Investment Officer Luxembourg

🚨 Latest #people moves in fund and asset management 🚨 Every week, we spotlight significant transfers and appointments shaping the fund and asset management landscape. From major international law firms like Herbert Smith Freehills and Simpson Thacher & Bartlett establishing a foothold in Luxembourg's private markets, to strategic updates from PKF Global and HDI Life Insurance, here’s what’s making waves this week: 🌍 Herbert Smith Freehills The firm is setting up a Luxembourg office, slated to open in early 2025 (pending approval). Leading the charge: - Joanna Pecenik Vergès d’Espagne, funds specialist (joining from A&O Shearman) - Marc Tkatcheff, private capital/M&A lawyer (also joining from A&O Shearman) - Jean-Dominique Morelli, tax expert (joining from Maples and Calder Services Europe Ltd) 🏛 Simpson Thacher & Bartlett LLP Another elite firm, Simpson Thacher, plans to launch in Luxembourg in Q1 2025, also targeting private capital. Key hires include: - Jean-Christian Six and Yannick Arbaut (from A&O Shearman) - Paul Van den Abeele (from Clifford Chance) The law firm's moves into Luxembourg has also drawn attention from the Financial Times and aligns with their Luxembourg-anchored European growth strategy in private capital services. 📈 Franck Glédel – PKF Global Frank Gledel, president and CEO of PKF Arsilon, joins the international board of PKF Global for a three-year term. He aims to strengthen PKF’s presence in French-speaking regions, including Luxembourg, Canada, and Francophone Africa. 🔄 Sven Lixenfeld – HDI Group Life Insurance Chairman of HDI Lebensversicherung AG, Sven Lixenfeld, steps down to pursue new opportunities outside the Talanx Group. From January 2025, Holm Diez will take over as chairman, with board responsibilities restructured across HDI Deutschland AG. Stay updated on key moves in and around Luxembourg. To share your announcements, email us at editor@investmentofficer.lu, preferably no later than Wednesdays. 👉 Read the full article here: https://lnkd.in/eiFPjQ9v #InvestmentMoves #AssetManagement #PrivateMarkets #Luxembourg #ExecutiveChanges

🌍 Can Europe’s asset management industry rise to the challenge? At the Investment Management Forum #IMF2024 in Brussels, Sandro Pierri, CEO of BNP Paribas Asset Management and president of EFAMA, outlined the daunting challenges European asset managers face: fragmented markets, demographic shifts, capital outflows to the US, and industry transformation. 📉 With 300 billion euros flowing to US markets annually and Europe’s demographic crisis looming, Pierri calls for urgent reforms. Initiatives like the Savings and Investment Union and simplification of regulatory frameworks could be Europe’s path to #competitiveness. 💡 “The good old days of the last 20 years, where undifferentiated growth was driven by market performance and strong inflows, are over. At the same time, we are seeing a shift in investor choices,” Pierri told #InvestmentOfficer's Raymond Frenken. Read the full story on Investment Officer Luxembourg, including insights from industry leaders like Joseph Pinto, CEO at M&G Investments, on how Europe can overcome these challenges: https://lnkd.in/eTngAT4W #AssetManagement #Europe #Finance #Investment #CapitalMarkets

🌍 Living parallel lives in #Luxembourg Columnist Gregory Kennedy reflects on his unique perspective as a long-term resident of Luxembourg, shaped by an upbringing in the European School and a career in the financial sector. From the state-dominated economy to the reliance on cross-border workers and the overwhelming focus on finance, Gregory explores the dynamics that make Luxembourg both extraordinary and enigmatic. 💡 “It looks and feels like a place out of a fairytale, and maybe that’s not such a bad thing after all!” 📖 Don’t miss his latest column on Investment Officer Luxembourg, where he questions what makes a country feel like home. Free to read at https://lnkd.in/e4XUqfqE #Luxembourg #Finance #WorkplaceCulture #InvestmentOfficer

