Delano Autumn 2023

2023 FINANCE AWARDS

Paperjam+Delano and Luxembourg for Finance are delighted to host their first Finance Awards, to give recognition to those in the finance industry who continued to show excellence and outstanding expertise during the year.

TUESDAY 21 NOVEMBER

For more information, visit go.delano.lu/ the2023financeawards

Everyday superheroes

In this edition, we shine the spotlight on 100 of the most influential decision makers in the financial centre. Our list--it’s not a ranking--profiles 29 women and 71 men. Out of the hundred, 34 represent the funds industry, 33 represent banking, 15 professional services, 9 insurance, 5 fintech, and 4 the capital markets and infrastructure sectors.

It’s a bit of an exaggeration to call the people working in the grand duchy’s financial centre ‘superheroes’ (as our cover suggests) but they certainly play a pivotal role in the national fabric. Luxembourg’s financial industry contributes a quarter of value-added GDP and directly and indirectly employs roughly 30% of the country’s workforce.

Do financial sector workers receive the credit they’re due? Considering that finance has extra-strength economic powers, probably not.

While many Luxembourg politicians praise the financial sector, it often appears to slip down their list of priorities. That’s a shame, because there is nothing preventing big finance from both generating wealth for the country and its stakeholders, and contributing to civic and social progress.

If candidates campaigning for October’s parliamentary elections were to look at the financial sector’s priorities, they would find that most stances broadly or very neatly align with the wider population’s. Financial executives want the housing crunch and cost of living squeeze addressed. They want enough quality school places for families and improved mobility for everyone. Sure, they probably want to pay less taxes and want the indexation system reformed. But, at the end of the day, they recognise the need to pay their fair share and ensure they can adequately attract staff with good salaries.

Spoiler alert: no secret identities have been revealed in this issue.

Béatrice Belorgey is boss of BGL BNP Paribas, the bank which employs the most people in the grand duchy

p.  38 & 87

Former regulator Jean-Marc Goy, now chair of the Association of the Luxembourg Fund Industry

Photos Guy Wolff, Andrés Lejona

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IQ EQ (Luxembourg) S.A. is licensed and regulated by the Luxembourg Commission de Surveillance du Secteur Financier. It has the authorised statuses for registrar agent, corporate domiciliation agent, authorised family office activity, providing company incorporation and management services, and administrative agent of the financial sector. For more information on IQ-EQ Group, including details of principal operating subsidiaries, please visit www.iqeq.com/legal-and-compliance

78 Elections 2023

Luxembourg votes –

80 AT THE BALLOT BOX

Luxembourg’s political landscape –

82 PROFILES

Seven lead candidates –

86 CHALLENGES AHEAD

Five sector leaders lay out their expectations for Luxembourg’s next government

Netty Thinnes on what she expects from Luxembourg’s next government

92 TEN THINGS TO DO

96 Business Club

102 MY FAVES

Advertorials

20-21 LUXEMBOURG CAPITAL MARKETS

Growth through innovative diversity –

30-31 CLEARSTREAM

Getting fund managers and distributors better connected –41 BANQUE HAVILLAND

Term deposits and money market funds: from “hibernation” to the centre stage –

50-51 BIL WEALTH MANAGEMENT

Why entrepreneurs invest in private equity –

55 HSBC

How technology is reshaping the financial landscape

p.  92

British & Irish Film Festival and 9 other things to do

p.  86

p.  102

Ananda Kautz and her daughters at Mondorf-les-Bains thermal park

Photos Matic Zorman, studio handout, Guy Wolff

Adopt AI to increase growth, not cut costs

Efforts to adopt artificial intelligence within the financial industry must primarily focus on generating growth and enhancing human productivity, not making a quick profit by cutting costs, says Clara Durodié, who has over a decade of experience advising financial services firms on AI.

She believes we need to keep the human in the loop and upskill them. “The idea that we bring AI and we’re going to get rid of 90% of our staff to cut costs… I wouldn’t recommend it.” According to her, firms should instead deploy AI with a view to increasing profitability through business growth. “Your primary objective is growth through scalability of your business model and your business strategy; and AI can absolutely deliver that.”

The business of trust

Durodié says the finance industry has a major responsibility to invest in technology that not only generates a return on investment, but allows humans to thrive. She believes the firms that will ultimately benefit from AI are those who put the customer first. “We are in the business of trust. The winners in adoption of this technology will be those who understand that growth comes first, and technology is an enabler of that.”

An acclaimed author and academic, Durodié started her career in the financial industry, working for an asset manager in Luxembourg before quitting her job to pursue a career in AI. After resign-

ing, Durodié dedicated an entire year to learning Python--a high-level programming language that is central to AI--before starting her UK-based research company and advising clients on AI.

Don’t rely on technology

She believes adopting the latest technology doesn’t always lead to better outcomes. For example, she says retail banks in the UK “got it so wrong” when-in an effort to save millions of pounds in costs--they closed down thousands of bank branches, forcing customers to engage with chatbots instead of bank locally. Neobanks, such as Starling and Monzo, were able to capitalise on customers’ exasperation with their bank and offer a better service, Durodié says.

She warns against the potential unintended consequences of AI that could arise if the technology is misused, adding that it could suppress peoples’ civil liberties and destabilise democracy. “One thing I know is that if we invest in technology that will destabilise our core democratic values, we’re not going to have a business to run.” She says we have a responsibility to invest in AI with the view that this technology will impact our children.

Durodié says firms must be very careful about how they manage their client data. She says the viciousness of cybersecurity reported since March this year had gone “through the roof” because of autonomous AI agents’ ability to attack our encryption and systems. Durodié says the only way banks

Clara Durodié

Words YUSUF YASSIN

and asset managers can protect themselves from cyberattacks is to “fight fire with fire” and themselves invest in autonomous AI agents that can detect AI-generated cyberattacks.

, CEO of Cognitive Finance Group, says firms have a duty to invest in technology that helps humans thrive.

“The winners in adoption of this technology will be those who understand that growth comes first ”

CLARA DURODIÉ CEO Cognitive Finance Group

Clara Durodié is a keynote speaker at this year’s Finance Awards on 21 November. Visit go.delano.lu/the2023financeawards for more information.

BOOK YOUR TABLE

21.11.2023 / 18:00 – 22:30

Casino 2000

by PAPERJAM + DELANO and LUXEMBOURG FOR FINANCE

Cocktail — International keynote speaker — Awards ceremony — Seated dinner

CATEGORIES

Visionary Banking Personality Insurance Personality

Funds Personality

ESG Champion Private Equity Executive

Fintech Entrepreneur

Capital Markets  — Leading M&A Expert

SPEAKERS

PROGRAMME

21:50

Closing Remarks and Networking Drinks

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governance, fintech, and digital transformation, with over 25 years of experience in financial technology and finance

Mr. Nicolas Mackel CEO, Luxembourg for Finance

HE Mrs. Yuriko Backes Minister of Finance

Mrs. Clara Durodié Technology strategist specialising in AI

This event is organised by Paperjam + Delano and Luxembourg for Finance to give recognition to those ‒ in the finance industry who strived to show excellence and outstanding expertise during the year.

Movers

& shakers

Criteria

We set out to identify the leading personalities in the grand duchy’s financial centre. First we scanned our address books, media archives, regulator databases of authorised entities and member lists of reputable trade associations. We then screened for executives with very senior titles that served as a proxy of influence, namely board chair, CEO, managing director, managing partner, conducting officer, and practice and unit head. We additionally considered executives voted to selected industry group boards and committees by their peers. Standout executives with other titles, prominent in their segment or who have made a noticeable impact or impression, qualified at the discretion of the Delano team.

Six very broad sectors (banking, capital markets and infrastructure, fintech, funds, insurance and professional services) were given a weighting based on a combination of added-value GDP, employment figures, and our perception of its image and importance to the national economy and Luxembourg’s international reputation. Depending on the sector’s weighing, only one or two executives per company could be included in the list of 100. (More influential decision-makers, that were not included in the 100, are listed by segment throughout this section.) Then the internal horse-trading began.

The list is geared towards private sector companies with a larger footprint in the grand duchy by a quantifiable measure, e.g., assets under management or headcount, although size was not the sole factor taken into consideration. Perceived influence and reputation count. Civil servants, leaders of public institutions, and association staff and lobbyists were excluded (however some are cited in our segment breakout lists).

In this section, Delano presents profiles of 100 of the most influential decision makers in Luxembourg’s financial sector. This is a subjective selection--not a ranking--of top private sector executives, based on the Delano team’s assessment (see box below for the criteria we used). Not everyone will agree with our choices. Executives are listed in alphabetical order, by family name.

This section was researched and written by SYLVAIN BARRETTE, AARON GRUNWALD, KANGKAN HALDER, LYDIA LINNA, JEFF PALMS AND YUSUF YASSIN

Maxime Aerts

CAPITAL MARKETS & INFRASTRUCTURE

Maxime Aerts is head of asset management product strategy and managing director Luxembourg at FE fundinfo. Aerts has over 20 years of experience in the financial sector, specialising in the banking and fund industries. In 2012, he joined the Luxembourg Stock Exchange and was involved in establishing Fundsquare. As COO, Aerts contributed to the company’s success, overseeing new product deployment and daily client activities. Following FE fundinfo’s acquisition of Fundsquare in 2023, Aerts has been responsible for a regulatory reporting centre of excellence here in the grand duchy.

Pierre Ahlborn

BANKING

A multifaceted personality, Pierre Alborn joined Banque de Luxembourg in 1988 and then the executive committee in 1998 before becoming managing director in 1999. This quadrilingual economist generally prefers discretion and to highlight his teams. Engaged in the community, he is a member of the executive committee and treasurer of the Red Cross, chairman of the board at the Philharmonie, member of the management and finance committee of Mudam, and administrator of the André Losch Foundation, the bankers group ABBL, the Idea Foundation and the Luxembourg Stock Exchange.

Florent Albert INSURANCE

Florent Albert is managing director Europe and group CFO at with Lombard International Assurance. He joined the firm in 2015 and is a member of the group board of directors. Albert is also a member of the board of the Luxembourg insurers association (Aca) and previously worked at MetLife France,

where he was a member of the executive leadership team and led the company’s finance and risk functions. Prior roles include positions at RSA Insurance, GE Group and Continentale d’Entreprises (Artemis Group). He graduated from the University of Bordeaux, Toulouse School of Economics and HEC Paris.

Chris Allen

BANKING

Group CEO at Quintet Private Bank since July 2022, Chris Allen previously served as head of global private banking EMEA at HSBC. Over 15 years at that firm, he held a series of roles of increasing responsibility, including CEO, alternative investments, and CEO, HSBC Private Bank UK. Earlier in his career, he served as executive director at Colliers Capital, where he focused on growing the firm’s fund management business, and as head of real estate fund management at a major Middle Eastern bank. Allen holds a degree and investment diploma from Sheffield, City and Cambridge universities.

Marc Arand BANKING

Leading Banque Havilland Group as group CEO since 1 April 2022 after a successful stint as CEO at Banque Havilland (Liechtenstein) AG, Marc Arand has been working in national and international banks for more than 25 years and has thus gained a comprehensive skill set in many different areas of the industry. In his professional career, he has held various management positions, mainly in the areas of private banking, corporate & investment banking, credit structuring, operations and finance. Arand holds a diplom bankbetriebswirt (bank management degree) from the Frankfurt School of Finance.

corporate banking Retail &

Veronica Aroutiunian PROFESSIONAL SERVICES

Veronica Aroutiunian was named a partner in the investment management practice at the law firm of Loyens & Loeff in 2022. She is active in the Association of the Luxembourg Fund Industry (Alfi) and the Luxembourg Private Equity & Venture Capital Association (LPEA), participating

in working groups and presenting at conferences. The Legal 500 quoted clients calling her “responsive and solutionsoriented” and having “extensive experience working with other jurisdictions.” Aroutiunian graduated from Paris I Panthéon Sorbonne University.

Here are some of the key players in Luxembourg’s retail and corporate banking segment, including custody and depositary services.

Kenneth Andersen, deputy head of corporate banking, Agricultural Bank of China; Martin Böhm, CEO, UniCredit International Bank; Philippe Bourgues, country managing director, Caceis Investor Services Bank; Alberta Brusi, chief country officer, Citi; Amanda Cameron, managing director, J.P. Morgan Bank Luxembourg; Thomas Campion, CEO, Itaú BBA Europe; Humberto Carvalho, general manager, Banco Bradesco Europa; Alexandre Cegarra, managing director and CEO, SG Private Wealth Management; Gabriel de La  Bourdonnaye, director general, Post Finance; Philippe Forteguerre, director, BPALC Luxembourg; Tobias Gansäuer, managing director, DekaBank Deutsche Girozentrale; Paloma Garcia Nieto, managing director, Banca March; Pablo Garnica Alvarez, CEO, J.P. Morgan Bank Luxembourg; Jean-Laurent Girard, CEO and founder, RiverBank; Franz-Josef Glauben, general manager, Hamburg Commercial Bank; Henning Göbel, CEO, BHW Bausparkasse Aktiengesellschaft; Ian Harcourt, country head Luxembourg and head of institutional banking, Royal Bank of Scotland International; Yoshinobu Hirota, CEO, Mitsubishi UFJ Investor Services & Banking; Marc Hoffmann, CEO, Intesa SanPaolo Wealth Management; Huang Hong, CEO, Bank of China; Tu Hong, executive director, Bank of Communications; GerardJan Bais, managing director, Commerzbank Finance & Covered Bond; Rena Karagianni, deputy branch manager, Alpha Bank; Audrey Koenig, CEO of Natixis Wealth Management; Anders la Cour, CEO, Banking Circle Group; Stephane Lambert, deputy CEO and chief risk officer, China Merchants Bank; Jan Lubawinski, executive vice president and managing director, Citco Bank Nederland; Roland Ludwig, CEO, Advanzia Bank; Benoit Nevouet, managing director, Bank of America; Thomas Pellequer, CEO, CIBC Capital Markets; Massimo Politi, chief risk officer, China Construction Bank; Sergio Ricardo Leandro Dias, chief risk officer, Banco Santander; Pierre Rockx, Luxembourg country head, State Street Bank International; Duarte Rosado, general manager, Novo Banco; Ugo Sansone, general manager, Allfunds Bank International; Yizhou Shi, chief risk officer, China Everbright Bank; Dave Sparvell, CEO, Swissquote Bank Europe; Sylvain Spiquel, head of compliance, Industrial and Commercial Bank of China; Vincent Thurmes, president, Société Nationale de Crédit et d’Investissement; Snorre Tysland, country CEO, Barclays Europe; Olivier Wantz, executive vice president, Spuerkeess; Laurent Zahles, incoming CEO, Banque Raiffeisen; Paolo Zanni, general manager, BPER Bank.

Romain Gamba, Matic Zorman, Quintet Private Bank, Loyens & Loeff

Aline Bapst FUNDS

Aline Bapst is conducting officer in charge of portfolio management at 3i Investments, an AIFM that is part of 3i Group. She manages an operational infrastructure fund and performs discretionary portfolio management. Bapst is also the director of several Luxembourg holding companies and is on the board of directors of the Luxembourg Private Equity & Venture Capital Association (LPEA). Previous positions include conducting officer in charge of portfolio management at Intertrust Fund Management (Luxembourg), investment manager at BIP Investment Partners and auditor at PwC Luxembourg.

Lize-Mari Barnes INSURANCE

Lize-Marie (Kruger) Barnes is general manager Luxembourg and global CFO P&C reinsurance (managing director) at Swiss Re, a global reinsurer that established its presence in Luxembourg in 2007. For Barnes, Luxembourg is “a small country with big dreams.” Before her current role, she worked as CFO reinsurance EMEA (managing director) of Swiss Re, as CFO for all of Swiss Re’s Luxembourg legal entities and as CFO for Swiss Re in Cape Town, South Africa. She studies accounting at the University of Pretoria and is a member of the South African Institute for Chartered Accountants.

Employment in financial industry

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Private banks

& wealth management

Here is a brief selection of top executives in the private banking and wealth management space, listed alphabetically by family name:

Riad Arslan, director general, Bemo Europe; Heinrich Baer, country head Luxembourg and head global wealth management Luxembourg & Nordics, UBS; Rolf Brandes, managing director, Donner & Reuschel Luxemburg; Magnus Calås, head of private banking, Svenska Handelsbanken SA (Luxembourg branch); Patrick Casters, head of Luxembourg subsidiary, Union Bancaire Privée (Europe); Philippe Esser, managing director, Andbank Luxembourg; Sigrun Eggen Fredriksson, country manager, Skandinaviska Enskilda Banken; Claudine Goedert, head of Luxembourg branch, Hauck Aufhäuser Lampe Privatbank; Tetsuya Handa, managing director, Sumitomo Mitsui Trust Bank (Luxembourg); Haris Hambakis, CEO, Eurobank Private Bank Luxembourg; Philippe Havaux, CEO, Delen Private Bank Luxembourg; Stephane Herrmann, CEO, Lombard Odier (Europe); Hallgeir Hollup, managing director, DNB Luxembourg; Didier Huard, managing director, Banque Transatlantique Luxembourg; Pascal Julliard, CEO, HSBC Private Bank Luxembourg; Jean-Benoît Mesnil, Luxembourg managing director, Lombard Odier; Jules Moor, managing director and CEO Luxembourg, Banque J. Safra Sarasin; Héctor Esteban Moreno, managing director, Bankinter Luxembourg; Jeff Mouton, CEO, Mirabaud & Cie (Europe); Álvaro Hermida Santos, CEO, CaixaBank Wealth Management Luxembourg; Yves Stein, CEO, Edmond de Rothschild (Europe); Christoph Thielen, head of private banking, FIS Privatbank; Philippe Zune, CEO, Banque de Commerce et de Placements.

Gautier Bataille BANKING

CEO of Banque Degroof

Petercam in Luxembourg since August 2022, Gautier Bataille was previously managing director of Banque Degroof Petercam in Belgium. During his career, he has supervised the management of wealth funds, private equity, family offices, the management of the bank’s balance sheet, and he has been responsible for brokerage, trading and IT activities. He joined Banque Degroof in Belgium in November 1986 after studying civil engineering in mathematics applied to economics at UCLouvain. He completed his training at Insead in 1996 in a general management programme.

Julie Becker

CAPITAL MARKETS & INFRASTRUCTURE

BBefore becoming CEO of the Luxembourg Stock Exchange in 2021, Julie Becker was deputy CEO, member of the executive committee, head of legal and compliance, and senior legal advisor at the Bourse. Named the most influential decisionmaker in Luxembourg in the 2022 edition of the Paperjam Top 100, Becker was also key in the creation of the Luxembourg Green Exchange, which focuses on financing a low-carbon and inclusive economy. She is joining Luxembourg’s Gender Finance Task Force, launched in September 2023, and chairs the Luxembourg Capital Markets Association.

Photos Banque Degroof Petercam, Nader Ghavami

Béatrice Belorgey BANKING

Chair of the executive committee of BGL BNP Paribas and country manager of the BNP Paribas Group in Luxembourg. Before moving back to Luxembourg in 2020, Béatrice Belorgey was director of BNP Paribas Banque Privée France for seven years and head of financial information and then investor relations & financial information for the group. She started her career at BNP Paribas in 1986, and joined the wealth management business in Luxembourg in 2000. She graduated from the Institut d’Études Politiques de Paris and is a member of SFAF (French financial analysts group).

Silke Bernard PROFESSIONAL SERVICES

People in Luxembourg’s asset management industry often refer to Silke Bernard as “Ms Eltif”. That’s a reference to her mastery of European Long-Term Investment Funds, a buzzy fund label these days. Bernard is global head of the investment funds practice at Linklaters, where she’s worked for nearly 20 years. Bernard and her colleagues certainly captured the Eltif zeitgeist. As far Delano can tell, Linklaters has won the lion’s share of Eltif legal work in Luxembourg. Bernard studied law at Humboldt University of Berlin and Jean Moulin Lyon III University. She has excellent taste in backpacks.

Bert Boerman FINTECH

Bert Boerman is co-founder and CEO of Governance.com. He boasts two decades in banking, finance and business growth. Prior to launching Governance. com, Boerman served as senior vice president at ABN Amro in Luxembourg where he was responsible for the bank’s investment fund depositary, corporate clients, and independent asset management business. In April 2014, Boerman left ABN Amro to fully dedicate himself to his co-founded venture. His ambition is to revolutionise fund governance through technology and to make regulatory oversight simple and transparent.

