Investment Officer Luxembourg

Dutch financial group ING is bracing for a criminal indictment in Luxembourg over its failure to properly manage anti-money laundering (AML) processes at its unit in the Grand Duchy.

The bank said it was informed in January by a Luxembourg investigating judge that he intends to instruct the relevant prosecutor to prepare a criminal indictment regarding shortcomings in the anti-money laundering at ING Luxembourg.

The European Central Bank on Thursday opened the doors to a potential eurozone rate hike in the second half of this year as it brought forward the end of its asset purchasing programme to the summer, but at the same time it made clear that it would keep open its option to renew the programme if economic conditions worsen because of the war in Ukraine and sanctions against Russia.

Luxembourg’s space sector is about to undergo a top level strategic review, with a reassessment to be made of the ambitious approach taken in recent years. This takes place against the background of the country’s satellite giant SES SA also reorienting itself.

Impact investing looks to put investment money to work on bringing about measurable change in the poorer societies of the emerging and frontier markets as well as improving the environment. With the successive shocks of Covid and now the Russian invasion of Ukraine rocking Europe and the West, Philipp Mueller, the CEO of BlueOrchard explains that the residents of countries in its markets can provide inspiration for our wealthier society. The key word: resilience. 

Despite volatility sparked by Russia’s invasion of Ukraine at the end of the month, global inflows into equity funds and exchange traded products increased in February to 99.6 billion dollars from 74.4 billion in January, BlackRock said on Thursday in a note to investors.

Fixed income products again saw a resumption of inflows, of 16 billion dollars, compared to net outflows in February. 

Expectations are growing that oil prices will rise further. The most recent rise was prompted by suggestions that the West would boycott Russian oil and gas, a boycott that materialised with US and UK decisions on Wednesday. 

The four leading international consultancy firms, known as the Big Four, have joined a growing list of companies that this week decided to cut their ties with operations in Russia because of the invasion of Ukraine.

PWC, KPMG, Deloitte and Ernst & Young collectively employ some 14.000 staff in Russia. The companies said ties with its Russian business will be severed, letting these operation continue but no longer as part of their networks.

Mutual funds and ETFs investing in Russian stocks and bonds posted unprecedented losses last week after Russian president Vladimir Putin decided to invade Ukraine. Managers of emerging market funds with Russia exposure are now also closely watching the effects of potential withdrawals and may face liquidity challenges now that the EU and US have collectively decided to remove Russia from the international payments network Swift.

The future of some 855 funds with exposure to Russia is shrouded in uncertainty as the turmoil in Russia’s financial markets continued on Monday. JP Morgan AM and Prosperity on Monday suspended their funds with assets in Russia. East Capital warned of “a very high level of disruption”. Asset managers are facing requests for information from their regulators.