasing demands for Luxembourg legal services from new and existing international clients.” 

Following an accident in December, Antonio Corpas, chief executive officer of The OneLife Group, passed away last Saturday, the company has announced. He was 54 years old.