Brenda Bol

BANKING

Brenda Bol is branch manager and head of the investment managers segment for asset servicing and digital at BNY Mellon Luxembourg Bol started her career at Bank of New York Mellon in Brussels more than 25 years ago and was involved in opening the bank’s Luxembourg branch in 1999. Prior to joining BNY

Mellon, Bol held senior client relationship and sales management roles at Brown Brothers Harriman, Clearstream and Royal Bank of Canada in Luxembourg. As of June 2023, she is president of the influential Association of North American Banks in Luxembourg and participates in several trade associations.

Peter Brown FUNDS

Peter Brown’s career in finance started in 1989 with NatWest in London. By 2007, he was head of the firm’s financial institutions group, and by 2015 managing director and head of funds banking (for subsidiary RBS) across the UK, Jersey, Guernsey and Luxembourg. He joined Aztec Group in Luxembourg in 2020 as head of private debt, rising to country head in just two years. Responsible for some 600 people, Brown is also the chair of the management board of Aztec Group Luxembourg, an alumnus of Insead Business School and an associate member of the Association of Corporate Treasurers.

Banking

Philip Jason Brown BANKING

Philip Jason Brown is CEO (and former co-CEO) and head of global relationship management at Clearstream Banking and member of the executive board at Clearstream Holding. He is also an executive board member (and past board chair) of the International Securities Services

Top banking employers

Total number of employees* working in the grand duchy, by group, as of 1 January 2023.

BGL BNP Paribas

Banque Internationale à Luxembourg

Spuerkeess

Société Générale

Clearstream**

Banque de Luxembourg

State Street**

Caceis

ING

RBC Investor Services

Banque Raiffeisen

Quintet Private Bank

Hauck Aufhäuser Lampe Privatbank

UBS

J.P. Morgan

Deutsche Bank

Credit Suisse

Degroof Petercam

Brown Brothers Harriman**

Northern Trust

Dekabank

Nomura Bank

Bank of New York Mellon Bank

Julius Baer

Citibank

HSBC

European Depositary Bank

Mizuho Trust & Banking

Advanzia Bank

Mitsubishi UFJ Investor Services & Banking

EFB Bank

Intesa Sanpaolo Bank

Banque Havilland

Bank of China

Commerzbank

Nord/LB

Natixis Wealth Management

Eurobank Private Bank

Association. He previously was the general manager of Clearstream’s London office, and held positions with the Bank of New York, Morgan Stanley and Barclays. Brown received a bachelor’s in banking, insurance and finance from the University of Bangor, Wales. He enjoys cycling, music and family time.

Source Statec. *Self-reported figures, including part-time staff, by firms who agreed to have data published. **Delano estimate.

Photos Andrés Lejona, Romain Gamba, Matic Zorman, Maison Moderne, Guy Wolff, Clearstream

Capital markets

Growth through innovative diversity

There has been a relatively recent growth in the size, diversity and specialisation of Luxembourg’s capital markets sector. This trend prompted the creation of the Luxembourg Capital Markets Association (LuxCMA) in 2019, which works to strengthen collaboration across Luxembourg’s dynamic ecosystem, work which contributes to growing the country’s

competitive capital markets hub. Innovation has been the hallmark, not only by well-known, major infrastructure players, but also by a host of other operators who provide access to international capital markets, either for financing or for securitisation purposes.

Capital markets innovator “Luxembourg is a trailblazer and innovator in the capital markets space.

60 years ago, the world’s first Eurobond was launched in the Grand Duchy, a move which changed international capital markets, and exemplifies the visionary spirit of this country’s financial sector,” noted Julie Becker, Chair of LuxCMA. “LuxCMA has 54 members who represent the full breadth of the financial services sector in the Grand Duchy,” she added.

Photo Marie Russillo (Maison Moderne)

Luxembourg’s diverse capital markets industry continues to grow, with greater business volumes and increased sophistication of operations.

Sponsored content by LUXEMBOURG CAPITAL MARKETS ASSOCIATION

Julie Becker, Chair of the LuxCMA and CEO of Luxembourg Stock Exchange, and Frank Mausen, Secretary of the LuxCMA and Partner at Allen & Overy

Given this diversity and the private nature of many members’ operations, quantifying the size and growth of this sector can be challenging, but there are numerous indications of growth and sophistication. Securitisation and structured finance make up a significant portion of capital market activity in Luxembourg, driven by the range of expertise thriving in the country’s cutting-edge, well-crafted regulatory environment, which features an AAA sovereign credit rating. The most recent figures highlight 1,500 securitisation vehicles based in the country, governed by a law dedicated to these structures; with a regime which was updated as recently as last year.

Innovative international hub

This favourable framework enables the structuring of a wide range of assets including mortgages, lease/ trade receivables, loans/ non-performing loans, SME financing, real estate, and even car loans.

The European Central Bank reported that the Grand Duchy had 29% of all securitisation financial vehicle corporations in the Eurozone in 2020.

“Luxembourg’s unique international capital markets framework and expertise make it ideal for international companies of all sizes to finance their global activities via Luxembourg structures,” said Frank Mausen, LuxCMA Secretary and member of the executive board. “Luxembourg is not only renowned for its fund and private equity expertise, it is also a well-recognised hub for finance and structured finance vehicles. These capital raising vehicles can carry out debt and equity issuances efficiently. These features enable Luxembourg operations to be blended easily into international structures.”

Recent examples of innovation include the establishment of Distributed Ledger Technology (DLT) platforms, within a stateof-the-art regulatory framework. Luxembourg has become the jurisdiction of choice for issuers and arrangers of these innovative products. “With Luxembourg understanding the need to provide flexibility within available frameworks, we are seeing existing DLT platforms interested in migrating their platforms within our borders,” Mr Mausen said. Another area in which Luxembourg excels is the ESG segment. For instance, the largest green exchange in the world has been established in Luxembourg in 2016.

LuxCMA and its role LuxCMA was founded in

2019 to give greater focus to this activity, to promote best practices and to be an advocate for the sector in Luxembourg and at the European level. LuxCMA is focused solely on activity in the primary capital markets space, and so does not seek to compete with other Luxembourg professional organisations. Rather, it collaborates extensively with those working in the fund, banking and private equity spheres. There are currently 8 working groups (see box) within LuxCMA, and knowledge sharing is spread through networking events and thought-leadership papers.

“LuxCMA covers the entire framework of capital market activity, and this enables us to create taskforces featuring the full range of expertise,” said Ms Becker. “This know-how ensures that when industry input is needed, we can provide a comprehensive expert view. This increases our capabilities to serve clients and ensures our voice is heard by authorities in Luxembourg and beyond,” she said.

Objectives

To foster best practice; identify market synergies, foster innovation; organise events and international roadshows; facilitate sustainable growth. Amplify individual efforts nationally and internationally, promote Luxembourg’s centre of excellence, provide a single point of contact for authorities, associations, market practitioners and other stakeholders, networking and collaboration opportunities;

Key figures 54 corporate members, 8 working groups and 350 individuals active in the association.

Working groups Best practice; Infrastructure; Legal & Regulatory watch; Listing act; Marketing; Securitisation; Sustainable finance; Tax.

For more information about the LuxCMA, visit: www.luxcma.com

“ As an association, our role is to ensure that Luxembourg’s capital market remains attractive, predictable and agile.”

Julie Becker Chair of the LuxCMA

“ Luxembourg’s unique international capital markets framework and expertise make it ideal for companies to finance their global activities.”

Frank Mausen Secretary of the LuxCMA

Stéphane Brunet FUNDS

As CEO of BNP Paribas Asset Management since 2007--and an Alfi board member for over a decade and a current member of the CSSF’s GFI committee--Stéphane Brunet has been a well-known figure in the sector for a long time. After studying economics at the University of Panthéon-Sorbonne in Paris, he started his career in 1990 with the Agence Française de Développement in Africa. His tenure at BNP Paribas began just a few years later when, in 1994, he became a country risk analyst. He joined BNP Paribas Asset Management in 2002 and came to Luxembourg in 2007 to take the top job.

Michael Burch BANKING

CEO of ING in Luxembourg since July 2022, Michael Burch is known for his entrepreneurial spirit. Previously, he was CEO of BlackRock in Hungary and COO of BlackRock in Switzerland, where he played several roles in asset management, private and retail banking, and wealth management. He was managing director and COO of Kleinwort Benson in the UK between 2013 and 2016. He started his career at Boston Consulting Group, where he was a principal focusing on strategy, M&A and change in the financial services industry. Burch holds a PhD in international business and MBA from University of St. Gallen.

Some of the key names in the family office landspace.

Pieter Abts, CEO, Abts & Partners; Manuel Arteaga, CEO, Luxembourg, Octogone Europe; Charles Bok, co-CEO, Createrra Finance; Arnold Bon, director, Orbit Private Asset Management; Jean-Marc Bourgeois, partner, BCB & Partners; Hans-Willi Brand, director, HWB Capital Management; Stephan Caspers, managing director, VHC Capital Management; Frédéric Collot, managing director, Fidupar; Olivier Conrad, managing director, Diversified Asset Management; Alain Crefcoeur, managing partner, Patrimundi 1869; Geert De Bruyne, CEO, Orcadia Asset Management; Joachim Erdmann, managing partner, Colin & Cie; Pierre Eustache, managing director, Momentum Asset Management; Frédéric Faure, managing partner, Privalux Management; Thomas Freiberg, managing director, Genève Invest (Europe); Willem Frijling, director, Augemus; Didier Galy, managing partner, Privalux Management; Jørgen Ganer, managing partner, Lux Nordic Wealth Management; Arnar Gudmundsson, managing director, Arena Wealth Management; Pascal Hirtz, managing director, WH Selfinvest; Esther Hoffmann, managing director, Global Asset Advisors & Management; Jakob Kjelgaard, managing partner, Core Capital Management; Andre Klein, managing partner, Lux Capital Management; Bernd Klingbeil, managing partner, Colin & Cie; Stefan Klockmann, managing director, Global Asset Advisors & Management; Marc Koeune, managing director, Fiducenter; Horst Koster, managing partner, Lux Capital Management; Christian Kratz, managing director, Investify; Johan Kuylenstierna, managing director, Kuylenstierna & Skog; Markus Linnert, CEO, Nordlux Vermögensmanagement; Jean-Marc Michelet, CEO, Eurinvest Partners; Frank Moisson, managing partner, chief investment officer, Smart Private Managers (Luxembourg); Nicolas Montagne, managing director, Fidupar; François-Régis Montazel, CEO, Spirit Asset Management; Hans-Walter Müller, managing director, Genève Invest (Europe); Aid Nanic, CEO, Waterloo Asset Management; Frédéric Otto, CEO, Arche Associates; Emmanuel Papini, authorised director, Compagnie Financière Indépendante; Olivier Popelard, managing partner, Opportunité Luxembourg; Pascal Rapallino, managing partner, Verona Multi Family Office; Benoît Renson, co-CEO, Rothschild & Co Wealth Management (Europe); Jean-Marc Robinet, co-CEO, Rothschild & Co Wealth Management (Europe); Stefan Romlin, managing partner, Core Capital Management; Rainer Schiffels, managing director, Global Asset Advisors & Management; Herman Segercrantz, managing director & board member, Jasperus; François-Xavier Seleck, portfolio manager, managing director, 2PM Europe; Christian Simoncini, director, Saphir Partner; André Souto, managing director, Alpha Patrimoine; Martin Stötzel, CEO, Rhein Asset Management (Lux); Claude Tahir, managing director, SDM Private Banking; Matthieu Van de Casteele, managing director, 1875 Finance; Olivier Van Regemortel, managing partner, Orea Capital; Eric Velten, managing director, VHC Capital Management; Bernard Vulfs, co-CEO, Createrra Finance.

Funds, part 1

Key players in the investment fund ecosystem, including fund managers, management companies and authorised service providers. List continues on page 30.

Carlos Alberto Morales, CEO, Adepa Asset Management; Marylène Alix, manager, BG Fund Management; Massimo Amato, chair, Luxembourg Fund Services; Marc Antoine Toulemonde, co-head Luxembourg, Lasalle Investment Management; JeanChristophe Antz, director, Arkus Financial Services; Manuel Baldauff, founder, Value Associates; Thilo Balzar, managing director, Attrax; Aurélien Baron, CEO & conducting officer, Kredietrust; Nathalie Bausch, CEO, DWS Investment; Laurent Bélik, head of Luxembourg, CSC; Thomas Bernard, chair, Mainfirst Affiliated Fund Managers; Steve Bernat, founding partner, One Group Solutions; Frederic Bilas, CEO, Apex Fund Services; Craig Blair, managing director, Franklin Templeton International Services; Ronan Bodere, managing director, Primonial REIM Luxembourg; Irina Boechat-Agaponova, CEO & board member, Lagapim; Kabira Boulakchour, chief compliance officer, Moonfare I; Kate Brady, head of Europe, International Financial Data Services; Victoria Brown, managing director, Abrdn Investments Luxembourg; Finbarr Browne, CEO, Schroders Investment Management; Marco Bus, CEO, Eurizon Capital; Gregory Cabanetos, managing director, Luxcellence Management Company; Christophe Cahuzac, director, Fund Solutions; Filippo Campailla, managing director, Vera Corporate & Funds; Philippe Camus, CEO, Shaftesbury Asset Management Group; Michelle Carvill, managing director, Phoenix PSF; Rolf Caspers, global head of capital markets, Apex Group; Cyril Cayez, co-founding partner, Haca Partners; Nedim Cen, chair, Corestate Capital Fund Management; Gregory Centurione, founding partner & CEO, Value Partners; Etienne Ceulemans, manager, Creatrust; Sinor Chhor, managing director, Nordea Investment Funds; Conor Cleere, country head, Citco; Claire Collet, CEO, UBP Asset Management; Fabrice Coste, general manager, Invesco Real Estate Management; Zena Couppey, CEO, Altum; Claude Crauser, director, United International Management; Yves Creutz, CEO, Creutz & Partners; Steven Curfs, conducting officer, Engelwood Asset Management; Frederik Darras, CEO, Vontobel Asset Management; Steve David, CEO, Northern Trust Global Services; Tom Davies, global head of fiduciary, MaplesFS; Adrien De Boisanger, chair, Quilvest Capital Partners AM; Peter De Coensel, CEO, DPAM; Tjebco De Jong, managing director, Trustmoore; Julien De Mayer, managing director, Fundcraft; Didier Delvaux, country head, US Bank Global Fund Services; Romain Denis, managing director, Fundrock Management Company; Guillaume Desjonqueres, CEO, Syncordis; Alessandro Di Roberto, managing director, YT Investor Services; Marek Domagala, founding partner & director, Fund Solutions; PierreAdrien Domon, CEO, Fund Channel; Alexandre Dussaucy, distribution regional leader EMEA, Allspring Global Investments; Raphaël Eber, partner, CF Fund Services.

David Capocci PROFESSIONAL SERVICES

Currently the managing partner of KPMG Luxembourg (and an Alfi member), David Capocci’s experience in alternative investment funds spans two decades. He originally joined KPMG Luxembourg in 2002--after a five-year stint at Arthur Andersen--as a tax manager, before switching to Deloitte, where he spent 12 years advising and structuring deals for PE and RE funds. In 2017 he returned to KPMG Luxembourg as head of alternative investments, taking over the top job in 2020. Since 2022 he has additionally served on the board of directors of the Institut Luxembourgeois des Administrateurs.

Olivier Carcy BANKING

CCEO of CA Indosuez Wealth (Europe), managing director and senior country officer of the Crédit Agricole group in Luxembourg since December 2022. His initial role at Crédit Agricole Indosuez in the structured finance business brought him out of Paris to Singapore and Jakarta. Afterwards he joined Indosuez Switzerland, where he created the private equity fund platform, before becoming global head of the private markets line for the Indosuez Group. He then led CA Indosuez Wealth (Asset Management) and became global head of the asset management business line at Indosuez.

Photos Romain Gamba, Crédit Agricole

Olivier Coekelbergs PROFESSIONAL SERVICES

Before becoming EY Luxembourg’s country managing partner in 2020, Olivier Coekelbergs was private equity leader for the same firm, where he started in 2004 after five years with Big Four rival KPMG. He has led audit and valuation assignments for PE and VC funds, and has expertise in the valuation of illiquid assets. He also served, for multiple years, as vice chair of the LPEA. “Passionate about private equity and mentoring talents,” reads his EY bio, before adding: “Loves fishing.”

David Claus

BANKING

David Claus is CEO of European Depositary Bank and has over 30 years of experience in financial services. Claus has spent his entire career in asset servicing and asset management, based in Luxembourg, London and Brussels, where he worked in a number of client-facing and mana-

gerial roles. In April 2022, Claus joined European Depositary Bank, entered the board of directors in May and took on the CEO role in June. Under his stewardship, the bank has become one of the leading providers of banking, depositary and custody services in Luxembourg.

Jeffrey Dentzer BANKING

Head of corporate and institutional banking and member of the executive committee at Banque Internationale à Luxembourg, Jeffrey Dentzer started at the bank in 2011 and has served as head of large corporates, structured finance and head of large corporates, public & project finance. He previously worked at Spuerkeess for five years. He is chairman of the board of Belair House and often participates in banking roundtables to share his view on the sector. Dentzer holds a postgraduate degree from Surrey European Management School and a master’s degree from Université Louis Pasteur.

Luca Derlin

BANKING

Head of international private banking at Deutsche Bank Luxembourg, Luca Derlin started his career at McKinsey in 1998 and has more than 20 years of experience in financial services. He joined Deutsche Bank in 2004, where he worked as group COO and global head of strategy for global capital markets. He also spent five years in Hong Kong overseeing the bank’s business in the Asia-Pacific region. Since 2017, Derlin has been working in wealth management, covering a number of global and regional roles before taking on his current position in 2021.

Photos EDB, Guy Wolff, Mike Zenari, Maison Moderne

Continuation of list started on page 26. Names listed alphabetically, by family name. List continues on page 36.

Mark Edmonds, managing director, Lombard Odier Funds; David Edoardo Calo, managing director, WRM Capital Asset Management; Jens Eisenbart, COO & board member, Empira Investment Solutions; Paul Embleton, CEO, Reviva Capital; Matthias Ewald, branch manager, SEB; Claude Eyschen, director general, Capitalatwork Foyer; Thomas Fahl, managing director & CEO, Ocorian Fund Management; Paolo Faraone, partner, NS Partners Europe; Johannes Felke, director, head of Luxembourg, CBRE Global Investors; Jose Femenia, managing director, C&D Investments; Anthony Fobel, CEO, Arcmont Asset Management; Carolin Forster, managing director, Patrizia Investment Management; Romain Fourdin, conducting officer, DNB Asset Management; Sébastien François, managing director, Centralis; Antonio Frias, CEO, Centaur Fund Services; Timothe Fuchs, CEO & founder, Fuchs Asset Management; Christophe Gaul, chair, Ocorian; Alex Gemici, CEO & founder, Greenstone Equity Partners; François-Xavier Gennetais, CEO, ABN AMRO Investment Solutions; Lorenzo Gianello, managing partner, Finconsulting; Paolo Gianferrara, CEO, Global General Partner; Mark Gillies, CEO, Finsoft; Rowena Giordani, head of Luxembourg & conducting officer, Savills Investment Management; Darragh Gogarty, director, Dinamik; Jeremy Golding, managing partner, Golding Capital Partners; Pascal Grande, director, Victory Asset Management; Anne Catherine Grave, country head, Crestbridge; Vincent Gruselle, managing director, Alcyon; Ghizlane Gryp, co-head Luxembourg, Lasalle Investment Management; Zeynep Gurakan, managing director, Hedgeserv; Colin Haggart, country head, SS&C; Philippe Halb, founder, Dynasty AM; Sofia Harrschar, country head, Universal Investment Luxembourg; Doug Hart, CEO, Alter Domus; Jens Hartmann, director, Pimco Global Advisors; Liam Healy, CEO, FE Fundinfo; Joachim Hennen, managing director, Navaxx; Arnaud Hirsch, CEO, OFI Invest Lux; Alain Hondequin, director, BRP Bizzozero & Partners; Peter Huang, managing director, Holon Real Estate; Paul Huberlant, managing director & founder, Kairos International; Dorian Jacob, CEO, Fundpartner Solutions; Pierre-Yves Jahan, head of distribution solutions, conducting officer, Carne Group; Robert Jan Schol, managing director, Cerberus Management; Gary Janaway, CEO, European Fund Administration; Keith Jones, chair, Pemberton Asset Management; Claus Jørgensen, CEO, VP Bank; Junaed Kabir, managing director, Parva; Victoria Kernan, head of fund administration, Aviva Investors; Yassine Khechini, conducting officer, MPE Manager Lux; Tobias Klein, COO, SPT Invest Management; Rudolf Komen, conducting officer, Intreal Luxembourg; Julie Krentz, country head, VAM Global Management Company; Geert Kruizinga, general manager, Bolder Luxembourg; Bernard Lambeau, managing director, More Carrot; Ingrid Lambert, vice president, SMBC Nikko Bank Luxembourg.