💡 Could a new 'simple investment product' undermine Ucits? European Securities and Markets Authority (ESMA) chair Verena Ross and Sandro Pierri of BNP Paribas Asset Management and EFAMA share sharp insights on the risks and opportunities behind the EU’s proposal for a basic investment product. Plus: updates on T+1 settlement and Eltif systemic risks. 👉 Read the full story here: https://lnkd.in/euKTMEGd #InvestmentOfficer #Ucits #RetailInvesting #Tplus1 #Eltif #IMF2024 #investmentManagement #EFAMA

📢 A win for Luxembourg funds in the Belgian UCI tax dispute The decades-long tax standoff between #Belgium and #Luxembourg over the UCI tax has taken a dramatic turn. The recent Ghent Court of Appeal ruling (5 November 2024) delivers a major victory for Luxembourg Sicavs, confirming key legal and tax advantages. 💡 What You Need to Know: The UCI Tax: This Belgian tax on Luxembourg Sicavs is based on net amounts outstanding in Belgium, with rates of 0.0925 percent (retail) and 0.01 percent (institutional). A Disputed Levy: Luxembourg funds argue it breaches the Double Taxation Treaty (DTT) between Belgium and Luxembourg, a battle that’s lasted 18 years. The Game-Changing Ruling: The Ghent Court concluded: The UCI tax qualifies as a wealth tax under the DTT. Luxembourg Sicavs are treaty residents entitled to invoke DTT benefits, including reduced withholding tax rates. 💼 Practical Impact: Refund claims for UCI taxes and withholding taxes are now possible, though subject to limitation periods (two years for UCI tax, five years for withholding tax). Luxembourg Sicavs stand to recover previously paid taxes and secure reduced tax rates moving forward. 🏛️ Next Steps: With Belgian tax authorities expected to appeal, the legal saga continues. A ruling from the Court of Cassation's Dutch-speaking chamber is anticipated by the end of 2025. This ruling is a landmark victory for Luxembourg's fund industry, reinforcing its position in a competitive European market. Read the full analysis by Dirk Coveliers, Partner at LLJ Lallemand Legros & Joyn and Editor-in-Chief of the Belgian Journal of Investment Taxation: https://lnkd.in/ePUPyKV4 #InvestmentOfficer #LuxembourgFunds #UCITax #DoubleTaxationTreaty #EuropeanFinance #TaxRuling #SICAV

🚨 Defense stocks as the bright spot in Europe's struggling markets? 🚨 This week's escalation in Ukraine has pushed US and European stock markets even further apart. Yet, amidst the turbulence, one sector is holding its ground—and even thriving: defense. In our latest article, Max Severijns dives into this complex and contentious topic, shedding light on the ethical dilemmas, geopolitical pressures, and investment opportunities shaping Europe's defense sector. Key voices include: 💬 Laurent Denize, CEO at ODDO BHF, on why Europe’s defense spending is set to rise. 💬 Armin Papperger, CEO of Rheinmetall, on unprecedented demand driving a forecasted 20 billion euros in turnover by 2027. 💬 Jan David Meyer, CFA, Senior Portfolio Manager at Taunus Trust AG, on valuations, ethical considerations, and market dynamics. 💬 Roelof Salomons, Chief Economist at BlackRock Netherlands, on the stark divide between US and European markets. With NATO defense budgets climbing and EU funding sparking debate, European defense stocks like Rheinmetall, Safran, and #Leonardo are gaining ground. But are they worth the investment? 👉 Read the full analysis and join the conversation: https://lnkd.in/e-h9m7ya #InvestmentOfficer #DefenseStocks #EuropeanMarkets #Geopolitics #EthicalInvesting #StockMarket

Our latest overview of transfers and appointments in the fund and asset management community in and outside Luxembourg includes updates from Goodwin, DWS Group, abrdn, Neuberger Berman, Taskize, and others. With Codrina Constantinescu, Alexandrine Armstrong-Cerfontaine, Vincenzo Vedda, Björn Jesch, Johannes Mueller, CFA, Xavier Meyer, Richard Wilson, Paul Grainger, Ashok Bhatia, James Pike, Shinichi Nakabayashi, and others. https://lnkd.in/eK4WAhBN #People #PeopleNews

