Four private banks in Luxembourg have received the highest ranking in the latest “High Net Worth” report by London-based rankings and insights intelligence company Chambers and Partners.
Bank Julius Baer Luxembourg S.A., Banque de Luxembourg SA, Banque Internationale à Luxembourg SA and Pictet & Cie (Europe) SA - in alphabetical order - were each assigned a ‘band 1’ ranking, the highest in Chamber’s ranking system from one to six.
Julius Baer, which acquired Commerzbank Luxembourg in 2015 and then moved its European clients from Switzerland to Luxembourg, is a notable presence in the Luxembourg market, the Chambers report said. It offers high net worth individuals and families private banking and wealth planning services, including family office support, lending facilities and investments.
Banque de Luxembourg provides affluent individuals and families with wealth planning, private banking and investment management services. “They have a good reputation for handling private clients. They are a leading private bank in Luxembourg and regularly deal with high net worth individuals,” said one commenter in the Chambers report.
Banque Internationale à Luxembourg has a strong reputation in the market for its private banking services. “They are very good and one of the leading banks among the Luxembourg private banks,” a private wealth lawyer told Chambers.
Pictet, which completed the moved of its European head office from Luxembourg to Frankfurt last month, offers a strong range of private banking, asset management and investment services to high net worth individuals. A source cited by Chambers said that “they are very active in the private wealth market.” Commentators highlighted in particular Pictet’s investment funds offering, with an interviewee saying that “they are very strong in that space.”
Private wealth law firms
Chambers’ High Net Worth report also ranked three Luxembourg law firms in its ‘band 1’ category: Arendt & Medernach, Elvinger Hoss Prussen and Loyens & Loeff. Law firm Buren NV was mentioned as a ‘band 2’ firm.
Arendt & Medernach has a deep bench, with noted strengths in the handling of tax, succession, relocation, civil law, philanthropy and dispute resolution matters. The firm is sought after by high net worth and ultra-high net worth clients, as well as family offices, Chambers said.
Chambers named Arendt & Medernach founding partner Guy Harles as “Eminent Practitioner”. His colleagues Eric Fort and Max Kremer were also ranked as “Leading Individual”, just like Pierre-Yves Magerotte, who founded the Lexfield law firm in 2009.
Elvinger Hoss Prussen was mentioned as “renowned as a key player in the Luxembourg private client market”. “They have very good connections to the Luxembourg business community,” explains a fellow lawyer in the Chambers report.
Loyens & Loeff “is a brand for private client and tax work,” according to peers, Chambers said. It is distinguished for its handling of business structuring and succession matters as well as other private wealth-related issues such as estate planning, wills, trusts, foundations, philanthropy, investment funds and prenuptial agreements.
Buren has a strong reputation in the cross-border tax and corporate transactional sphere and advises several ultra-high net worth clients and privately held businesses, according to Chambers. “Cross-border work is definitely in their regular toolkit,” one interviewee told Chambers. “They can advise more broadly on tax structures, be it within the UK, the US, the EU, or with links to Latin America.”