DOctavie Dexant INSURANCE

Having joined the group in 2010, today Octavie Dexant is CEO of AXA Luxembourg and AXA Wealth Europe and a vice chair of the Luxembourg Insurance and Reinsurance Association (Aca). Before her current roles, Dexant played a key part in shaping digital bancassurance (bankinsurance model) at AXA in Paris.

She is a board member of the French chamber of commerce and industry in Luxembourg (CFCI), Inspiring More Sustainability Luxembourg and the road safety association Sécurité Routière Luxembourg. Previously, she was an auditor with PwC in France. Dexant attended Sciences Po and Heidelberg University.

Alan Dundon FUNDS

There is a quiet, steady confidence when speaking with Alan Dundon. His low-key but efficient demeanour has served him well as director, sales and relationship management at Alter Domus. It also got him elected president of the Luxembourg Alternative Administrators Association (L3A) in 2021, and to the boards of several private equity vehicles. He is a frequent speaker at industry events. Dundon previously had fund-related roles at Fideos (acquired by Alter Domus), BNP Paribas Securities Services, Chase Manhattan and PWC. He is a chartered accountant in Ireland and a cycling enthusiast.

Jeanne Duvoux FUNDS

In under a decade, Jeanne Duvoux has rapidly become a familiar name in the grand duchy’s financial sector: prior to taking over as CEO of Amundi Luxembourg in 2020-the same year she joined the board of Alfi--she was head of private banking at Société Générale in Luxembourg. Before that, she worked for SocGén in Milan. Duvoux nevertheless began her career in Luxembourg in 1989 as an auditor at Deloitte. Right as Delano went to press, we learned that Duvoux was named global head of business support and operations for Amundi Group, which means that she’s moving to Paris.

Hind El Gaidi FUNDS

Hind El Gaidi brings a dynamic energy whenever she talks about private equity; she’s obviously passionate about the sector. El Gaidi is conducting officer and head of financial information and information at Astorg At the same time, she is an active board member of the LPEA trade group and Luxembourg Valuation Professionals Association. Prior to Astorg, she worked at KPMG and PWC in Luxembourg and Amsterdam, in corporate finance and deal valuation roles. She attended Groningen and Nyenrode universities in the Netherlands, and the University of Nice Sophia-Antipolis.

Financial industry added value in 2021

Photos Matic Zorman, Romain Gamba

Strengthening the local ecosystem, the new bank intends to step up its business activity substantially over the next few years, as CEO Philippe Seyll explains

Getting fund managers and distributors better connected

Sponsored contend by CLEARSTREAM

Clearstream Fund Centre SA is the new bank launched by Clearstream. Managed from Luxembourg, it provides a platform where fund distributors and fund managers can interact.

Photo

Marie Russillo (Maison Moderne)

It’s not every day that Luxembourg sees the creation of a new bank.

Deutsche Börse, Clearstream’s parent company, has done just that, though, deciding to spin off all of its Luxembourg entity’s “funds” business and moving it to a new organisation. “Over the last 10 years and more, we’ve had some success in developing a suite of fundfocused services within Clearstream,” says Philippe Seyll, head of the new Clearstream Fund Centre.

“To take things further, we needed greater autonomy, by operating under a more appropriate regulatory regime for the business. While Clearstream is governed by the CSDR (Central Securities Depositories Regulation), our new organisation will be subject to Mifid requirements, which are better aligned with what we have to offer.”

Managed from Luxembourg

Deutsche Börse wanted the new bank, Clearstream’s sister company, to be located in Luxembourg, demonstrating its dedication to the financial centre and the group’s strong relationships with its ecosystem, the regulator and the Ministry of Finance.

The banking licence was secured in November 2022 and operations began in January 2023.

“The new organisation employs 200 people in its home location of Luxembourg, from where all international business will be managed. Further afield, from Singapore to Zurich and from Zurich to Sydney, operations will be

handled by various sister entities employing another 800 people or so in total,” says Philippe Seyll.

Making it easier to do business

The new entity will help the group to step up its development and strengthen its offering to the fund industry. “We act as a platform that makes it easier for distributors to access numerous products worldwide and for fund managers to make their funds widely available,” says the CEO. Vestima, Clearstream’s fund processing platform, already connects 850 distributors and the same number of asset managers, and covers around 300,000 ISINs. The bank’s business handles some €3,500 billion in assets under administration.

“For distributors, the benefit lies in the ability to establish relationships with asset managers without having to develop their own connections.

IN FIGURES

€3,500 billion in assets under administration

300,000 ISINs

€400 million

Nearly €400 million in revenue per year

Using our infrastructure, they can transform fixed costs to variable costs linked to individual transactions, and above all, reduce the overall costs associated with acquiring and holding funds. The approach, based on proven procedures and processes, also reduces the risks associated with these types of transaction.”

Expanding the range of services

From the outset, the new entity’s intention for this platform – part of the Clearstream Fund Services segment – was also to enhance its ecosystem of services around the product range. The group’s integration of Kneip will support efforts in this direction, making it easier to provide players within the ecosystem with value-added data so as to meet fund management, administration and distribution needs.

Generating efficiency gains building on these strengths, the Deutsche Börse group’s new organisational unit has ambitious plans for sustained growth.

“We’ve experienced double-digit growth over the last 10 years, we currently generate nearly €400 million in revenue

each year and we employ around 1,000 people. The aim is to generate efficiency gains and grow our revenues,” says Philippe Seyll.

Generate efficiency gains

Over the past year, the entity has recruited and onboarded around 100 people in Luxembourg alone, mainly assigned to the new bank’s control functions.

“

To meet these objectives, we intend to leverage our strengths to win market share across Europe and beyond. While our operations encompass €3,500 billion in fund assets under administration, the European market represents €15,000 billion in assets, and the Asian market some €10,000 billion. There’s a lot of room to grow,” says Seyll. “Around the data, particularly in the area of alternative funds and sustainable finance, there are also major growth levers to pull on.” Given the appeal of the alternative funds market, Clearstream’s vision is to become the leader in the ELTIF product segment and in specialist private asset vehicles.

“ We’ve been successfully developing a suite of fund-focused services as part of Clearstream for over 10 years.”

Philippe Seyll CEO of Clearstream Fund Centre Luxembourg

Carine Feipel PROFESSIONAL SERVICES

These days, Carine Feipel, who ran her own law practice, Étude Carine Feipel, is a certified independent director, sitting on bank, fund and insurance boards (she specialised in insurance law). She chaired the Luxembourg Directors Institute (ILA), a training and ethics body, for 9+ years. Prior to this, she served as a partner at the law office of Arendt & Medernach for 19 years. Recognised for her prowess in corporate law and environmental, social and governance (ESG) standards, Feipel is known for her commitment to helping set and implement best practices and ethical corporate governance.

Noel Fessey FUNDS

Noel Fessey is an independent director and board member at the International Climate Finance Accelerator. Fessey previously served as CEO and chairman of the European Fund Administration from 2017 to 2022, where he led the strategic review and transaction to join the Universal Investment Group. From 2003 to 2016, he was managing director of Schroders Luxembourg. Under his leadership, Schroders Luxembourg became the group’s largest operations centre outside of London. Fessey was previously a member of trade group Alfi’s board of directors and its strategic board.

Top funds sector employers

Falk Fischer BANKING

As CEO of Bank Julius Baer Europe, a role he took up in 2016, Falk Fischer oversees branches in Luxembourg, Ireland and Spain. Previously, starting in 2008, he was CEO at Commerzbank International. Currently he sits on the board of the bankers group ABBL and on the executive committee of the Private Banking Group Luxembourg (PBGL), making him a well-known figure in the grand duchy’s banking sector. He is additionally the chair of the ABBL’s Swiss Banking Group. Fischer completed his studies in economics at Humboldt University in Berlin.

Micaela Forelli FUNDS

Katia Gauzès-Philip PROFESSIONAL SERVICES

Camille Fohl

BANKING

Chair of Luxembourg’s largest bank, Spuerkeess, a position he has held since 2017. Camille Fohl’s career in banking started in 1987 and spans over three decades. After six years at LuxDevelopment, he joined Banque Générale du Luxembourg and became a member of the executive committee in 2000. Since then, he has held various executive positions within Fortis and BNP Paribas. At BNP Paribas, he assumed responsibility for the bank’s commercial and retail banking activities in Central and Eastern Europe and Asia. Between 2013 and 2017, he was responsible for the BNP Paribas Group in Germany.

Managing director of Europe at M & G Investments in Luxembourg, Micaela Forelli joined M & G in 2001 and served as business development manager and sales director. She now serves as head of European and global banks distribution and director of M & G International Investments. Recognised as one of Europe’s leading fixedincome investors, M & G Investments has over €342bn in assets under management. As managing director, Forelli is responsible for managing the firm’s Luxembourg business entities and expanding the firm’s wholesale and institutional presence in Europe and Asia.

Managing partner at Clifford Chance in Luxembourg since 2022, Katia Gauzès-Philip specialises in corporate law, mergers & acquisitions, private equity and real estate. She has played increasingly significant roles at Clifford Chance since she joined in 2016. Prior to that, she gained 14 years of experience at rival Arendt & Medernach. Gauzès-Philip has served on the board of the Luxembourg Private Equity & Venture Capital Association (LPEA) for over seven years. She is a graduate of Essec Business School (MBA) and Université Paris-PanthéonAssas (master’s in business and tax law).

Photos Romain Gamba, Jan Hanrion, Maison Moderne, Nader Ghavami, M&G Investments

Christophe Girondel FUNDS

Global head of institutional and wholesale distribution at Nordea Asset Management and a member of the executive committee. Christophe Girondel joined NAM in 2003 and has over 20 years of experience in fund distribution, including product, marketing and sales activities. Under his stewardship, NAM has grown to €241bn in assets under management, as of 30 June 2023. Before joining NAM, he worked for Deloitte’s Investment Management practice and Crédit Lyonnais in Copenhagen. Girondel is a mentor with the University of Luxembourg and a board member of trade group Alfi.

Patrick Goodman PROFESSIONAL SERVICES

Co-founder of Innpact, Patrick Goodman is an expert advisor in the establishment of impact finance vehicles in microfinance, renewable energy & energy efficiency, fair trade, responsible agribusiness and social entrepreneurship. He has in-depth understanding of operational, financial and legal processes of investment vehicles, backed by more than 20 years of experience in the banking and fund industry. He previously worked for Citibank Luxembourg as vice president in charge of the sales and account management team. He holds a master’s degree in commercial engineering from Solvay Business School.

Continuation

of list on started on pages 26 & 30. List continues on page 38.

Constance Lanèque, managing director, HLD Associés Europe; John Latsis, chair, Gestron Asset Management; Eric Leclerc, managing partner, Induna; Philippe Lecomte, CEO, La Française AM International; Jean-Nicolas Leglise, managing partner, Groupe Audit Luxembourg; Maelle Lenaers, managing director, TMF Group; Quentin Lévêque, general partner, Bridgepoint; Vincent Levita, founder & CEO, Infravia Capital Partners; Fabio Libertini, CEO, Fondaco Lux; Jean Louis Catrysse, managing director, Acolin Luxembourg; Christian Lowe, conducting officer, Rothschild & Co; Sandra Lucente, CEO, Apis Asset Management; Christoph Ludwig, managing director, Prime AIFM Lux; Ian Macwilliams, managing director, SEI Investments; Jean-Yves Maldague, managing director & CFO, Candriam; Jean Marc Crepin, partner, Brown Brothers Harriman; Dominique Marchal, partner, Bennani & Marchal Associates; Jose Maria Ortiz, managing director, ECE Real Estate Partners; Richard Marshall, managing director, Carne Global Financial Services; Jean Martin Stoffel, managing partner, Radices Financial Services; Claus Mathisen, CEO, NREP; Alexandra Matias, senior director, TPG Capital; Keith Mcshea, partner & head of Luxembourg, Langham Hall Luxembourg; Joost Mees, managing director, JTC; Jens Meiser, managing director, Assenagon Asset Management; Rodolfo Misitano, CEO, Optimum Asset Management; Gabor Mocskonyi, partner & managing director, White Oak Management; Nicolas Montagne, director, Fidupar; François-Régis Montazel, CEO, Spirit Asset Management; Romain Monteiro Pereira, manager, Kieger Capital Partners; Pascal Morosini, CEO, I-Hub; Jeff Mouton, CEO, Mirabaud Asset Management; Dermot Mulvin, conducting officer, ICG; Andreas Neugebauer, CEO, BKN Capital; Jesper Nielsen, chief investment officer, Inter Fund Management; Markus Nilles, branch manager, Allianz Global Investors; Francesco Notarangelo, director, RSM Financial Services; Sean O’Driscoll, CEO, GAM; Katsunori Obata, CEO & managing director, Mizuho Trust & Banking Luxembourg; John Ohlsson, head of Luxembourg, Danske Invest Management; Marco Onishschenko, CEO, IPConcept; Kike Oramba Kembi, conducting officer of operations, Nuveen Asset Management Europe; Guillaume Ostenc, managing director, Ekonoo; Roberto Paganoni, managing partner, LGT Capital Partners; Graham Parry-Dew, managing director, Belasko Luxembourg; Marco Paternò Castello, managing director, Luxembourg Fund Services; Romain Payre, director, Barings; Thomas Pean, conducting officer DNCA Finance Luxembourg; Matthias Pelzer, director, Quantyx; Philippe Petit, founder, Artemis Funds; Alexandre Pierron, managing director, IM Global Partner Asset Management; Stefano Pierucci, director, Mediobanca International; Alexandre Pini, CEO, Carnegie Fund Services; Laurel Polleys, director, Shaftesbury Asset Management Group; Christophe Ponticello, country head, Gen II; Andrea Prencipe, CEO, YT Investor Services; Caroline Quéré, deputy CEO, Spirit Asset Management; Geoff Radcliff, director, Blackrock; Cédric Raths, partner, Reference Financial Services; Alain Rauscher, managing partner & CEO, Antin Infrastructure Partners.

Funds, part 4

More top names in Luxembourg’s investment fund ecosystem. Earlier sections of this list can be found on pages 26, 30 & 36.

Bertrand Reimmel, senior vice president & managing director, AllianceBernstein; Sven Rein, managing partner, Pandoo; Simon Riley, CEO, Saltgate; Patrick Robinson, senior manager, Cafico Corporate Services; Henk Ruitenberg, responsible officer, Eastspring Investments; Frederic Salvadore, managing partner, Fundmentals; Michael Sanders, CEO, Alpina Fund Management; Sinan Sar, director, United International Management; David Sarfas, country head, Intertrust; Mattia Scabeni, CEO, Generali Investments; Christian Schackmann, founder, Fundrisq; Isabelle Scherf, managing director, FIL (Luxembourg); Peter Schirmbeck, chair, DZ Privatbank; Gaëlle Schneider, CEO, Amanco; Gabriele Schneider, CEO, Intercorp; Arnaud Schneider, senior vice president, infrastructure & real assets, Macquarie Asset Management; Nicolas Schreurs, head of corporate services, Equiom; Dirk Schulze, managing director, Sparinvest; Ruediger Schwarz, managing director, PGIM Real Estate; Diana Senanayake, managing director Luxembourg & CEO continental Europe, IQ EQ; Pierre Sequier, CEO, Exane Asset Management; Rob Short, managing partner & founder, Langham Hall; Anil Singh, managing director, Kroll Management Company; Jervis Smith, country managing director, Vistra; Thomas Spinner, managing director, Navaxx; Laurent Storoni, managing director, Goldman Sachs Asset Management; Dan Tabata, general manager Luxembourg, Nomura Bank; Christian Tietze, managing director, Hansainvest Lux; Olivia Tournier-Demal, director, MJ Hudson Management; Véronique Trausch, CEO & co-founder, Findeal Advisers; Herman Troskie, partner & CEO, Stonehage Fleming Corporate Services; Ronnie Vaknin, country head & conducting officer, Jupiter Asset Management International; Marnix Van Den Berge, head of Benelux, Carmignac; Christiaan Van Houtven, non-executive director, IQ EQ; Daniel Van Hove, managing director, Orionis Management; Cedric Verhoeye, conducting officer, Bluebay Funds Management; Jean-Pierre Verlaine, founder, Engelwood; Rosa Villalobos, head of Luxembourg, Macquarie Asset Management; Philippe Vimond, compliance conducting officer, Nuveen Asset Management Europe; Cristina Vinci, executive director, Morgan Stanley; Emmanuel Vivant, managing director, Igneo Infrastructure Partners; Georgios Vlachakis, managing director, Eurobank Fund Management Company; Martin Vogel, CEO, Waystone Management Company; Emmeram Von Braun, founder, Assetmetrix; Eduard Von Kymmel, founder & managing director, ID Linked; Frank Walenta, managing director, Zedra Fund Services; Diane Wolf, board member, ARVE Fund Management; Georges Wolff, director, NN Investment Partners; Julien Wolff, executive manager, 6 Monks; Revel Wood, founding partner, One Group Solutions; Kaj Wouters, managing director, Trident Trust; Louis Wright, CEO, Moventum; Piotr Zaczek, Luxembourg branch director, Q Securities.

Isabelle Goubin BANKING

Isabelle Goubin is an independent director at Société Générale in Luxembourg. Goubin spent 15 years at the Luxembourg Financial Sector Supervisory Commission (CSSF), in charge of regulatory and international affairs, then as deputy head of the Banking Supervision department, before moving to the role of advisor to the CEO. After the CSSF, Goubin moved to the Ministry of Finance, where she was in charge of financial services policy for several years before being appointed director of the treasury by the Luxembourg government, a position she held for five years until 2019.

Jean-Marc Goy FUNDS

GJean-Marc Goy is vice chair of the Luxembourg Institute of Socio-Economic Research (Liser), a member of the CSSF’s Investment Fund Managers Committee, lecturer at the University of Luxembourg and--as of June 2023--chair of the Association of the Luxembourg Fund Industry. All of this comes on top of his day job: conducting officer, senior counsel and board member of Capital Group He got his professional start as a lawyer with Elvinger, Dessoy and De Fierlant in 1996, before joining the CSSF and staying there for some two decades, ending up as head of the international affairs department.

Jean-Baptiste Graftieaux

FINTECH

Before his current post as global CEO of Bitstamp, Jean-Baptiste Graftieaux was CEO for Europe and chief compliance officer at the company. During his first two years at Bitstamp, he obtained regulatory licences for the firm’s EU-based business and operations. He previously served as managing director at eBay Europe, where he led regulatory business operations for payments and spent five years on the boards of several Ebay entities. Previously, he was Paypal’s EMEA chief compliance officer and had posts with Landsbankinn, KPMG and Accenture.

Top cross-border management groups

Total number of jurisdictions Luxembourg-domiciled funds distributed in, by group, as of June 2023.

Franklin Templeton Schroders

BlackRock

HSBC

UBS

Fidelity International

J.P. Morgan

Invesco

Amundi

Allianz

Aberdeen Standard

BNP Paribas

Credit Suisse

AllianceBernstein

Janus Henderson

T. Rowe Price

GAM Investments

Pictet

Goldman Sachs

Wellington Management Co

Morgan Stanley

Capital Group

NN Group

Société Générale

M&G Investments

Jupiter

Deutsche Bank

Orix

BPCE

Ninety One

AXA

MFS Investment Management

Union Bancaire Privée

Prudential

Columbia Threadneedle Investments

Fundsmith

Jill Griffin

FUNDS

Jill Griffin is head of Luxembourg at Columbia Threadneedle Investments, which had €547bn in assets under management as of 31 December 2022. Griffin has over 25 years’ experience in financial services and boasts a resume with posts at global banks Chase Manhattan, Standard Chartered, Northern Trust and Wells Fargo.