🌍 Meet Belgium's wealthiest region! 🇧🇪 Did you know that four of Belgium’s five wealthiest municipalities are just across the border in the Province of Luxembourg? With high-income residents—many working in the Grand Duchy—this region is emerging as a growth market for private bankers and wealth advisors. But opportunities come with challenges: a dispersed population, liquidity events at retirement, and the need for frequent personal contact. How are private banks navigating this dynamic market? From Attert to Durbuy, uncover why the Belgian Province of Luxembourg is catching the eye of financial experts. 📖 Read more: https://lnkd.in/ecyQruJu #Luxembourg #PrivateBanking #WealthManagement #Finance #Belgium #Privatebanks

🚨 300 billion euros. That’s the annual outflow from European savings into US equities, according to the Letta report. It’s a stark reminder of Europe’s position as the “forgotten” investment case in global markets. 💬 Vincent Mortier, Amundi’s group CIO, didn’t hold back when discussing teh 2025 outlook earlier this week: "Europe has become like China—a kind of forgotten, unloved investment case." And he’s not alone. DWS global CIO Vincenzo Vedda describes a “vacuum cleaner effect” of capital being pulled into the US, leaving European equities overshadowed and out of favour. But is it time to write Europe off completely? Not yet, say these top CIOs. In fact, 2025 could bring two potential catalysts for Europe’s revival: 1️⃣ A fiscal reset in Germany: The upcoming federal election could lead to a loosening of fiscal rules and fresh investment, potentially reigniting Europe’s largest economy. 2️⃣ Peace in Ukraine: While far from certain, the prospect of stability in the region could transform Europe’s economic and market outlook. 👉 Bonds, meanwhile, are already shining, offering stability and positive real rates after years of negative returns. And with a 45 percent discount versus the S&P500, European equities present opportunities—if global cyclicality returns. 📊 What will it take for Europe to reclaim relevance? Find out on #InvestmentOfficer Luxembourg: https://lnkd.in/eYArh-pv #Investing #EuropeanMarkets #GlobalFinance #Bonds #Equities

📈 The traditional anchor status of German Bunds is under pressure Early elections in Germany on 23 February could lead to a reshaping of its fiscal and economic policies, raising important questions about the future of German Bunds as Europe’s ultimate safe asset.  Key experts weigh in on the challenges and opportunities:  🗨️ Benjamin Schroeder, senior rate strategist at ING highlights fears that Germany may need to increase spending in response to trade and geopolitical crises, following the US election outcome.  🗨️ Hauke Siemßen, fixed-income analyst at Commerzbank AG, points to negative swap spreads as a "definite warning signal" that Bunds might be losing their safe-haven status.  🗨️ Rob Burrows, CFA of M&G Investments’ bond vigilantes team, emphasises the market’s concerns over fiscal sustainability and the tightening of swap spreads due to increased pension liability hedging.  🗨️ Stefan Hofrichter, CFA, head of global economics & strategy at Allianz Global Investors, argues that structural challenges—energy costs, bureaucracy, and labour shortages—demand a “clear reorientation” of Germany’s economy.  With uncertainty rising, will Germany’s fiscal redefinition bolster confidence in Bunds or weaken their role in Eurozone portfolios?  👉 Read the full analysis on Investment Officer in this article by Raymond Frenken to explore what lies ahead for German Bunds, fiscal policy, and investor sentiment: https://lnkd.in/eW3U3BkQ. And in Dutch at Investment Officer NL at https://lnkd.in/eBaDgS_y ❓ Question: Do you think #Germany should stick to its debt brake or loosen fiscal policy to stimulate growth? Share your thoughts! #InvestmentInsights #GermanBunds #EuropeanMarkets #FiscalPolicy #FixedIncome #Bunds #