News
L’économie va redémarrer en 2012
La zone euro est sortie de la récession, mais doit toujours faire face à des obstacles importants. Il faudra assister au second semestre 2012 avant d’assister à une reprise. Tels sont les propos de Marie Diron, senior economist qui a présenté la première étude menée par Ernst & Young et Oxford Economics. Dans une interview accordée à LFF, Marie Diron se dit relativement optimiste.
A new team leading the ABBL
At the Ordinary General Meeting, held on 30 April 2010, ABBL member representatives elected Mr. Ernst Wilhelm Contzen, CEO of Deutsche Bank Luxembourg S.A ., as new Chairman of the Luxembourg Bankers’ Association, thus replacing Mr. Jean Meyer who had held the position since 2005. On the same occasion, Mr. Carlo Thill, Chairman of the Management Board of BGL BNP Paribas, was elected as new Vice-Chairman.
Excellent financial literacy needed to meet demanding customers
The Luxembourg financial centre needs to prepare for some major changes that are in sight. In the area of asset management, the trend is towards a more affluent and demanding clientele.There is a second major trend identified in a study conducted by Edouard Franklin, an international executive search boutique: some small private banking players in Luxembourg will disappear, while large structures will expand.
Opportunities in Luxembourg for Islamic finance
Luxembourg is recognised as one of the leading European centres for Islamic finance with a long track record in the sector. It hosted the first Islamic finance institution more than 30 years ago and was the first European stock exchange to list a sukuk in 2002. Luxembourg for Finance has now published a brochure, Luxembourg Vehicles for Islamic Finance Structures, which contains a broad overview of the legal framework for shariah compliant structures, their tax treatment and the professional services available in the financial centre.
La réputation du Luxembourg facilite la distribution internationale
La FFA Private Bank de Liban vient de lancer un des premiers fonds d’investissement en obligations internationales à être vendu au grand publique de la région du Moyen Orient. Dans un deuxième temps, la société vise le marché institutionnel international: c’est pourquoi elle a choisi de coter son fonds à la Bourse de Luxembourg. LFF a rencontré Jean Riachi, Chairman & CEO de la FFA Private Bank et Patrick George, CIO
Rapprochement avec la place financière de Moscou
Luxembourg for Finance et Mosfinagency signent à Moscou un accord pour contribuer au développement futur des deux centres financiers. Les points clés de cet accord incluent l’échange d’informations sur les services bancaires et financiers, la législation et la réglementation financière.
Keeping its eyes on the ball: microfinance tackles issues rising from its success
Luxembourg has established its voice in the microfinance industry: in the words of Tom Seale, Vice-Chairman of ALFI, the Grand Duchy helps to “put the finance into microfinance”. This puts Luxembourg in the front line of accusations that the microfinance industry has been a victim of its own success. The focus of a recent one-day conference was on two questions: is commercial pressure creating mission drift? And, how do you measure social performance of microfinance investment funds?
Managing talent in turbulent times
Following the financial crisis many companies set a priority on training and developing their staff rather than recruiting young graduates. A study recently conducted by Deloitte Luxembourg concludes that the issue is not just recruiting, but also retaining people. Another central finding of the study is that people think economic problems in Luxembourg are likely to continue.
Allen & Overy named best law firm by IFLR
For the second year running, Allen & Overy has been awarded the title of Best Luxembourg Law Firm by the International Financial Law Review (IFLR). The firm received this award both in 2007 and 2009. Factors influencing IFLR’s choice include recommendations by clients, innovation and the complexity of transactions.
Armour plated protection for life assurance holders
It is near impossible to make predictions about the property & casualty (non-life) insurance sector: the beginning of the year was excellent until storms ravaged Western Europe. As for Luxembourg’s life assurance sector, much depends on political decisions that will be taken in the near future. The Solvency 2 Directive is another topic on the agenda: we must not create a system that is too expensive for companies and policyholders. LFF spoke to Victor Rod, director general of the Commissariat aux Assurances, the supervisory authority for the Luxembourg insurance industry, about the challenges in the industry