Before moving to Columbia Threadneedle Investments in 2023, Griffin spent five years at Allspring Global Investments, where she was general manager and head of international governance. She sits on the board of the not-for-profit Dress for Success.

BlueBay Asset Management

Jones Lang LaSalle

Eurizon Capital

Multiconcept Fund Management

Oaktree

Nordea

Photos Eva Krins, Capital Group, Bitstamp, Columbia Threadneedle

Laurent Hengesch FUNDS

Laurent Hengesch is founding partner at investment company

Ilavska Vuillermoz Capital

Before co-establishing the firm in 2019, he worked as director and head of business development for M.M. Warburg & Co and Carey Group. During his career, Hengesch advised European ultra-high-net-worth individuals, corporations and governments, while working for banks and family offices from Luxembourg and London. In recent years, he has spent time lecturing at universities, as well as advising real estate transactions worth €500m and structured investment funds with a volume of more than €50bn.

Pit Hentgen INSURANCE

Pit Hentgen has been managing director of Compagnie Financière La Luxembourgeoise for more than two decades and has chaired its Lalux insurance unit (co-founded by his grandfather) since 2012. He joined the group in the 1990s, after a stint at bank BGL. Hentgen has held board director roles at firms such as DKV Luxembourg, INOWAI and Liberty Mutual Insurance Europe, not to mention the Luxembourg Central Bank. He was elected chair of the insurance trade group Aca several times. He’s an alumnus of London Business School and Louvain School of Management.

Guy Hoffmann BANKING

Currently chairman of the board, Guy Hoffmann has been a senior executive at Banque Raiffeisen since 2007, after having risen up the ranks of BGL BNP Paribas to reach the bank’s executive committee. He’s previously chaired the Luxembourg Bankers’ Association (ABBL) and has been a long-standing board member of the European Banking Federation, Luxembourg for Finance and Luxembourg employers’ association UEL, and member of the government’s HCPF financial sector advisory council. He’s an alum of Sheffield Hallam University and IMD Business School.

HLuc Holper

CAPITAL MARKETS & INFRASTRUCTURE

Luc Holper is CEO of Six Payment Services Europe, a role he has held since 2016. A trained computer engineer, Holper is also head of sales for financial services for Belgium and Luxembourg. Holper started his career in 1987 with Banque Générale du Luxembourg. He previously worked for Delphi Automotive

Systems as chief information officer and EDS Luxembourg as managing director. In 2004, he joined Cetrel, now Worldline, as head of international business development. A Luxembourg native, Holper has been involved with a number of industry associations in the grand duchy.

Photos Guy Wolff, Nader Ghavami, Mike Zenari, Luc Holper

Term deposits and Money Market Funds: from “hibernation” to the centre stage

Terms such as CNAV (Constant Net Asset Value), VNAV (Variable Net Asset Value) and LVNAV (Low Volatility Net Asset Value) are certainly unfamiliar to most investors.

After a decade of low or even negative interest rates, the recent ECB and FED hiking cycle had the effect of putting back at the front seat of every investor attention an asset class which was, at least for retail clients, disregarded for years: term deposits and money market funds. Allocating cash to liquidity solutions is a simple decision at first sight, but it can quickly become a very complex exercise when all the technicalities are factored in. When looking at the universe of Money Market Funds for example, terms such as CNAV (Constant Net Asset Value), VNAV (Variable Net Asset Value) and the most recent LVNAV (Low Volatility Net Asset Value) are certainly unfamiliar to most investors.

Term deposits as well, although probably perceived as one of the simplest products offered by banks, are an area where it is important to consider in the selection process factors such as interest rate expectations, the shape of the yield curve, the bank’s counterparty risk, the return after cost of alternative solutions and taxation. While it is true that every rational investor should seek to maximise the expected return, also within the portfolio’s liquid assets, it is also true that professional advice should be present in order to make the most informed decision in an area that is in reality much more complex than it seems.

EN SAVOIR PLUS STEFANO TORTI Group Head of Asset Management & Advisory at Banque Havilland banquehavilland.com

Allocating cash to liquidity solutions is a simple decision at first sight, but it can quickly become a very complex exercise when all the technicalities are factored in.

Dirk Holz FUNDS

Managing director and head of fund management at Commerz Real Fund Management Luxembourg since March 2022, Dirk Holz has 20+ years of experience in the real estate, private equity, infrastructure and private debt sectors. Previously he headed product management functions for real assets and private equity at RBC and Société Générale. Holz has a degree from the University of Tübingen in business administration and in real estate portfolio management from EBS Immobilienakademie, and has been a qualified member of the Royal Institution of Chartered Surveyors since 2012.

Arnaud Jacquemin BANKING

This year, Arnaud Jacquemin celebrated 30 years (and an impressive climb up) at Société Générale: in 1993 he started off in corporate and investment banking, holding positions in France and the United States; in 2004, he became the group’s head of financial management; in 2008, its deputy group CFO; in 2015, its deputy group general secretary; and finally, in 2018, he became CEO of Société Générale Luxembourg He is also a board member of both the Luxembourg Bankers’ Association (ABBL) and the Luxembourg Stock Exchange.

Private equity, part 1

Key players in Luxembourg’s private market fund ecosystem.

List continues on page 45.

Sara Airini, CFO, Quadrivio Group; Yves Alexandre, managing director, L-GAM Advisers; Sébastien Alusse, CEO, CA Indosuez; Faycal Ammour, senior partner, Amethis Investment Fund Manager; Christopher Bar, managing director, MPEP Luxembourg Management; Claus Bjerre, senior advisor, KKR; Miroslav Boublik, managing director, Financial Services Capital Partners; Catherine Boule, managing partner, Karista; Marc Boulesteix, managing director, Eurazeo; Pascal Bouvier, managing partner, Middle Game Ventures; Alberic Braas, CEO, ImmoFinRE; Dmitry Chikhachev, cofounder and managing partner, Runa Capital; Thibault Corrion, director, Advent International; Victor Cunha, CEO, Partners Group; Nicholas Curwen, managing director, EQT Luxembourg Fund Management; Benoit De Biolley, managing director, Lone Star Capital Investments; Robert De Corainville, managing partner, 17Capital; Olivier De Gassart, partner, KJK Management; Renaud De Matharel, managing director and CEO, Cube Infrastructure Managers; Claude De Raismes, CEO, Wendel Luxembourg; Sophie Defforey, CEO, Aquasourca; Stephanie Delperdang, director, Sofina Private Equity; Timoteo Di Maulo, CEO, Aperam; Antoine Drean, founding partner, Mantra Management; Peter Dubens, founder and managing partner, Oakley; Alexandru Dumitru, director, HIG Global Holdings; Lukas Eckhardt, director and conducting officer, Golding Capital; Sabrina El Abbadi, head of Luxembourg office, Tikehau; Gregory Fayolle, managing director, Oraxys; Pierre Festal, partner, Orbital Ventures; Bruno Fischer, managing director, Atypical Partner; Laurent Forget, head of fund administration, Trilantic Capital Partners; Estelle Fornallaz, partners, BIP Capital Partners; Pascal Geiter, director, Allianz Capital Partners; Xavier Gerard, managing director, FGB Invest; Claire Gerault, managing director, Blackstone; Klaus Gierling, senior managing director, Capital Dynamics; Bogdan Gogulan, CEO, NewSpace Capital; Olivier Goudet, managing director, JAB Holding Company; Anja Grenner, managing director, Magnum Capital; Raquel Guevara, director, Warburg Pincus; Anne Guidi, director and conducting officer, Carlyle Group; Priscilla Hue, country head, Cedrus Partners; Guillaume Jacqueau, managing partner, Equistone Partners Europe; Fabrice Jeusette, managing director, Apollo Global Management; Boris Kawohl, partner and managing director, 3i Investments; Sean Kelly, country head, Bain Capital; Stanislas Kervyn, conducting officer, Neuberger Berman; Pii Ketvel, CEO, Marcol European Services; Julien Kinic, managing director, IDI Emerging Markets; Martin Krist, managing director, Nordic Capital Management; Alexandre Labignette, CEO, Topsin Investments; Edoardo Lanzavecchia, managing partner, Alpha Private Equity Fund & Management; Gautier Laurent, managing director, Cinven; Pascal Leclerc, board member, Astorg Asset Management; Hervé Leclercq, head of Luxembourg, Sienna Investment Managers; Fanny Letier, cofounder, Geneo Partenaires.

Photos Commerzreal, Société Générale

Luc Frieden CHANGE TIME FOR LËSCHT

Top insurance employers

Total number of employees* working in grand duchy, by group, as of 1 January 2023.

Ulrich Juchem BANKING

Head of fund administration/ products at DZ Privatbank, a unit of a cooperative bank network (many members operating under the Volksbanken and Raiffeisenbanken brands) that collectively is Germany’s second-largest banking group. Ulrich Juchem has been with DZ Privatbank for nearly 25 years (he joined in March 1999). Juchem is vice chair of the Association of the Luxembourg Fund Industry’s board and a member of Alfi’s regulation advisory board. He previously was an auditor at a Big Four firm in Luxembourg. Juchem studied accounting and auditing at the University of Trier.

Alain Kinsch

CAPITAL MARKETS & INFRASTRUCTURE

Alain Kinsch is chair of the Luxembourg Stock Exchange, an independent director and vice president of the State Council of Luxembourg. He is also a member of the High Committee of the Financial Sector (HCPF) and chairs its alternative investment fund working group, serves as co-chair

Jof the private equity committee at the Association of the Luxembourg Fund Industry, and formerly was vice chair of the LPEA trade group. From 2009 to 2020, Kinsch held the positions of country managing partner of EY Luxembourg and EY Europe, Middle East, India & Africa private equity fund leader.

Daniela KlasenMartin FUNDS

Fund industry professionals will know Daniela Klasen-Martin, active in the local fund sector for some 26 years. Credit goes to Schroders for tempting her here in 1997, when she left Paris to become their head of finance. Nine years later, she left the asset manager and held various executive roles before settling into a decade-long stint at Crestbridge, where she was country head and, for the last two years, group head of manco services. She now serves as the CEO of Credit Suisse Fund Management and is a board member at FundsDLT.

Olaf Kordes

FUNDS

Pick a board of directors and there’s a decent chance that Olaf Kordes has sat on it. On the list, past and present, are IM Global Partner, Foyer Group, LPEA, Sogetrel, Evariste, Kestrel Vision, Feu Vert, Metallo Group and ECS Group. This experience comes alongside 20 years working at private equity fund Alpha in France and Germany, which succeeded a three-year tenure at Arthur Andersen. In 2020, Kordes joined investment holding company Luxempart as a managing director, working on developing the group’s investment activities in France.

Private equity, part 2

Key players in PE, real estate, venture capital and other private asset classes. Continuation of list starting on page 42.

Geoffrey Limpach, head of Luxembourg, Apax Partners; Joakim Lindstrom, conducting officer, Triton Partners; Liviu Lisoir, director, Fremman Capital; Gerard Lopez, founder, Genii Capital; Jean-François Lours, CEO, Edify; José Luis Martínez Caamaño, partner, Alaluz Capital, SGIIC; Peter Maenhout, partner and CEO, M80 Partners; John Mansvelt, CFO and conducting officer, Apheon; Christopher Masek, CEO, IK Partners; Liza Masias, founding partner and executive chairman, Boscalt Hospitality; Gaston Matthyssens, managing director, Vesalius Biocapital III Partners; Philippe Meloni, CEO, Lemanik Asset Management; Val Mendeleev, managing partner, Bamboo Finance; Giorgio Mercogliano, managing partner, Equinox; Nicolas Merigo, CEO, Marguerite Adviser; Johanna Michelot, corporate manager, Montagu Luxembourg; Carlo Michienzi, board member, Lio Capital; Andrea Millioni, managing director, Swancap; Francesco Moglia, managing director, NB Renaissance Partners; Gilles Mougenot, CEO, Argos Wityu; Marina Mouravieva, founding partner, Odyssey Impact Investments; Christophe N. Kossmann, manager, Cipio Partners; Delphine Nannan, senior vice president, head of Luxembourg, Oaktree Capital Management; Enrico Neckels, CEO, CIR International; François Pauly, president, Compagnie Financière La Luxembourgeoise; Radek Pawlowski, general counsel, Titanbay; Cédric Pedoni, head of Luxembourg, Permira; Dominique Peninon, chair, Access Capital Partners; Kenneth Pentimonti, manager Europe, Paladin Europe Capital Management; Michael Phillips, investment partner, Castik Capital; Denis Pierre, managing director, CVC Capital Partners; Ben Prade, partner, GP Bullhound; Geoffroi Reboul, director, Oger Investissements; Alexandre Rhea, partner, NAC Partners; David Richy, head of Luxembourg, PAI Partners; Paolo Righetto, managing partner, Aliante; François Rivolier, co-founder, Geneo Partenaires; Nicolas Robin, managing director, Five Arrows Principal Investments; Gregorio Rodriguez, CEO, Corbis Investments; Manuel San Salvador, founder and CEO, Antwort Capital; Dieter Scheiff, managing partner, Ufenau Capital Partners; Claude Seywart, CEO, Encevo; Alessandro Sparaco, principal, Threestones Capital Management; Lorenzo Stanca, managing partner, Mindful Capital Partners; Pierre Stemper, director and head of Luxembourg, BC Partners; Joshua Stone, managing director, EQT Luxembourg Fund Management; Manuel Sussholz, general partner, Sweetwood Ventures; Jaume Tapies, founding partner and CEO, Boscalt Hospitality; Michael Thomas, managing director, Ares; Pierre Thomas, managing partner and co-founder, Weinvest Capital Partners; Alexander Tkachenko, founder and managing partner, 2be.lu Investments SCS; Mark Tluszcz, CEO, Mangrove Capital Partners; Eckhart Vogler, conducting officer, Investindustrial (Bi-Invest); Nicolai Von Den Benken, manager, fund operations, Capman; Georges Zahlen-Karanatsios, manager, Axiomatic; Ruslan Zaidan, director, Creon Capital; Elyn Zhao, partner, Prosnav Capital; Vladimir Zogovikj, CFO, EOS Renewable Infrastructure.

Photos Ulrich Juchem, Luxembourg Stock Exchange, Lala La Photo, Romain Gamba

Riccardo Lamanna BANKING

Since 2021, Riccardo Lamanna has been senior vice president and member of the executive management board of State Street Bank International and branch manager and country head for State Street’s Luxembourg Branch. Lamanna previously was the head of global exchange EMEA and head of global service Italy. Before State Street, he worked at J.P. Morgan in Milan and London, at BNP Paribas in Paris, as head of operations at Banca IMI and as head of transaction services at Intesa Sanpaolo. He studied business administration at the Università Cattolica in Milan. In his free time, he enjoys road cycling.

Lascari BANKING

Marc Lauer INSURANCE

Corinne Lamesch FUNDS

Corinne Lamesch is the Luxembourg country head of Fidelity International and has over 20 years of experience in the Luxembourg fund industry. She chaired the Association of the Luxembourg Fund Industry from 2019 to 2023 and remains a member of its board of directors. Lamesch previously worked as a fund lawyer for Clifford Chance and Allen & Overy, and holds degrees from Strasbourg and New York universities. She is a member of the bar in both Luxembourg and New York. She enjoys skiing, golfing, cycling and visiting contemporary art museums.

CEO and managing director for EFG Bank (Luxembourg) since January 2019, Lena Lascari has been member of the executive committee of EFG in the grand duchy since 2014 and is in charge of the development of private banking for ultra-highnet-worth clients. She previously served as country CEO for the Greek subsidiaries of Crédit Commercial de France, head of wealth management for HSBC in Athens, and executive director and managing director at Eurobank Private Bank (Luxembourg), where she was notably responsible for the development and expansion of the private banking business.

He began his career in 1989 at the Supervisory Authority for the Insurance Sector (CAA), where he quickly ascended to its executive committee. In 2004, Marc Lauer transitioned to the Foyer Group, serving as COO for a decade before being appointed CEO. He’s a board member of the Luxembourg Financial Industry Federation (Profil), Luxembourg Insurance and Reinsurance Association (Aca), Luxembourg Stock Exchange and Luxembourg employers association UEL. Lauer’s a graduate of the Free University of Brussels and executive programmes at Stanford and London Business School.

Lena

Photos Matic Zorman, Fidelity International, Guy Wolff

How technology is reshaping the financial landscape

HSBC Luxembourg CEO Emanuele Vignoli discusses how finance is embracing new technology and highlights the bank’s role in pioneering digital innovations in Luxembourg.

The unprecedented pace at which technology is evolving is transforming the financial ecosystem. Banks, employees and clients are all being impacted by a digital acceleration in areas such as cloud technology, artificial intelligence, quantum computing, and digital assets. “New technology is having a significant impact on how clients are interacting with us, opening many new areas for growth,” says HSBC Luxembourg CEO Emanuele Vignoli. “Financial institutions need to stay at the cutting edge of the technology curve,” says Vignoli. “Banks should play a key role in the design, testing and de-risking of new technology, ensuring they can provide the best customer experience while mitigating risk.”

HSBC itself is digitising at scale. This year the bank chose Luxembourg as the pilot for its innovative Orion tokenisation platform, which leverages blockchain technology as a ‘single source of truth’, whereby asset and settlement tokens sit natively and securely on the platform’s ledger. This complements HSBC’s best-in-class custody and asset services and resulted in the successful launch, earlier this year, of the EIB’s first digital bond in pound sterling, which is held on the Orion platform.

“Luxembourg was the perfect place to launch, with an advanced regulatory environment for the digital space, mixed with HSBC’s strong knowledge and presence on the ground,” says Vignoli. “It’s an extremely exciting time,” he continues, “by combining the scale and stability of HSBC with the mindset of a tech startup, we are able to nurture new ideas, drive innovation and transform the future of banking.”

Emanuele Vignoli, CEO of HSBC Luxembourg

Loïc Le Foll INSURANCE

With a career spanning insurance and wealth management, Loïc Le Foll has been CEO of La Mondiale Europartner, the Luxembourg subsidiary of the French group AG2R La Mondiale, since 2018. He previously was executive director, deputy CEO and head private clients Luxembourg for Swiss Life Global Solutions, and head of private wealth solutions at Lombard International Assurance. He’s an alumnus of London Business School, where he earned his MBA, and Euria, where he qualified as an actuary. Outside of the office, Le Foll enjoys sport and “food and good wine with friends.”

Aude Lemogne FUNDS

On the eve of the millennium--or at least the year leading up to it--Aude Lemogne was in New York working as a proprietary trader for Crédit Lyonnais. Next came London, where the Luxembourger set up the European risk arbitrage desk for Millennium Partners before taking up a post with ICAP. In 2009, back in the grand duchy, she founded art wealth management firm Link Management, which notably launched an artbacked securitisation fund in 2017 together with banking group Reyl & Cie. Lemogne currently sits on the boards of AXA Wealth Europe, Ruffer Sicav and Private Equity International.

Who’s who in the life insurance segment.

Rose-Marie Arcanger, CEO, Scottish Widows Europe; Yves Biewer, CEO, Raiffeisen Vie; Nicolas Demarest, director, Lombard International Assurance; Alexandre Draznieks, CEO, Cardif Lux Vie; Ludovic Dulauroy, director, AFI ESCA; Jean Elia, CEO, Sogelife; Elio Fratini, COO, The OneLife; Maryline Hacquard, head of department, Integrale; Claudia Halmes-Coumont, director, LaLux Vie; Nicolas Jolif, CEO, Swiss Life Products; Paul Lecoublet, CEO, Generali Luxembourg; Christophe Leroy, CEO, International Crédit Mutuel Life; Nicolas Limbourg, CEO, Vitis Life; Frédéric Lipka, managing director of BPCE Life and Natixis Life; Uwe Meiers, CIO, FWU Life Insurance; Xavier Nevez, managing director, Zurich Eurolife; Luc Rasschaert, CEO, Wealins; Norbert Rollinger, chairman, R+V Lebensversicherung; Eve Roux, director general, CNP Luxembourg; Olivier SchmidtBerteau, CEO, Monument Assurance; Rainer Schu, managing director, Ergo Life; Guy Van Den Bosch, CEO, Cali; Sebastian Wemhöner, branch manager, Iptiq Life; Eric Winter, CEO, Allianz Insurance Life.

The success of your investments depends on market performances as well as on compliance with everchanging legal and tax regulations. Whatever your business goals and no matter how complex your transactions are, our unique-to-market combination of specialised legal, regulatory and tax intelligence will find the best solution for you. Let’s talk about alternatives.

Non-life and reinsurance

Some of the names to know in the property & casualty, maritime, reinsurance and other non-life insurance segments.

Nasier Ahmad Nasir, CEO, Friday Insurance; Ivo Bauwens, managing director, KBC Group RE; Ludovic Bayard, CEO, Assicurazioni Generali; Pascal Bertin, director, Surassur; Valérie Blanck, director, LuLux RE; Martial De Calbiac, general representative, Lloyds Insurance Company; Igor Del Puppo, COO, CattRe; Christopher Dempsey, senior vice president, FM Insurance Europe; Dominique Depondt, CEO, CNA Insurance Company; Fernando Diaz, CEO, Europ Assistance; Robert Dietrich, CEO, Hiscox; Julie Dubuisson, general manager, Convex Europe; Eric Evian, chair and CEO, CGPA Europe; Michael Feifel, CEO, Stonefort Reinsurance; Danilo Giuliani, director, Sphinx Assurances Luxembourg; Fernand Grulms, chairman, Liberty Mutual Insurance Europe; Ella Hagel, director, The Britannia Steam Ship Insurance Association Europe; Vanesa Herrero, CEO, Tokio Marine Europe; Pascal Herrmann, director, Spandilux and general manager, The Shipowners Mutual Protection and Indemnity Association Luxembourg; Carl Hess, CEO, Willis Towers Watson; Jonathan Hewitt, CEO, Transre Europe; Andre Janmart, senior project manager, Monceau Euro Risk; Simon Keith, general manager, USAA; Olivier Le Bescond, general manager, The West of England Shipowners Mutual Insurance Associations; Thomas Lillelund, CEO, AIG Europe; Amandine Motte, CEO, Barents Re; Thomas Nairz, branch manager, Iptiq EMEA P&C; Lynn O’Leary, CEO, RSA Luxembourg; Stefan Pelger, CEO, DKV; Cornelia Roeskau, CEO, SI Insurance Europe; Bernard Schacht, COO, Ergo Insurance; Andras Sellyei, CFO, Colonnade Insurance; Alain Siegrist, managing director, Camca Assurance and Camca Reassurance; Muriel Sosnowski, deputy general manager, Cowen Reinsurance; Sophie Vandeven, managing director, Aon Insurance; Alvaro Villamor Garcia, general manager, Colombe and Lau Re; Olivier Waxweiler, manager, Stadhold Insurances Luxembourg; Claude Weber, managing director, Marsh; Michael Werner Dehm, director, Stonefort Insurance; Eric Winter, CEO, Allianz Insurance; Paul Wollny, CEO, Greenstars BNP Paribas.

Marcel Leyers BANKING

The CEO of Banque Internationale à Luxembourg since May 2019, Marcel Leyers currently presides over the banking group’s management committee. He joined BIL’s board of directors in 2019 and reportedly is in line to take on the chairman’s role in the next few years. Having been with the bank since 1983, he has held numerous management roles. This includes head of corporate and institutional banking business, head of corporate banking, and head of small and medium businesses & public institutions. Leyers has a management diploma from the University of Luxembourg. He enjoys hunting.

Maria Löwenbrück FUNDS

She’s worked in the grand duchy’s financial sector for more than 25 years. Maria Löwenbrück is a member of the executive board at Union Investment Luxembourg (part of Germany’s second-largest banking group). She’s former vice chair and currently a board member at the Association of the Luxembourg Fund Industry and chairs its Frankfurt roadshow working group. Löwenbrück is also a Luxflag board member, and a member of the board and management of several investment vehicles in private equity, infrastructure, real estate, renewable energy and agroforestry.

Photos Mike Zenari, Matic Zorman, Romain Gamba

Claus Mansfeldt FUNDS

Chair of SwanCap Investment Management, a private equity shop, and the Luxembourg Private Equity and Venture Capital Association (LPEA). Charming, eloquent and dapper, Claus Mansfeldt is an excellent spokesman and advocate for the private market fund sector, which is an increasingly important part of Luxembourg’s financial spectrum. Of his LPEA role, Mansfeldt says that he is “helping to position the PE industry for growth and inclusion of more participants” in Luxembourg and internationally. He previously held posts at UniCredit, Commerzbank and Nomura.

Nadia Manzari FINTECH

People often exaggerate on their Linkedin profile, but in Nadia Manzari’s case she’s understating things: “I contributed and assisted to the development of the payment and fintech ecosystem in Luxembourg.” If anyone has helped moved adoption of blockchain technology and

crypto-assets forward in the grand duchy, it’s Manzari. She founded her own firm, Manzari Legal, in June 2023, after five years as a partner at Schiltz & Schiltz. Previously, she spent 17 years at Luxembourg’s financial regulator (CSSF), latterly as the head of the department in charge of fintech.

Financial industry added value, in €bn

Growth in added value to Luxembourg’s economy has tracked growth in employment, rising by an average of +5.2% annually between 2011 and 2021. Fund activities (non-banking) Insurance Banking (including fund-related) Audit, consulting & legal

Why entrepreneurs invest in Private Equity?

This fast-growing asset class offers a different approach to investment, where value creation is the watchword and the impact on the real economy is paramount.

First, it’s important to note that most companies worldwide aren’t publicly traded. This presents abundant investment opportunities and value creation potential in the private sector. A Private Equity (PE) fund takes a long-term approach, typically holding an asset for 5+ years before selling. This allows acquired companies ample time to refine strategy, operational and financial efficiency, and generate shareholder value.

PE funds cover a company’s entire life cycle, and their managers are seen as active partners whose expertise and resources contribute to business growth.

PE’s illiquidity offers two benefits to investors: an illiquidity premium (if underlying assets perform well) and no rush to exit the fund. This stability reduces price volatility, providing diversification from public markets and optimizing the risk-to-reward ratio.

When investing in a traditional PE fund, capital is called as investments are made, offering multiple entry and exit points, resulting in a natural smoothing of the fund’s life cycle. Entrepreneurs, as stewards of their personal wealth, appreciate PE because they understand the challenges faced by asset managers and fund managers. They share common operational, financial, and strategic challenges in business development.

Entrepreneurs are naturally inclined to invest in PE because they have a deeper understanding of key PE strategy elements, the business life cycle, associated risks, and financing needs.

Investing in the financial markets may expose you to the risk of capital loss as well as market, interest rate, credit and liquidity risks. Past performance is no guarantee of future performance.

Cédric Weisse, Head of Individuals

Rajaa Mekouar FUNDS

Simone Marcucci BANKING

Simone Marcucci was named CEO of Unicredit International Luxembourg in April 2023, after an impressive international career at Unicredit Group (the world’s 38th largest bank) that has seen him working in various capacities--including serving as CFO and sitting on management and supervisory boards--at Unicredit’s Italian, German, Austrian, Croatian, Czech and Slovak subsidiaries. Marcucci started working for Unicredit more than two decades ago, after a short stint at Banca Intesa between 1999 and 2001. Marcucci holds an MBA from SDA Bocconi and a degree from Università Statale Milano.

Laurent Marochini BANKING

Laurent Marochini is head of innovation at Société Générale Securities Services in Luxembourg and blockchain leader for the Société Générale Group. He cochairs of the Association of the Luxembourg Fund Industry’s working group on blockchain and cryptocurrencies, as well as a

member of the digital forum fintech executive committee. Marochini also holds the post of president of the blockchain & crypto task force at the Luxembourg House of Financial Technology and chair of the Luxembourg Bankers’ Association’s (ABBL) Fintech & Innovation Forum’s executive board.

MShe’s got 25 years of experience in private market investments. Rajaa Mekouar is founder, managing partner and CEO at the co-investment and advisory firm Calista Direct Investors She is a non-executive director of several regulated private equity vehicles. Mekouar previously served as CEO of the Luxembourg Private Equity & Venture Capital Association, and her GP roles include positions at Draper Fisher Jurvetson, Lazard European Private Equity Partners and Change Capital Partners in London. She also mentors young women in their professional careers and is a classical music lover and amateur pianist.

Patrick Mischo PROFESSIONAL SERVICES

Patrick Mischo is senior partner at Allen & Overy in Luxembourg. He’s been with the firm since 2000. With over two decades of legal experience, Mischo is known for his expertise in private equity transactions, international real estate investments, investment fund structuring and securitisations. Clients have told the Legal 500 that he “makes complicated topics sound understandable” to them. An alumnus of King’s College London, he actively contributes to industry associations like Alfi, EVCA and LPEA. Notably, he is a founding member and ex-president of Young IFA Luxembourg.

Photos Unicredit, Société Générale, Calista Direct Investors

Anne-Sophie Morvan FINTECH

Anne-Sophie Morvan is chief commercial officer of open banking at open finance platform Luxhub. For Morvan, the EU’s new Financial Data Access (Fida) framework, which aims to lead to more innovative financial products and simulate competition in the sector, is “a real revolution.” She’s also a member of the European Commission’s expert group on European financial data space. Previously, Morvan served as head of business & legal affairs and business development manager at Luxhub and worked as a senior associate at NautaDutilh. She’s a member of the bar in Luxembourg and Paris.

François Mousel PROFESSIONAL SERVICES

Some 3,300 employees work for the second-biggest employer in Luxembourg’s financial sector, and chief (literally) among them is François Mousel, managing partner of PwC. Getting his start with the Big Four firm in 2005 as an auditor, Mousel left for a three-year stint as a senior advisor at Luxembourg’s financial regulator, the CSSF, before returning in 2013 and making partner two years later. He is a qualified chartered accountant and company auditor, and since June 2023 has served on the board of directors at the Luxembourg Institute of Directors (ILA).

Top professional services employers

Photos D Gaul, Romain Gamba

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Advisory & services

Select leaders in consulting and professional services firms in Luxembourg, including audit, tax and strategy.

Paul Arbab, country head, Tata Consultancy Services; Stéphane Assemat, partner, Sionic; Thomas Baudesson, managing partner, Axon Advisory & Consulting; Pierre Bauwens, director, Alpha Financial Markets Consulting; Wim Boeykens, country general manager, Unisys Consulting; Sébastien Bonnet, CEO, Square Management; Fatah Boudjelida, managing partner, Atoz; Bruno Campana, senior managing director, FTI Consulting; Antoine Capone, CEO, Alpha Omega; Olivier Carré, deputy managing partner, PWC; Alexandre Castiaing, managing partner, Axon Advisory & Consulting; Daniel Croisé, managing partner, BDO; Stijn De Beuckelaer, managing director, Belgium and Luxembourg, SAP Consulting; Caroline De Grandmaison, president, France and Luxembourg, CGI; Stéphanie Deltenre, managing director, Forethix; Geoffrey Dezoppy, managing director, Avaloq Luxembourg; Francois Fontan, managing partner, Finegan; Gwenaël Gavray, partner, Avantage Reply; Edward Glyn, managing director, Calastone; Laurent Heiliger, managing partner, RSM Financial Services Luxembourg; Philippe Heisbourg, partner, BHB & Partners; Arnd Heßeler, executive manager, Zeb Rolfes Schierenbeck Associates; Muhammad Hossen, managing partner, Mazars; Peter Kleingarn, managing partner, AIQU Tax; Lucien Komes, manager, IF Payroll & HR; Joerg Kruetten, senior partner, Simon Kucher & Partners; Jean-Claude Lucius, managing partner, Bakertilly Luxembourg Advisory; Luc Maquil, managing partner, Maqit; Paul Massart, country manager, Vermeg Luxembourg; Sandro Menei, director, Invoke Luxembourg; Uwe Mergard, country head, Eraneos; Carole Miltgen, CEO, Prisma; Laurent Muller, managing partner, Muller & Associés; Axelle Paquer, regional leader, BearingPoint; Joël Poilvache, regional managing director, Robert Half International; Thierry Remacle, managing partner, Grant Thornton; Frédéric Robin, CEO and country lead, Sogeti Luxembourg; Thomas Rocafull, partner, Sia Partners; Daniel Schneider, partner, Tenzing Partners; Marijke Schroos, general manager, Microsoft; Michel Van Hoey, senior partner, McKinsey & Company; Martin Wolfram, country managing director, Accenture; Alessandro Zambone, managing partner, Wavestone Luxembourg.

Raoul Mulheims FINTECH

Co-founder and CEO of Finologee. An ambitious entrepreneur from a young age, in 1996 Raoul Mulheims launched Luxusbuerg, Luxembourg’s native social media network, before co-founding digital agency Nvision in 1999. Later he became the general manager of a spin-off named Mpulse and CEO of Digicash Payments, which was acquired by Payconiq in 2017. Mulheims then co-founded Finologee, a service provider for know your customer, payments, regulatory and compliance in the financial industry. Today, Finologee serves more than 100 banks and institutions in Luxembourg.

Claude Niedner PROFESSIONAL SERVICES

MWhen Delano journalists have a doggedly technical or philosophical question about private market funds, they’ve got into the habit of calling Claude Niedner, partner in the investment management practice and co-chair of Arendt & Medernach. He always provides a clear and authoritative view (hopefully he’s not too annoyed with our raft of ‘stupid questions’). Niedner chairs the Association of the Luxembourg Fund Industry’s alternative investments committee, sits on the financial regulator CSSF’s investment fund advisory committee and is a regular speaker at international conferences.

Marie Niemczyk FUNDS

Marie Niemczyk is the head of ESG client portfolio management at asset manager Candriam. Her role involves bringing the firm’s ESG expertise and sustainable solutions to investors. Niemczyk joined Candriam in 2018 and served as the head of insurance relations. Her previous positions include strategy & development director at Axa Investment Managers, several roles with Fidelity in London, Frankfurt and Paris, as an economist with EY in London and as a research associate with the Advisory Board Company in Washington. She studied at the London School of Economics and Swarthmore College.

Yves Nosbusch

BANKING

Chief economist and member of the executive committee of BGL BNP Paribas, having worked for the bank since 2012. Previously, Yves Nosbusch was a full-time member of the finance faculty at the London School of Economics, with his academic research focusing on public debt, sovereign risk

and pension systems. He started his career as derivatives trader with J.P. Morgan. Former president of the National Council of Public Finance and Luxembourg Central Bank board member, he holds a PhD from Harvard University, and a master’s and a bachelor’s from the London School of Economics.

Law firms

Just a few of the many notable leaders at law offices in Luxembourg.

Guy Arendt, senior partner, Bonn & Schmitt; Philip Basler-Gretić, principal, Charles Russell Speechlys; Bernard Beerens, executive partner, Stibbe; Stéphane Braun, managing partner, Norton Rose Fulbright; François Brouxel, senior partner, Brouxel & Rabia; Guy Castegnaro, managing partner, Castegnaro; Rémi Chevalier, founding partner, Chevalier & Sciales; Louis-Maël Cogis, country head, Simmons & Simmons; Raphaël Collin, founding partner, CM Law; Pierre de Backer, principal, Deynecourt; Mario Di Stefano, managing partner, DSM Avocats à la Cour; Christopher Dortschy, partner, Debevoise & Plimpton; Michèle Eisenhuth, co-chair, Arendt & Medernach; Bernard Felten, partner, Felten Assa & Associés; Frédéric Feyten, managing partner, CMS; Jean-François Findling, managing partner, Baker McKenzie; Frédéric Franckx, managing partner, Loyens & Loeff; Bertrand Géradin, practice partner, Ogier; Martine Gerber-Lemaire, managing partner, Dentons; Cees-Frans Greeven, managing partner, Buren; Aldric Grosjean, partner, LexField; Thomas Held, partner, Dlaw; Natalia Hernandez, partner, Ganado; Manou Hoss, managing partner, Elvinger Hoss Prussen; Nicki Kayser, managing partner, Linklaters; Marc Kleyr, managing partner, Kleyr Grasso; François Lerusse, partner, Dlaw; Vincent Linari-Pierron, managing partner, Linari Law Firm; Pierre-Yves Magerotte, partner, LexField; Max Mailliet, founding partner, E2M; Marc Meyers, managing partner, Loyens & Loeff; Michel Molitor, managing partner, Molitor Avocats à la Cour; Jose Pascual, managing partner, Eversheds Sutherland; Marcus Peter, partner, GSK Stockmann; Denis Philippe, managing senior partner, Philippe & Partners; Gilles Plottké, managing partner, Plottké & Associates; Catherine Pogorzelski, managing partner DLA Piper; Samia Rabia, senior partner, Brouxel & Rabia; Erwin Rademakers, managing partner, AKD; Pierre Reuter, office managing partner, Hogan Lovells; Alex Schmitt, senior partner, Bonn & Schmitt; Torsten Schmitt, partner, TS&P; Olivier Sciales, founding partner, Chevalier & Sciales; Marc Seimetz, partner, Dechert; Eric Sublon, managing partner, Luther; Johan Terblanche, managing partner, Maples and Calder; Nicolas Thieltgen, managing partner, Brucher Thieltgen & Partners; Denis Van den Bulke, managing partner, Vandenbulke; Véronique Wauthier, partner, Tabery & Wauthier; Josée Weydert, managing partner, NautaDutilh.

Photos Guy Wolff, Matic Zorman, Candriam, Anthoney Dehez

Mario Pirola BANKING

Mario Pirola has been CEO of Bank

Pictet & Cie (Europe) Luxembourg branch since June 2023. When he joined Pictet in 2020, he held the position of chief risk officer. Pirola previously worked for J.P. Morgan in Milan, New York, London and Luxembourg from 1994 to 2019, serving at various times as chief

Keith O’Donnell PROFESSIONAL SERVICES

He’s vocal about multinational corporate tax regulation and realistic about where the political winds blow. Keith O’Donnell is a founding partner and managing partner of Atoz Tax Advisers

He is also chair of the Association of the Luxembourg Fund Industry’s tax commission, vice chair of DigitalEurope’s tax committee and chairman of the Luxembourg chapter of the International Fiscal Association. O’Donnell is actively involved in tax international bodies such as the OECD’s Treaty Relief and Compliance Enhancement group and a board member and real estate head of the Taxand network.

John Penning FUNDS

What do Foyer Finance, Luxaviation, Atenor, Assmann and MTWH have in common?

They have all had John Penning, currently one of two managing directors at Luxempart, as a director. The investment expert also co-founded Saphir Capital Partners, a corporate finance and PE consultancy firm, in 2009, following his career start at DnP Sports Communication and Deloitte. He joined the executive committee at Luxempart, a venture capital company, in 2017, and assumed the role of managing director in 2020. He also serves on the board of the trade group LPEA.

PFrancesca Prym Gigli FUNDS

risk officer and chief administrative officer of J.P. Morgan Bank in Luxembourg, manager of continental European operations at J.P. Morgan Asset Management, and holding several investment banking roles. He studied at the Università Cattolica del Sacro Cuore, in Milan, and enjoys playing tennis.

Francesca Prym Gigli is CEO and board member at UBS Fund Management Luxembourg and head of the firm’s Mancos Europe unit. Prym Gigli is known for her expertise in compliance, risk management and leadership. She formerly was managing director at SMBC Nikko Investment Fund Management and conducting officer and head of risk at MDO Services. She is a vice chair of the Association of the Luxembourg Fund Industry (Alfi). An alumna of Università degli Studi di Firenze and Reims Management School, she takes a resolutely sensible, but also very technical, approach to her work.

Photos Guy Wolff, Luxempart, Pictet, Romain Gamba

A few of the most influential figures in Luxembourg’s payments, e-money and financial infrastructure segments.

Charles-Edouard Baroni, managing director, Mangopay; Carlo Biondi, executive director, Monex; Marc Blumberg, managing director, Unzer Luxembourg; Marco Caligaris, CEO, LuxCSD; Szandra Csadi, CFO, Belmoney; Alberto Dalmasso, CEO, Satispay; Marc Elie Caspar, general manager, France and Benelux, Convera Europe; Gosta Feige, general manager, Euroclear; Benjamin Fossaert, head of finance, Paypal; Kilian Füg, CEO, Sogexia; Jens Hachmeister, chair, Clearstream Banking; Stefan Intemann, chair, Snapswap International; Ahmed Karim El Kenzi, country head, Ebury; Birgit Kaiser, head of legal, authorised manager, PPRO Payment Services; Paul Kazymirov, manager, Joompay; Denis Kiselev, CEO, Snapswap International; Nicholas Maton, managing director, Alpha FX; Claude Meurisse, CEO, Luxhub; Ami Nagata, CEO, Bitflyer Europe; Corentin Orsini, co-founder, Supercapital; Michael Pechner, managing director, Ebay; Bruno Pedras, CEO, Belmoney; Franck Rouayroux, director, Olky Payment Service Provider; Linda Stein, executive director, Dock Financial; Ajinkya Tulpule, general counsel, Bitflyer Europe; Guido Vermeent, CEO, Payconiq; Alexandra Wagner, CEO and COO, Iban-X; Stefan Yee, founder and CEO, UnifiedPost Payments Luxembourg Branch; Chunhe Zhang, managing director, Pingpong.

John Psaila PROFESSIONAL SERVICES

On John Psaila’s LinkedIn page, under “Experience”, he has put only one entry: Deloitte. But it goes back 27 years, from starting as an audit junior in 1995 in his native Malta, to moving in 2001 to the Luxembourg member firm and becoming a director, to making partner in 2008--still and always in the Audit and Assurance

department--to taking over as managing partner and CEO in 2018, the job he still holds. Psaila is a fellow of the UK Association of Chartered Certified Accountants, an authorised statutory auditor in Luxembourg and a member of the Luxembourg Institute of Internal Auditors.

Kavitha Ramachandran

She is an engaging speaker at industry events, especially when it comes to alternative funds and the institutional funds business. Kavitha Ramachandran is head of client relationship management for Luxembourg and Northern Europe at Apex Group She spent more than 20 years at Maitland (recently acquired by Apex), where her previous position was head of business development & client management for Continental Europe. She is a qualified accountant. Ramachandran also plays cricket and hosts Raagamalika, a weekly Indian classical music programme on Radio Ara.

Pit Reckinger

PROFESSIONAL SERVICES

Pit Reckinger has been a partner at Elvinger, Hoss Prussen since 1994, and was named president of the Luxembourg Bar Association in 2022. Reckinger advises on market transactions and compliance matters, and is known for expertise in banking secrecy and money laundering. He is also active with the European Society for Banking and Financial Law (AEDBF) and Securities Law Committee of the International Bar Association, lectures at the University of Luxembourg and serves as chair of the André Losch Foundation. Reckinger graduated from the University of Paris I: Panthéon-Sorbonne.

Philippe Renard BANKING

CEO of Caceis Investor Services Bank since June 2023, after more than 17 years at RBC, where he chaired the RBC Investor Services Bank executive committee and the continental Europe & offshore operating committee, as well as being a member of the board of directors of RBC Investor Services Bank and of the operating committee of RBC Investor Services. Philippe Renard has been working in the business world for 25 years and previously acquired professional experience as production manager in the manufacturing industry before switching to the banking sector in 2000. He enjoys running.

European private market fund inflows

Aggregate fundraising for private equity, real estate, infrastructure and private debt funds. Number of funds Aggregate capital raised, $bn Average size, $m

Photos

Romain Gamba, archives, Eva Krins

Philippe Ringard

FUNDS

Philippe Ringard is CEO of J.P. Morgan Asset Management Luxembourg and the J.P. Morgan senior country officer for Luxembourg. Ringard has held several pivotal roles during his 19+ years at J.P. Morgan, ascending from product team leader to conducting officer to deputy CEO, before assuming his current leadership position. He sits on the board of directors at the Association of the Luxembourg Fund Industry and co-chairs its swing pricing and anti-dilution committee. He previously held audit positions at EY and Arthur Andersen, and studied at the University of Warwick and Paris School of Business.

Top Luxembourg fund service providers

As of 31 December 2021

Net assets, €bn Number of sub-funds

ADMINISTRATORS

State Street

J.P. Morgan

BNY Mellon

Caceis

CUSTODIANS/DEPOSITARIES

State Street

J.P. Morgan

Brown Brothers Harriman

BNP Paribas

Alain Rodermann

FUNDS

From an internship as a software engineer with an aerospace company in 1988 to becoming a partner at venture capital firm Sofinnova in 1999, to starting his own venture investments vehicle in 2009 in the form of Arenatis Capital, to co-founding Expon Capital--a leading Luxembourg VC firm that invests in startups that use technology to “make people more free” and where he seeks to help disrupt legacy markets--in 2015, Alain Rodermann is a household name for entrepreneurs and VCs in the grand duchy and beyond.

ISDS/State Street

RBC Investor Services

Caceis

J.P. Morgan

TRANSFER AGENTS AUDITORS

PwC

KPMG

EY

Deloitte

LEGAL ADVISERS

Arendt & Medernach

Elvinger Hoss Prussen

Linklaters

Allen & Overy

PROMOTERS/INITIATORS

J.P. Morgan

Amundi

BlackRock

DWS

Source Monterey Insight

Photos

ALFI, Mike Zenari

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Luc Rodesch BANKING

Luc Rodesch has been a member of the executive committee of Banque de Luxembourg and head of the private banking department for all markets since 2005. He chaired the Private Banking Group Luxembourg, part of the Luxembourg Bankers’ Association (ABBL), between 2010 and 2015. He joined Banque Générale du Luxembourg in 1990 as a financial analyst and was appointed director of private banking at Banque Générale du Luxembourg in 2000. Rodesch, a native Luxembourger, holds a degree in applied economics from the University of Louvain.

Frank Rueckbrodt BANKING

CEO, chief country officer and chairman of the management board at Deutsche Bank Luxembourg. Frank Rueckbrodt has over two decades in the financial industry in leadership and supervisory roles with Deutsche Bank Group. He is also a member of the supervisory board of DWS Investment and a member of the board of directors of Deutsche Bank in Spain. A trained banker, Rueckbrodt is chairman of the executive council of the Luxembourg Bankers’ Association (ABBL) Corporate & Institutional Banking cluster and, since April 2022, a member of the board of directors at the ABBL.

Enrique Sacau FUNDS

From Spain to the UK to Luxembourg Xchanging to FNZ to Equiniti to Kneip Enrique Sacau has had a wealth of experience, all of it built on top of a PhD from the University of Oxford that analyses the political role of avant­garde music in Cold War Spain (nobody expected that, didn’t they?).

Since 2020, Sacau has been the CEO of Kneip, a data provider for the asset management industry. Since April 2023, he has also been a member of the board of directors at smart analytics firm Next Gate Tech. Sacau is known as a strong advocate for diversity and inclusion in the workplace.

Salvatore Sberna FUNDS

Salvatore Sberna has been head of alternative investments and conducting officer at Azimut Investments since August 2022. Earlier he was a portfolio manager for private market funds. He has been on the investment committee of investment company LIFTT since February 2022. His previous roles include conducting officer at Mindful Capital Partners, senior advisor at KPMG Luxembourg and external advisor at the European Central Bank. Sberna also held positions at State Street and Clearstream. He attended the Frankfurt School of Finance & Management and the Università Bocconi, in Milan.

Photos Mike Zenari, Deutsche Bank, Romain Gamba, Azimut

A selection of Luxembourg financial technology movers and shakers.

Pascal Aerens, chief product officer and co-founder, Neterium; Fabrice Aresu, CEO, Luxtrust; Coralie Billmann, chief conducting officer, COO Europe, 3S Money; Georges Bock, CEO and founder, Moniflo; Rob Boerman, chief technology officer and cofounder of Governance.com; Thibaut Britz, founder, Sedai; Nicolas Buck, CEO and founder, Avanterra; Tobias Degünther, CEO and co-founder, Fundvis; Luc Falempin, CEO and founder, Tokeny; Mark Gillies, CEO, Finsoft; Lee Godfrey, CEO, Kurtosys; Maria Iborra, CEO and co-founder, Ibisa; Julien Jenoudet, CEO and founder, Boardigo; Petra Krizan, managing director, Blockhouse Technology; Roberto Machado, general manager EMEA, Cybavo; Gael Minon, CEO, Birdee; Frédéric Moioli, managing director, Lingua Custodia; Benoit Moulin, co-founder, Domos FS; Pierre Nemeth, CEO and cofounder, Sopiad; Miguel Oliveira Graça, founder, Bankerlinks; Samuele Pinta, CFO and founder, Satispay; Olivier Portenseigne, CEO, FundsDLT; Vesa Renfors, CFO and cofounder, Apollonian; Marzio Schena, CEO and cofounder, Anote Music; Tobias Seidl, co-founder and product lead, Stokr; Guido Stroemer, CEO and cofounder, HQLA-X; Matthias Van Den Eede, founder, Beewise; Guido Vermeent, CEO, Payconiq; Florian Waizenegger, group CFO, NowCM; Maciej Waloszyk, managing partner, Cascade; Grégoire Yakan, CEO and founder, Koosmik.

Jean-Louis Schiltz PROFESSIONAL SERVICES

Jean-Louis Schiltz is senior partner at Schiltz & Schiltz, particularly well known as a specialist in fintech, as well as in regulatory and compliance matters, including white-collar crime. He chairs the board of directors at CLT-Ufa (part of the RTL Group) and is vice chair of industry trade association Fedil. He was a cabinet minister from 2004 to 2009, holding the communications, cooperation and humanitarian affairs, and defence portfolios. In addition to his legal practice, Schiltz holds an honorary professorship at the University of Luxembourg. He is an alumnus of the University of Paris I Panthéon-Sorbonne.

Thorsten Schmidt BANKING

SDeputy CEO and member of the board of directors at Nord/LB Luxembourg SA Covered Bond Bank. Thorsten Schmidt gained responsibilities in the bank’s financial markets and loan businesses before being named a member of the management board. In his current role, he oversees activities related to financial markets, loans and fixed income relationship management Europe, as well as IT and human resources and organisation. He started his career at Norddeutsche Landesbank Girozentrale, the German banking group’s HQ in Hanover, in 1983, before heading to Luxembourg in 1987.

Denise Voss, Luxflag

Hans-Jürgen Schmitz FUNDS

“VC is the necessary ingredient of fuel to create tools that people in their everyday life will use and come to appreciate,” said Hans-Jürgen Schmitz, in an interview with Delano in 2023. His career has indeed been devoted to that particular ingredient, with more than two decades’ experience as the managing partner of Mangrove Capital Partners, which has invested in the likes of Skype and Wix. Schmitz was chair of the Luxembourg Private Equity and Venture Capital Association (LPEA) from 2010 to 2014, and got his first decade of experience at Arthur Andersen, where he started in 1990.

Philippe Seyll FUNDS

Philippe Seyll is chair and CEO of Clearstream Fund Centre, and chair of the board of directors of Kneip. He is also a member of the board of directors of the Luxembourg Bankers’ Association (ABBL), representing the digital banking and fintech innovations cluster, and member of the board

of directors of FundsDLT. Seyll previously served as CEO of Clearstream Banking and head of investment fund services and global securities financing in Deutsche Börse’s clients, products and core markets division. Earlier, he was a managing director at BNY Mellon in London.

Alain Steichen PROFESSIONAL SERVICES

Alain Steichen, managing partner at Bonn Steichen & Partners, is an expert in tax and corporate matters, including EU state aid cases, and has been involved in several corporate relocations to Luxembourg. He is an associate professor at the University of Luxembourg, and active in the Academy of European Law (ERA), International Bar Association, European Association of Tax Law Professors and International Fiscal Association (IFA). He previously was head of tax at PwC in Luxembourg. Steichen studied law at the University of Saarbrücken and Paris I Panthéon-Sorbonne.

Organisations

Christian Strasser INSURANCE

With a banking background, Christian Strasser shifted to insurance in 2016, becoming managing director of Lalux Assurances and taking a seat on the boards of Lalux units DKV Luxembourg and Lalux RE. He joined the insurer from Banque Internationale à Luxembourg, where he had been head of retail banking and head of human resources, and, as part of Dexia BIL, head of personal banking and market manager private banking. Strasser was named chair of the Association of Insurance and Reinsurance Companies (Aca) in 2023, a post he held from 2018 to 2020. He is an alumnus of Nancy 2 University.

Dozens of not-for-profit outfits help keep Luxembourg’s financial sector vibrant. Here are a few of their dynamic officials.

Emilie Allaert, head, Luxembourg Blockchain Lab; Philip Aspden, chair, Association des Gestionnaires de Réassurances (Agere); Herve Ballone, co-chair, Luxembourg Association of Compliance Professionals (Alco); Philippe Bernard, chair, CFA Society Luxembourg; Marie Bourlond, co-chair, Luxembourg Association of Compliance Professionals (Alco); Nicoletta Centofanti, general manager, Luxembourg Sustainable Finance Initiative; Catherine Cernesson, chair, Luxembourg Institute of Actuaries (Ilac), Christiane Chadoeuf, chair, Luxembourg Institute of Statutory Auditors (IRE); Thibault de Barsy, vice chair & general manager, Payments Association EU; Isabelle Delas, CEO, Luxflag; Luis Galveias, COO, Luxembourg Private Equity and Venture Capital Association (LPEA); Vincenzo Giunta, chair, Luxembourg Financial Markets Association; Simon Gorbutt, deputy CEO, Luxembourg for Finance; Jerry Grbic, CEO, Luxembourg Bankers’ Association (ABBL); Emmanuel Gutton, director legal & tax, Association of the Luxembourg Fund Industry (Alfi); Jurgen Hammer, managing director Europe, Social Performance Task Force; Marc Hengen, managing director, Luxembourg Insurance and Reinsurance Association (Aca); Tonika Hirdman, director general, Fondation de Luxembourg; Ananda Kautz, head of innovation, payments & sustainability, Luxembourg Bankers’ Association (ABBL); Christos Koulovatianos, finance department chair, University of Luxembourg; Serge Krancenblum, honorary chair, Luxembourg Alternative Administrators Association (L3A); Nicolas Mackel, CEO, Luxembourg for Finance; Diego Manzetti, Luxembourg section chair, International Insurance Law Association (Aida); François Masquelier, chair, Luxembourg Association for Corporate Treasurers (Atel); Roberto Mendolia, chair, Aleba; Luc Neuberg, chair, Luxembourg Association of Risk Management (Alrim); Stephane Pesch, CEO, Luxembourg Private Equity and Venture Capital Association (LPEA); Stephan Peters, CEO, International Climate Finance Accelerator; Pascal Rapallino, president, Luxembourg Association of Family Offices (Lafo); Michel Rzonzef, chair, Luxembourg Business Angel Network; Sebastien Sallee, Luxembourg chapter head, Chartered Alternative Investment Analyst Association (CAIA Luxembourg); Vincent Salzinger, co-chair, Luxembourg Association of Compliance Professionals (Alco); Camille Seillès, secretary general, Luxembourg Bankers’ Association (ABBL); Jean-François Terminaux, chair, Finance & Technology Luxembourg; Nicolas Thieltgen, chair, Luxembourg Banking and Financial Law Association (ALJB); Camille Thommes, director general, Association of the Luxembourg Fund Industry (Alfi); Valérie Tollet, insurance ombudsman, Luxembourg Insurance and Reinsurance Association (Aca); Christophe Vandendorpe, chair, Luxembourg Valuation Professionals Association (LVPA); Philipp von Restorff, CEO, Luxembourg Institute of Directors (ILA); Hugo Woestmann, chair, Institute for Financial Integrity and Sustainability (Ifis); Nasir Zubairi, CEO, Luxembourg House of Financial Technology (Lhoft).

Photos Focalize, Matic Zorman, Romain Gamba

François Tesch INSURANCE

François Tesch has had an illustrious 40-year tenure at Foyer SA, including 29 years as CEO, joining the board of directors in 2000 and being named chairman in 2014. While he stepped down from the board (and as chair of investment outfit Luxempart) in April 2023, but continues to lend his leadership skills as managing director of Foyer Finance. His impact on Foyer, one of Luxembourg’s insurance giants, remains undeniable. Previously, he worked with the American industrial group WR Grace, in New York and Paris. Tesch studied at the University of Aix-en-Provence and Insead business school.

Christine Theodorovics INSURANCE

The CEO of Baloise in Luxembourg, Christine Theodorovics, brings two decades of multifaceted leadership experience in finance. A globe-trotter fluent in 5 languages, she has lived in 10 countries (including in Dubai, Frankfurt, Hong Kong, Paris, Singapore, Vienna and Zurich). She previously worked at AXA, Zurich Insurance, Swiss Life and Credit Suisse. Theodorovics serves on the Aca trade group board and as an independent director at several firms. She earned a doctorate in business at the University of Gloucestershire.

Françoise Thoma BANKING

There is a calm but forceful presence when Françoise Thoma is in the room. Perhaps that’s why Thoma was named CEO of the state savings bank Spuerkeess in 2016. It struck many as an unusual move at the time, since she trained as a lawyer and originally joined the bank’s legal department. Today, she serves on the boards of Cargolux, Enovos, Luxair, the Luxembourg Stock Exchange and SES. She earned law degrees from Harvard and Paris II Panthéon-Assas University, and previously was a member of the Council of State, Luxembourg’s quasiupper chamber.

TMassimo Torchiana BANKING

CEO and managing director of Intesa Sanpaolo Bank Luxembourg since 2018, Massimo Torchiana has held several managerial positions since he started with the group in 2010. Moreover, he is a member of the board of directors of the bank in Luxembourg and Brazil since 2017 and 2021, respectively, and of the ABBL since 2019. Since 2010, he has played various roles on the boards of PBZ Invest, CIB Investment Fund, Vúb Asset Management, Banca Intesa Russia and Lux Gest. He started his career as a fund manager at Genercomit Gestioni in 1992. Torchiana holds a degree from the University of Bocconi.

Photos Guy Wolff, Baloise, Eric Chenal, Massimo Torchiana

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Emanuele Vignoli BANKING

Appointed CEO of HSBC in Luxembourg in March 2022, Emanuele Vignoli is responsible for local operations, covering private banking and wealth management, securities services, wholesale banking and asset management. He is currently chairman of the Luxembourg Bankers’ Association (ABBL) UK/ Nordic geographical group and a member of the newly formed Luxembourg Gender Finance Task Force. Vignoli joined HSBC in 2005 and previously was managing director, regional head of global liquidity & cash management for the UK & Europe. Prior to joining HSBC, he worked for ABN Amro and Citibank.

Denise Voss FUNDS

Denise Voss is an independent director for investment funds and financial service firms, as well as chair of Luxflag, where she’s a strong advocate for sustainable finance. She also serves as director of the International Climate Finance Accelerator. Voss was chair of the Association of the Luxembourg Fund Industry from 2015 to 2019, and spent more than 25 years at Franklin Templeton Investments, where she worked as a director and conducting officer. As a glass-ceiling breaker herself, she has encouraged women to “raise [their] hands”, “get out of [their] comfort zone” and “take a risk”.

Here are a selection of people making waves in Luxembourg’s financial ecosystem. Keep an eye out for them.

Claire Alexandre, head of EMEA government relations, Paypal; Lucienne Andring, head of business development at Banque de Luxembourg; Ian Atkinson, chief operating officer, Governance.com; Giuliano Bidoli, director tax, BC Partners; Olga Bogdanova, head of investment counselling north & central Europe, Citi Private Bank; Thomas Campione, blockchain & cryptoassets leader, PWC; Laurent Capolaghi, private equity leader, EY; Codrina Constantinescu, counsel, Allen & Overy; Ryan Davis, associate partner, Avantage Reply; Nabil De Marco, general manager, Amazon Pay Europe; Paul De Vuono, managing partner, MT1; Gautier Despret, head of debt services, IQ-EQ; Bjoern Ebert, financial services leader, PWC; Hilary Fitzgibbon, principal, Ares Credit Group; Pierre-Edouard Fraigneau, chief underwriting officer, Liberty Specialty Markets; Martina Fraschini, assistant professor of digital finance, University of Luxembourg; Caroline Goergen, head of corporate administration, CVC Capital Partners; Pilar Gomez, partner, Marguerite; Cyril Gouiffès, head of social impact unit/equity investments at the European Investment Fund; Bettina Graeber-Hendry, senior vice president, Pictet; Benjamin Gregson, head of Luxembourg regulatory governance, Blackrock; Lize Griffiths, real estate audit partner, Deloitte; Roxane Haas, people leader, PWC; Laetitia Hamon, head of sustainable finance, Luxembourg Stock Exchange; Emmanuel-Frédéric Henrion, partner, Clifford Chance; Biba Homsy, founder, Homsy & Partners; Sara Huda, managing director, EQT; Isabel Høg-Jensen, partner, BSP; Cheng Jiang, investment risk manager, Schroders; Sanela Kevric Jercic, head of sales Benelux, Fidelity International; Nida Kahn, CEO, Nash FintechX; Jean Lasar, founder, Survcoin; Valeria Merkel, asset management partner, KPMG; Tokbag Mevlüde-Aysun, partner, Kleyr Grasso; Solenne Niedercorn-Desouches, senior advisor in fintech, Finscale; Jean-Baptiste Pleynet, co-founder, Ibisa; Jonathan Prince, co-founder, Finologee; Vincent Remy, wealth & asset management partner, EY; Aurélien Roelens, investment director, Cube Infrastructure Managers; Irina Stoliarova, counsel, Loyens & Loeff; Katerina Pantazatou, associate professor in tax law, University of Luxembourg; Menachem Tabanpour, managing director, Gener8tor; Nick Tabone, private equity audit partner, Deloitte; Jekabs Vinauds, senior analyst, International Climate Finance Accelerator; Ekaterina Volotovskaya, financial services audit partner, Deloitte; Natalie Westerbarkey, head of EU public policy, Fidelity International; Robert White, assurance real estate partner, EY.

Photos HSBC, Matic Zorman

Guy Hoffmann, ABBL

Some of the current and former public officials and private sector figures who have made a special contribution to Luxembourg’s financial industry.

Yuriko Backes, Luxembourg finance minister; Freddy Bausch, former Luxembourg managing partner at Linklaters; Norbert Becker, co-founder of Atoz Tax Advisors and CBP Quilvest; Yves Biewer, outgoing CEO, Banque Raiffeisen; Marie-Jeanne Chèvremont-Lorenzini, former PWC managing partner; Simone Delcourt, Spuerkeess board member and former director at the Luxembourg Financial Sector Supervisory Commission (CSSF); Shiva Dustdar, director, European Investment Bank Institute; Pierre Etienne, outgoing managing director, Pictet; Thierry Flamand, president of the executive committee, Supervisory Authority for the Insurance Sector (CAA); Luc Frieden, former Luxembourg finance minister; Pierre Gramegna, exLuxembourg finance minister and current European Stability Mechanism managing director; Jean Guill, former director general, Luxembourg Financial Sector Supervisory Commission (CSSF); Werner Hoyer, outgoing president, European Investment Bank; Edmond Israel, previous director general of Banque Internationale à Luxembourg (19731989) and chair of what is now Clearstream (19701999); Jean-Claude Juncker, former European Commission president and ex-Luxembourg prime minister and finance minister; Claude Kremer, founding partner, Arendt & Medernach; Bernard Lhoest, retired banking leader at EY; Maurice Lam, former Luxembourg managing partner, Deloitte; Tine A. Larsen, president, National Commission for Data Protection (CNPD); Bob Kieffer, director of the treasury, Ministry of Finance; Claude Marx, director general, Luxembourg Financial Sector Supervisory Commission (CSSF); Charles Muller, former KPMG partner and funds lawyer and current independent director; Marcel Müller-Marbach, head of equity investments legal service at the European Investment Fund; John Parkhouse, former Luxembourg CEO, PWC; Jacques Santer, former Luxembourg finance minister and prime minister and ex-European Commission president; Robert Scharfe, former CEO, Luxembourg Stock Exchange; Thomas Seale, former Association of the Luxembourg Fund Industry chair and European Fund Administration CEO; Carlo Thill, vice chair of the Luxembourg House of Financial Technology (Lhoft) and exBGL BNP Paribas boss; Vincent Thurmes, head of financial services policy and regulation, Ministry of Finance; Claude Wampach, director, Luxembourg Financial Sector Supervisory Commission (CSSF); Maureen Wiwinius, chair, Luxembourg Financial Sector Supervisory Commission (CSSF); Marco Zwick, director, Luxembourg Financial Sector Supervisory Commission (CSSF).

Pierre Weimerskirch FUNDS

Pierre Weimerskirch is a man on a mission: to bulk up Apex Group. Already one of largest the fund service providers in Luxembourg, the firm has been snapping up competitors and clients at a steady clip. Weimerskirch has been regional head, Luxembourg, since 2022, when Apex Group bought out Sanne, where he was managing director in Luxembourg since its takeover, in 2017, of Luxembourg Investment Solutions, which he co-founded. He is active in the LPEA trade group. Earlier, Weimerskirch held posts at EY and UBS. He earned a doctorate in finance from the University of Trier.

Serge Weyland FUNDS

WHe’s been championing progressive asset management strategies since being named CEO of Edmond de Rothschild Asset Management, Luxembourg in 2017. Serge Weyland is known for being softspokenly outspoken on issues around digitalisation, tokenisation technologies and the democratisation of private asset funds. He sits on the board of the LPEA trade group. Weyland previously had management roles at Banque Internationale à Luxembourg, Caceis and Sal Oppenheim Jr & Cie. He earned a master’s at Solvay Brussels School of Economics and Management.

Jérôme Wittamer FUNDS

Venture capitalist Jérôme Wittamer co­founded Expon Capital in 2015, wanting to create a firm that invested in technologies that would further humankind. There are few better to get into a business like that: he has founded a startup, sat (and sits) on numerous boards, is all over the LPEA trade association (having previously been, separately, board vice chair and board chair), is a guest professor at the University of Luxembourg, and had additional experience as head of investment at Genii Capital between 2010 and 2015. Wittamer got his start at PwC in 1995 as a tax consultant.

Financial sector

Direct, indirect and induced employment in 2021

Number of staff working directly for a financial firm, indirectly with a supplier or subcontractor, or “via remuneration of the financial sector, its investments and those of its suppliers”.

Chen Xu BANKING

The four largest banks in the world by assets are Chinese, and all have key banking and investment operations in the grand duchy. Chinese financial executives in Luxembourg have tended to keep a relatively low profile. Chen Xu, chair of Bank of China (Europe) and general manager of Bank of China Luxem­

bourg branch, is a much more visible leader, frequently meeting one­on­one with local business figures, attending events and chairing the China Chamber of Commerce to the EU. He previously was president and CEO of Bank of China USA and led banking services for the 2008 Beijing Olympics.

Indirect effects

52,348 Induced effects consumption

12,172 Induced effects investments

6,407 Direct employment

Source Luxembourg for Finance/Deloitte

Photos Mike Zenari, Matic Zorman, Jan Hanrion, CCCEU

Luxembourg votes

Just four months after June’s local elections, Luxembourgers return to the ballot box on 8 October to select a new parliament and government. Anyone trying to predict the outcome should not rely on the results of June’s polls--local elections in Luxembourg tend to be truly local rather than a verdict on the performance of the incumbent government. In any case, as we point out via graphics on the following pages, since the shock ousting of the CSV from national government in 2013 by the so-called Gambia coalition of the DP, LSAP and déi Gréng, all bets are off as to which constellation of parties will join forces to sweep into power. Then, we profile the seven largest parties’ lead candidates. And, following a series of unprecedented events since the 2018 election, including the covid pandemic and Russia’s invasion of Ukraine, the issues on which voters will make their choice at the ballot box are also more diverse than at previous ballots. We asked leading personalities from different organisations to explain what they would expect from the next government.

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The electoral process in easy-to-understand graphics

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Profiles of the party leaders vying to be the next prime minister

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THE BIG ISSUES

Leading personalities point out what they expect from the next government

ELECTIONS DASHBOARD

TOP CANDIDATES

Luxembourg’s political landscape

Many new voters will be taking part in Luxembourg’s 2023 parliamentary elections, some who have turned 18 since the last national polls five years ago and others who have taken up Luxembourg nationality. Here are some statistics and explainers as to how the system works and what the latest trends indicate.

Words DUNCAN ROBERTS

Decline of traditional parties

As in Germany and France, Luxembourg’s two big traditional political parties, the conservative CSV and the socialist LSAP, have seen their popularity decline significantly over the last two decades. Unlike those neighbouring countries, however, the centrists’ loss has not seen the emergence of a new populist party, rather it has led to a trickle of votes to the DP, déi Gréng and the Pirates with the parties on the outlying political spectrum, déi Lénk on the left and the ADR on the right, only picking up a few stragglers as well. Polls suggest that the LSAP under the popular Paulette Lenert may be due something of a comeback in 2023, though whether that will translate into seats gained is uncertain. The prognosis for the CSV under Luc Frieden, who has spent 10 years in self-imposed political exile, is even more unclear.

General election % share of votes, 2004 & 2018

4 constituencies

Luxembourg’s electoral map is divided into four geographic constituencies, which each vote for a number of deputies determined proportionally by population. The cabinet is also selected to be representative of the four regions. But as Luxembourg’s population has grown and demographics have shifted, there have been calls for reform of the system. In 2014 the ADR wanted the allocation of seats to represent the number of eligible voters in each constituency rather than the overall population.

NATIONWIDE VOTE

And after the 2018 election, the idea of doing away with the four separate constituencies altogether was also mooted. A system in which seats were allocated solely according to a nationwide ballot would have left the CSV with four fewer seats and the DP with one fewer in 2018, while the LSAP, ADR and déi Lénk would all have won one extra seat and the Pirates would have even had two more MPs. The idea has, for now, been shelved.

The Chamber of Deputies

Since 1989 the Chamber of Deputies has been comprised of 60 seats, with members voted in by proportional representation. A majority of 31 is required to form a government, but no single party has even won enough seats to rule without forming a coalition. Members of the government cede their seat as MP to the highest placed candidate from their party who failed to enter parliament by popular vote. When parliament

first sits, it elects a president, the equivalent of the speaker of the house. Current president Fernand Etgen of the DP is the first since WWII to not come from the CSV or LSAP. The chamber, colloquially referred to as the Krautmaart (the herb market, after the rue du Marché-aux-Herbes where it is located), was originally built between 1858 and 1860 as an annexe to the adjacent grand ducal palace.

Luxembourg general election, 2018

As the map shows, it is difficult for the smaller parties to win seats in the smaller constituencies of the North and East. A nationwide poll would clearly do them a favour.

CSV (21 seats)

DP (12 seats)

LSAP (10 seats)

déi Gréng (9 seats)

ADR (4 seats)

Pirates (2 seats)

déi Lénk (2 seats)

Seven lead candidates hoping to govern

Picking the head of an electoral campaign is a natural process for some parties, and a more complicated decision for others. Only the incumbent prime minister could head the DP list as he seeks a third successive term. The CSV has turned to a former leading light, even though he hasn’t actively been involved in politics for a decade. And the LSAP and Déi Gréng have both plumped for women for the first time.

Words DUNCAN ROBERTS

XAVIER BETTEL Democratic party (DP) Aged 50

As a young DP politician, Xavier Bettel made sure he appeared at as many public events as possible and showed an affability that continues to this day. First elected to parliament--and also onto Luxembourg City council--at the age of 26 in 1999, Bettel’s stock continued to rise, and by 2011, he was mayor of the city. Two years later, he was prime minister after long-term PM JeanClaude Juncker was forced to call an early election. Bettel has overseen plenty of comings and goings in his cabinets since then, but he has remained the cornerstone of successive coalitions with the LSAP and déi Gréng. In that first term, his government survived the LuxLeaks scandal and a damning defeat in the 2015 referendum. In the second, Bettel showed leadership values during the covid pandemic and the fallout from the Ukraine conflict. It would be foolish to rule him out of winning a third term.

Photos

Romain Gamba, Nader Ghavami, Matic Zorman

PAULETTE LENERT

Luxembourg socialist workers’ party (LSAP)

Aged 55

Like many cabinet ministers, Paulette Lenert is a law graduate. But unlike the other three leading candidates, she has never fought an election campaign. She held several high-level posts in public administrations before being appointed development cooperation and humanitarian affairs minister after the 2018 election. A cabinet reshuffle in February 2020 saw her take over the health portfolio, just a couple of weeks before the covid pandemic. Her calm handling of the health crisis won her many plaudits but took its toll when she had a blackout in March 2021. However, until this July (when fellow LSAP minister Jean Asselborn overtook her), she consistently topped political personality opinion polls. Whether that popularity will be transformed into votes come election day remains to be seen.

LUC FRIEDEN

Christian social people’s party (CSV)

Aged 60

A cabinet minister in CSV-led governments between 1998 and 2013, Luc Frieden was seen as the natural successor to Jean-Claude Juncker as prime minister one day. The 2013 snap election defeat put paid to that. Rather than serve as an MP on the opposition benches, Frieden entered the private sector with spells as vice chairman of Deutsche Bank in London, chairman of the board of directors at Banque Internationale à Luxembourg and media house Saint-Paul and, until he announced his candidature at the upcoming election, president of the Luxembourg Chamber of Commerce. If a week is a long time in politics, then ten years is an age. To achieve his ambition of being prime minister, Frieden will have to convince voters that both he and the CSV, once seen as the natural party of power, are still relevant.

SAM TANSON

Green party (Déi Gréng)

Aged 46

The youngest of the leading candidates from the four big parties, Sam Tanson nevertheless has plenty of experience. A former president of Déi Gréng (and before that a spokesperson for its youth wing), Tanson was elected onto Luxembourg City council at the 2011 local elections and then succeeded fellow Green François Bausch as first alderman in 2013 when he was appointed to national government. Until Déi Gréng lost the local elections in 2017, she was in charge of finances and mobility for the city. Initially given the culture and housing portfolios after the 2018 parliamentary elections, Tanson took over the justice ministry-and handed over housing to Henri Kox--in 2019’s cabinet reshuffle following the departure of Felix Braz (who had suffered a heart attack that summer).

Fred Keup became prominent as one of the leaders of “Nee2015”, the “no” campaign in the 2015 referendum on whether non-nationals should be allowed to vote in Luxembourg’s parliamentary elections. He joined the ADR and became an MP when Gast Gibéryen resigned his seat in parliament in 2020. Keup has been outspoken in claiming the Luxembourg language is endangered and he wants to limit population growth. The ADR could make gains at the election, but other parties have ruled out making a deal with them.

Photos Matic Zorman, Romain Gamba, Guy Wolff

Luxembourg is undergoing a process of continuous transformation as an international financial centre. By 2035, Luxembourg’s economic landscape will have evolved considerably, driven by technological innovation, evolving customer expectations and shifting global trends. What will our financial marketplace look like in a decade’s time? Ten experts o er their views on the future of finance in Luxembourg.

Pour rester une Place financière internationale, Luxembourg applique un processus de transformation continue. À l’horizon 2035, le paysage financier luxembourgeois aura fortement évolué, sous l’e et de l’ innovation technologique, de l’évolution des attentes des clients et influencé par les nouvelles tendances mondiales. A quoi ressemblera notre Place financière dans une dizaine d’années ? 10 experts exprimeront un avis sur l’avenir des métiers de la finance au Luxembourg.

Budget management

Words DUNCAN ROBERTS

Luxembourg’s next government should finally act as a “bon père de famille” (a sensible father) and handle the budget with due care, says Netty Thines. The managing director and founder of communications company Mediation SA argues that businesses like hers have to be prudent with money and really think about how and where they invest. The government should do likewise. “That’s the most important thing. We know it is more difficult for small companies to absorb shocks than big companies. I think it’s the same with countries.”

Questions of fairness

As a business owner, one of those shocks is the inflation-related indexation of salaries. “It is a lot of money, and employees take it for granted,” says Thines. But what she sees as the unfairness of the indexation system is something that she would like to see addressed. “It’s a big problem that employees earning €15,000 or €10,000 get more money through indexation than those on lower salaries.”

The government also needs to stop devoting public money to universal schemes, says the Luxembourger entrepreneur. “For example, the free schoolbooks or waiving fees for maison relais [afterschool care] and school lunches. Why does someone earning €20,000 need these gifts that nobody has asked for?” State finances would be better spent on targeting assistance for poorer families and individuals, she argues. “Luxembourg, on the one hand, is viewed as a very rich country, but we have a lot of working poor. We have a very high minimum salary, but it is not enough

for one person to pay rent and survive. You have to be two people in a household.”

Labour market

Another priority Thines would like to see the next administration tackle is what she feels is Luxembourg’s outdated employment legislation. “Current labour law is completely detached from reality and absolutely not adapted to the modern way we live and work. For example, students are not allowed to work on Sundays. Well, that is when they would have time to work and may want to work.” She argues that the current rules and regulations are made for worst-case scenarios, for huge companies with thousands of employees who can apply economic pressure on staff. But SMEs are in most cases close to their employees and will do anything to keep them.

Thines says that too much of the local workforce ends up being employed by the state or public administrations. “Often the companies train these people, and then they leave for a job with the government because they pay a higher salary. There is a recommendation that if staff leave for the civil service, companies should be compensated for the training they have paid for.”

As for the thorny issue of housing, Thines does not have any solution. “When you look at who is in the government, it is mostly Luxembourgers. And they all have at least one house. So, I just wonder if it’s in their interest to regulate it [the housing market].” One thing the next government could do, however, is making sure that affordable housing is actually accessible to those who are most in need, she says.

Photo Matic Zorman

“ Current labour law is completely detached from reality and absolutely not adapted to the modern way we live and work”

NETTY THINES Managing director Mediation SA

As the owner of an SME, Netty Thines argues that the next government should be more prudent and fairer with state finances.

Retain competitiveness

Words DUNCAN ROBERTS

Jean-Marc Goy says that while continuity is important, he wants to enhance and strengthen exchanges between the Association of the Luxembourg Fund Industry and decision makers and stakeholders, including regulators, ministries and politicians both at a national and at an international level. “The previous Alfi chairperson, Corinne Lamesch, did an outstanding job in difficult and uncertain times,” says Goy, who succeeded Lamesch in June. He is also keen to acknowledge the work of Alfi’s permanent staff under the leadership of director general Camille Thommes.

Toolbox and talent

While he appreciates the initiatives by the outgoing government in modernising the Luxembourg investment fund toolbox and amending the main laws governing the financial sector, Goy is keen that the next government takes positive action on several fronts. “Firstly, to make sure that Luxembourg remains a competitive financial centre, including from a tax perspective… for companies, for products and for persons.”

Attracting and retaining talent is another challenge that needs to be tackled. He is impressed by the international talent that entities bring to the grand duchy. However, he agrees that the housing problem is not making that challenge any easier. “Housing is an important issue and that should be handled as a priority. Potential solutions, such as subsidies or even allowing higher new buildings, have been identified and debated. But the secret remedy is not easy to find, and we understand that.”

Goy also thinks it is crucially important that Luxembourg have a legal and regulatory framework which provides for the appropriate level of investor protection “without unduly and unnecessarily stifling innovation.” To this end, he would like to see efforts to improve financial education.

As for digitalisation and the increased use of artificial intelligence, Goy believes that what he calls the “high-level key principles” that govern the regulation of investment funds generally remain applicable, especially the requirement to act in the best interest of the investors. “Of course, in addition, you have to apply EU legislation which absolutely makes sense,” he explains. “But there is no need for specific new national laws on artificial intelligence or crypto-assets.”

Important figures

Despite the covid pandemic and the economic shock caused by Russia’s invasion of Ukraine, Luxembourg’s public finances remained resilient, and the grand duchy maintained its AAA rating from all ratings agencies. “Alfi will be supportive of any measures that the government will take to make sure that Luxembourg maintains the triple A rating,” he says, while highlighting the contribution the financial sector makes to the economy. Employing some 65,000 people directly, it accounts for almost 15% of employment, 20% of tax revenues and just over 25% of Luxembourg’s value-added GDP. “These are impressive numbers, which underline the importance of the financial sector.”

Photo Guy Wolff

“ Alfi will be supportive of any measures that the government will take to make sure that Luxembourg maintains the triple A rating”

JEAN-MARC GOY Chair Association of the Luxembourg Fund Industry

Just months after being elected chair of the trade group Alfi, Jean-Marc Goy says that he wants the next government to ensure continuity.

TRADE UNION

Reforms for more equality

The

Words DUNCAN ROBERTS

The OGBL has long called for a reform of Luxembourg’s taxation system, so it is no surprise that the labour union’s president, Nora Back, says this should be one of the next government’s priorities. The outgoing government had promised to make changes, but then had covid and the economic fallout of the Ukraine conflict to deal with, so didn’t get round to legislating the reforms. Now Back wants to see the system overhauled.

Firstly, the union is demanding an automatic adjustment of tax in line with inflation, so that net income is not hit whenever there is an indexed increase in gross salaries. Tax reform should also tackle the inequality suffered by single parents, widows and widowers, who often suddenly start getting taxed at higher rates through no fault of their own under the current system.

“There is an unjust distribution of tax burden between those on low or medium salaries and high earners,” Back adds. “The rate at which we start to tax income should be much higher and we should stretch the tax brackets for those on average salaries.”

Working poor

Back is also concerned that through the cost-of-living crisis and other factors, more and more households find themselves in precarious situations. “We have the highest rate of working poor in Europe, and the at-risk-of-poverty rate is also

climbing,” she says. To this end, the OGBL wants the next government to tackle the level of the minimum wage in Luxembourg. “The minimum wage is below what Statec says is the reference budget that a household needs to survive. It is also below what the EU directive says it should be,

which is 60% of the country’s median wage. So we are demanding a 10% increase.”

Luxembourg’s collective bargaining law, which she says is outdated and does not meet the demands of the current economy and way of working, is another target. This has led to what she says is a relatively low uptake. “Only around 50% of companies in Luxembourg have a collective agreement. The EU has set a target for member states to have at least 80% covered by collective agreements.”

Indeed, workers’ protection is a priority, and Back wants to see a debate on working hours and to ensure that employees have a healthy work-life balance. “A demand for shorter working is in our DNA as a union,” she says. “But we see that Luxembourg in general has longer working hours of any of our neighbouring countries.”

‘Red line’

As for the tripartite and the so-called Luxembourg social model, Back says that it proved once again to be useful during the covid pandemic and the more recent energy crisis. “Indexation is a law that should not be touched. That is a red line for the OGBL.” She is pleased that nearly all parties have stated in their manifestos that they will maintain the index. “It is an essential tool in the fight against the loss of purchasing power and it has helped Luxembourg avoid the industrial action, that we have seen in other countries, caused by inflation.”

Photo Romain Gamba

“There is an unjust distribution of tax burden between those on low or medium salaries and high earners”

NORA BACK President OGBL

taxation system, minimum wage and working conditions should all be up for debate under the next government, says Nora Back.

Accessible culture

Pablo Chimienti explains why the Theater Federatioun is pushing for more professionalisation of the performing arts and the education of audiences.

Words DUNCAN ROBERTS

The performing arts often get short shrift from governments when budgets are tight. But the Luxembourg Theater Federatioun points out that the 1948 Universal Declaration of Human Rights states that art and culture is good for the well-being of all. In July, the federation published a document outlining its demands for the next legislature. It includes a call for the government to improve education about the performing arts for adults as well as children. “Too many people are wary of going to the theatre or to a classical music concert,” says Pablo Chimienti, secretary of the federation. “We need to break down this feeling that they are not welcome, that they don’t have the codes to understand a show. Live performance should be open to all.” Integrating lessons about the performing arts and visits to the theatre into school curricula would be a start. But it is also crucial to educate teachers so that students don’t simply view going to the theatre as a nice excursion, but that they get real value from the experience. “And the earlier you start this education, the better,” says Chimienti. “I recall that Laura Graser of the Rotondes once told me that we shouldn’t view youngsters as the audience of the future, they are already an audience.”

College of Arts

Chimienti recognises the value of higher education students of the performing

arts going abroad and bringing back to Luxembourg different experiences in the fundamental approach to performance in France, Germany or the UK, for example. “That brings an enrichment that we want to preserve.” But he says that a College of Arts associated with the University of Luxembourg would accommodate those who don’t want to, or even can’t, go abroad to study.

Another major problem the arts face is the rise in the cost of living and the automatic indexation of wages. The federation would like the money allocated to institutions and festivals via public conventions to be increased immediately and automatically whenever a salary indexation occurs.

Affordable housing

Artists, especially independents, also face difficulty finding affordable housing. “We don’t want artists to be forced to live across the border with the travel inconvenience and fiscal challenges that poses.” So the federation is seeking dedicated permanent and temporary housing as well as more long-term artist residencies to ease the problem.

Photo Romain Gamba

“We don’t want artists to be forced to live across the border with the travel inconvenience and fiscal challenges that poses.”

PABLO CHIMIENTI Secretary Theater Federatioun

EMPLOYERS’ ASSOCIATION

Sustainable talent

UEL director Jean-Paul Olinger says that Luxembourg’s ability to attract, train and mobilise talent should be a priority for the next government.

Words DUNCAN ROBERTS

Developing a more attractive environment for what he calls sustainable talent is a challenge that Jean-Paul Olinger and the Luxembourg Employers’ Association (UEL) really want to see taken up by whatever coalition takes office after October’s parliamentary elections. “That includes individual talent, but also the collective talent of a business or company,” he says. And while Olinger acknowledges that Luxembourg’s startup ecosystem attracts talent that would otherwise not have come to Luxembourg, the country must continue to be interesting for startups, including those coming from abroad. “People that want to create something are much more mobile, more global, than they were several years ago.”

The UEL proposals for the 2023 election include making the organisation of work more flexible for companies, but also putting in place personalised solutions in employment contracts that take into account new ways of working. That includes removing obstacles to the implementation of remote working for at least two days per week. And in addition to facilitating access of companies to lifelong learning, the association would push the next government to give the selfemployed access to co-financing aid for continuing education and offer them better social protection.

Public-private partnerships

Olinger is also a fan of the collective talent of public-private partnerships. “They can make things work well, and having good institutions is important. But institutions must be relevant and representative.” Indeed, he reckons that one topic that will rear its

head again over the course of the next administration is how best to involve everyone who lives in the grand duchy in the decision-making process. “There are probably several answers to that question, not just voting rights. But we need to work collectively on getting that right and being as inclusive as possible.”

Olinger wants public finances to be managed prudently to ensure the sustainability of social security systems, as well as guaranteeing the quality of a health system that needs to be efficient and accessible. However, the UEL also wants to raise the effective retirement age in order to guarantee access to old-age pensions for future generations.

The UEL welcomed the current government’s introduction of investment tax credits for digital and green transformation set up in July. “We are not the first movers in Europe, but at least we are getting there and now we have to make sure it is up and running in the next few years.”

Dialogue and digitalisation

But Olinger argues that one concern many companies have is legal uncertainty when it comes to taxation. There should be more dialogue between taxpayers and tax administrations, he says. “The disadvantage if people don’t talk to each other is that you only find out afterwards if there’s an issue or different, or even wrong, interpretation of the tax law.” Digitalisation also needs to be accelerated, especially for the tax administration. “If we have the ambition to be a digital nation, we should be in the fast lane. For Luxembourg, being average is not enough.”

Photo Guy Wolff

“ If we have the ambition to be a digital nation, we should be in the fast lane. For Luxembourg, being average is not enough”

JEAN-PAUL OLINGER Director UEL

Nasir Zubairi, Lhoft

Irish films

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Films from Englishspeaking countries are in the spotlight. The British & Irish Film Festival features The Outfit, Mending the Line (photo), an evening of shorts and a seminar on conflict & trauma in films from the Second World War.

Now until 28 September Cinémathèque & Ciné Utopia ↳ bifilmseason.lu

British & Spooky fun

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Living heritage

3

This year’s Heritage Days highlight intangible or living cultural heritage. Check out a concert by Haupeschbléiser (trumpet players), a demo of Lëtzebuerger Volleksdänz (folk dancers), the Hämmelsmarsch (sheep parade) and more.

23 September-1 October Various locations ↳ journeesdupatrimoine.lu

Get into the season at the Kropemannsfest, a family-friendly folk festival celebrating Kropemann, a swampy bogeyman with a giant hook. Then bring your kids to the British Ladies Club’s Halloween event, featuring “lots of chocolate”.

24 September; 21 October Redange; Bambësch ↳ reidener-kropemannsfest.lu; kids@blc.lu

4

225 years for BnL

During the Discovery Days marking the 225th anniversary of the national library, tour the library’s closed stacks, listen to a presentation on special collections or attend workshops on topics like book binding.

30 September-1 October

Nationalbibliothéik

↳ bday.lu

5 6

Finnish Food Week is your chance to try berry drinks, liquorice, reindeer snacks and other specialities from Finland. Drop by the MIN Technopolis restaurant and give your taste buds a trip north.

Lunch time, 2-6 October Technopolis, Gasperich ↳ katipohjanmaa.fi/foodweek-in-lux

Cineast 2023

The 16th Central and Eastern European Film Festival showcases 120 screenings, an official competition and young talents award, Q&As (in English) with 30 actors and directors, plus a co-production workshop for professionals. Special focus on Ukraine.

5-22 October

Several venues in Luxembourg City ↳ cineast.lu

cuisine Finnish

TO DO

Find more things to do on our agenda

www.delano.lu/agenda

Leisure time

The Veiner Nëssmoort (Vianden nut market) features fresh walnuts, walnut bread, cake and pâté, nut schnapps, walnut tincture and other nut-themed treats, along with live music and kids activities.

15 October

Vianden town centre ↳ visit-vianden.lu

Collectors and art lovers alike can admire modern and contemporary art works at this international art fair, which will feature exhibitions by galleries and institutions, as well as artist-run spaces.

10-12 November Glacis square ↳ luxembourgartweek.lu

Posters for

Ukraine

Organised by the Association of Applied Graphic Designers, the Polish Institute Brussels, Poland’s foreign affairs ministry and Ukrainian associations, the exhibition is a response to Russia’s full-scale war against Ukraine.

7 October-12 November Ancien Cinéma, Vianden ↳ anciencinema.lu

Take a multicultural tour without leaving the grand duchy! The 50+ stands at this annual event offer delicious specialities and handicrafts from around the world, with all proceeds going to charity.

24-26 November

Luxexpo The Box ↳ bazar-international.lu

Bazar

ASSET MANAGEMENT

EN The global asset management industry is facing its greatest challenge in a decade, as asset managers grapple with an increasingly di icult macroeconomic environment, shifting investor expectations and greater regulation. Asset managers and fund experts will delve into a wide range of topics and provide valuable insights on the key trends shaping the industry.

The round-table discussion, moderated by Delano and Paperjam journalists, will build on conversations held at the Global Distribution Conference organised by Alfi in September. This event will interest professionals in the asset management industry, as well as people involved in audit, advisory, tax, regulation, compliance issues and emerging technologies.

CAMILLE BOURKE Arendt & Medernach JOSHUA STONE EQT SINOR CHHOR Nordea KAI NEMEC Union Investment Luxembourg SA

to the club

Dear members,

This autumn, the Paperjam+ Delano Business Club is offering you a rich programme of conferences, networking and training.

On 27 September, the Paperjam’s 3rd Real Estate Seated Dinner Party will bring together the 550 most important decision makers in the Grand Duchy’s real estate sector. The Paperjam’s 4th Real Estate Seated Dinner Party will take place on 25 September 2024.

Join financial professionals at the Asset Management round table on 10 October.

Take part in a 10×6, the Club’s flagship monthly event. On 24 October, 10 talented entrepreneurs will unveil their Successful Strategies, before sharing a walking dinner with over 600 club members.

Organised by Paperjam and Delano, in partnership with Luxembourg For Finance, the 2023 Finance Awards will be held at Casino 2000 on Tuesday 21 November. This ceremony will reward those who have contributed to the creation of the financial centre, its development, the structuring of its products and/or those who represent it at international level.

Finally, for this Back to School, twelve workshops and seven webinars are open to you as part of the Academy, a state­approved training centre.

We look forward to seeing you there. Register now!

PIERRE-YVES LANNEAU SAINT LÉGER

Head of Programming

Paperjam + Delano Business Club

“The office must become a place to strengthen the community”

Amber Valdenaire EL’LE Architects

HOW TO ATTEND

PAPERJAM + DELANO BUSINESS CLUB EVENTS ?

You’re already a member

Please check the Club section on our website delano.lu. Select, among all the digital and on-site events listed, the ones you would be interested in, fill in the registration form at the bottom page and register.

You’re not a member yet

Please email the Paperjam + Delano Business Club via club@paperjam.lu and an account manager will be in touch to introduce you to all the perks offered by the largest business club in Luxembourg.

Tobiasz Lebkowski (Georges Reuter Architectes) Sara Gomes Pinto (Caritas Jeunes et Familles)

3 Carina Goncalves (Caritas Jeunes et Familles)

4 Gosia Kramer (The Office)

5 Sebastian Van Overtfeldt (The Office)

6 Saâd Reffali (Orange)

7 Jennifer Crisman (YogaBalance)

8 Nasir Zubairi (Lhoft)

9 Guy Benzeno (Center Stage)

10 Sophie Lafleur (Mandeleo)

11 Myriam Belhadjin (Oekostroum)

12 David Koensgen (Le Groupe L’enfant Roi)

Photos Eva Krins, Marie Russillo

“The pandemic revealed the benefits of a zero commute”

Andrew Phillips Andrew Phillips Luxembourg

TALKS & SHOWS

Tuesday 10 October 2023

Deloitte

18:30 to 21:30

Asset management

With the participation of Sinor Chhor (Nordea), Joshua Stone (EQT), Kai Nemec (Union Investment Luxembourg) and Camille Bourke (Arendt & Medernach)

Tuesday 24 October 2023

Forum Geesseknäppchen 18:30 to 22:30

SOCIAL EVENTS

29.09

Thank-God-It’s-Friday: Under 50 Lunch (UK)

05.10

Let’s Taste: Wine –Founders-Only

06.10

Carousel Lunch

06.10

Thank-God-It’s-Friday: Leadership Lunch (UK)

13.10

Thank-God-It’s-Friday: HR Lunch

20.10

10×6 Successful strategies

With the participation of Barbara Agostino (Crèches et foyers de jour Barbara & Tiramisù), Roger Assaker (MDSIM), Matthias Baccino (Trade Republic), Alexandra Kahn (Chocolaterie Genaveh), Tom Michels (Salonkee), Raoul Mulheims (Finologee), Carlo Hein (Ramborn Cider Co.), Gosia Kramer (The Office), Tahereh Pazouki (Magrid Learning Solution) and Frédéric De Radiguès (Munhowen)

GOLD PARTNER: GOERES HORLOGERIE

Tuesday 21 November 2023

Casino 2000 18:00 to 22:30

The 2023 Finance Awards

With the participation of H.E. Yuriko Backes (Minister of Finance), Nicolas Mackel (CEO of Luxembourg for Finance) and the international keynote speaker Clara Durodié (CEO of Cognitive Finance Group). Organised by Paperjam+Delano, in partnership with Luxembourg for Finance. A pillar of the Luxembourg economy, the financial centre has developed since the 1950s to become a leading European platform for international financial institutions. This awards ceremony rewards those who were instrumental in the creation of the financial centre, its development, the structuring of its products and/or those who represent it internationally.

GOLD PARTNERS: FOYER GROUP, KPMG, LUXCMA, QUINTET LUXEMBOURG, YOOZ

Thank-God-It’s-Friday: Marketing Lunch

27.10

Thank-God-It’s-Friday: Under 50 lunch

ACADEMY

25.09

ADVANCED TRAINING

Boostez votre middle management (2/6)

27.09

WEBINAR Manager les conflits au sein d’une équipe

02.10

ADVANCED TRAINING  Boostez votre middle management (3/6)

03.10

Off the Record: Tech

04.10

ADVANCED TRAINING Booster sa productivité personnelle (2/3)

09.10

ADVANCED TRAINING Public Speaking (2/3)

11.10

WEBINAR Gestion du télétravail

16.10

ADVANCED TRAINING

Boostez votre middle management (4/6)

17.10

ADVANCED TRAINING Développer et conduire une stratégie RH (2/4)

25.10

WEBINAR

Manage your communities on social networks

31.10

WEBINAR Workshop Day

The full programme is available here

10 x 6 Private Equity Outlook

With a favourable regulatory environment , a resilient economy, a focus on sustainable investment , digital innovation, cross-border opportunities and increasing investor demand , Luxembourg is well positioned to capitalise on the thriving Private Equity market.

Avec un environnement réglementaire favorable, une économie résiliente, un accent mis sur l’ investissement durable, l’ innovation numérique, les opportunités transfrontalières et la demande croissante des investisseurs, le Luxembourg est bien positionné pour capitaliser sur le marché florissant du Private Equity.

Editorial

Phone (+352) 20 70 70-150

E-mail news@delano.lu

ASSISTANT EDITOR

Lydia Linna (-165)

JOURNALISTS

Sylvain Barrette (-153)

Kangkan Halder (-150)

Jeffrey Palms (-156)

PROOFREADING & FACTCHECKING

Pauline Berg, Lisa Cacciatore, Sarah Lambolez, Manon Méral

PHOTOGRAPHY

Romain Gamba

Guy Wolff

Matic Zorman

PUBLISHING DIRECTOR

Mike Koedinger

EDITOR-IN-CHIEF

Aaron Grunwald (-152)

COVER

Serge Ricco (art direction)

Brand Studio

Phone (+352) 20 70 70-300

E-mail brandstudio@maisonmoderne.com

DIRECTOR

Youcef Damardji

HEAD OF MARKETS & BUSINESS

Florence Christmann

HEAD OF CLIENTS AND MEDIA STRATEGY

Kevin Bultez

COMMERCIAL ASSISTANT

Céline Bayle (-303)

MEDIA ADVISORS

Mélanie Juredieu (-317)

Aline Puget (-323)

Laurie Cros (-310)

Marie Langlais (-325)

Géraldine Gij (-307)

Valentin Salvino (-315)

Barbara Wiesen (-309)

HEAD OF CLUB SALES

Virginie Laurent (-322)

CLUB SALES

Léo Santoro (-335)

Mikaël Spezzacatena (-326)

HEAD OF CONTENT STRATEGY

Emmanuelle Thivollard

STUDIO MANAGER

Sandrine Papadopoulos

LAYOUT

Sophie Melai (coordination), Stéphane Cognioul, Julie Kotulski, Elina Luzerne, Carole Rossi

Maison Moderne is committed to reducing its ecological footprint. Delano magazine uses CO2 neutral printing, Blauer Engel recycled paper for its cover and FSC® certified sustainable paper for interior pages. Please recycle. Have you finished reading this magazine? Save it, pass it on or recycle it!

Publisher

www.maisonmoderne.com

Phone (+352) 20 70 70

E-mail publishing@maisonmoderne.com

CHAIRMAN

Hugues Delcourt

FOUNDER, CEO AND PUBLISHING DIRECTOR

Mike Koedinger

COO

Etienne Velasti

DIRECTOR, BRAND STUDIO

Youcef Damardji

DIRECTOR, BUSINESS CLUB

Michel Grevesse-Sovet

HEAD OF IT

Antonello Di Pinto

HR DIRECTOR

Nathalie Bourdeau

ADMINISTRATIVE MANAGER

Sylvia Leplang

DISTRIBUTION MANAGER

Quentin Marenic

All rights reserved. Any reproduction, or translation, in whole or in part, is prohibited without the prior written consent of the publisher. © MM Publishing and Media S.A. (Luxembourg). Delano™ and Maison Moderne™ are trademarks used under licence by MM Publishing and Media S.A. ISSN 2220-5535

In accordance with article 66 of the law of 08.06.2004 on the freedom of expression in the media, the following statement is obligatory “one time per year, in the first edition distributed”. We have decided to publish it in each issue. The company that publishes Delano is directly held, by a 100% stake, by Mike Koedinger, a publisher registered in Luxembourg. He is chartered with general and daily management.

“I often walk [in the Mondorf-lesBains thermal park], I recharge my batteries and I’m constantly amazed by nature… My children are fans of the park for bike and scooter rides.”

HEAD OF INNOVATION, DIGITAL BANKING & PAYMENTS, ABBL

“As a passionate runner, I love to explore the Hesperange trails, in particular in the early mornings before going to the office.”

PARTNER, DLA PIPER

“After adopting Polly, a friend showed me this spot [in Steinsel] and we’ve been coming here ever since! The views are beautiful and it’s always so quiet and calm!”

SENIOR TREASURY ANALYST, CBRE GLOBAL INVESTORS

“The Cents forest is always a pleasant surprise, with doses of greenery and fauna, including snails, birds, squirrels, rabbits and an occasional fox.”

DIRECTOR, CORPORATE FINANCE, VALUATION & MODELLING, PWC

Enjoying nature

LUIS MUÑOZ

RAFAËL LE SAUX

VALERIE CLAROS (WITH POLLY)

LUXEMBOURG

ANANDA KAUTZ (WITH MILA & LUMA)

Let’s talk housing!