Delano March 2022 by Maison Moderne

MARCH 2022

No. 87

Luxembourg in English

Stéphanie Jauquet: An adaptable entrepreneur The Luxembourg restaurant owner on managing growth despite a pandemic and keeping employees, environment at the forefront.

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Sleeping for (a) change It says a lot about a society when it unlearns something that is engraved in humanity’s very existence. Some say sleep is for the weak, others simply can’t find the time for it. But, with one in three residents suffering from troubled sleep in 2019 according to the sleep laboratory, it is turning into a lost art. Yet sleep is an essential, albeit indirect, part of innovation. Climate, social division, housing--solutions are needed for these crises now, but as individuals are running on fumes, how can they find the energy to come up with new approaches? To chase after decision makers to hold them accountable? Our global attitude to sleep needs to change. Sacrificing sleep for work only leads to brain fog, mistakes and, in some cases, burnout. The pandemic highlighted this. Some may have used the lockdown to redefine their routine, but others, instead of committing to the lessons learned during lockdown, jumped right back into their old habits. They use the extra time to disconnect later at night and start earlier in the day, erasing the line between work and private life. Clocking out on time doesn’t guarantee rest, though. Many rely on social media to unwind--a trap of perceived relaxation. The constant input of information builds up as stress. But short, interrupted nights don’t allow enough down time to digest and sort this information, says Annika Carroll, current CEO of sleep coaching business Sleep Like a Boss, founded by Luxembourger Christine Hansen.

Where lies the solution then? Other than getting an average eight hours of sleep, “stop grabbing your phone,” according to Carroll. As counterintuitive as it might sound, disconnecting when possible is crucial, as the bad habit “jacks up your cortisol,” she explains. “It doesn’t support healthy thinking in a pandemic at all.” Of course, the real change needs to occur on a societal level, yet some jobs, personal circumstances and responsibilities make it hard to revisit one’s habits. In the end, sleep shouldn’t be a luxury. It’s a need, which must be invested in with the one resource that we should be able to call our own--time. Perhaps now is the time to disconnect, the time to take a step back and reconsider what we ask of ourselves and others, the time to literally go to sleep. And perhaps, once we find our bearings, we will wake up with new solutions to our problems.

Journalist TRACY HEINDRICHS

MARCH 2022

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Contents March 2022

Ristretto

28 Business report

“Foreigners need to know about the CNE”

36 Head to head

–

ANNE CALTEUX VS MERIS SEHOVIC

Nuclear and gas in the EU taxonomy

08 #BUSINESS - ALAIN FONTAINE

“The mindset has really been brought to the next level”

40 Essay

New horizons for residential real estate

–

“It’s important to show what we have built” –

12 #CULTURE - GLADYS LAZAREFF

“Going back to the roots” 14 Dashboard

Money flows

p. 16 Business owner Stéphanie Jauquet on turning challenges into opportunities

44 Gusto

Conversations

46 Business club

Signature dishes

16 BUSINESS - STÉPHANIE JAUQUET

“ Human beings adapt and find solutions” –

50 Pick’n’mix

Getting fit

22 POLITICS - JESSICA LOPES

Photos

Guy Wolff, Illustration

Salomé Jottreau

“This is something that concerns everyone”

p. 22 Jessica Lopes on why International Women’s Day matters

p. 40 To what degree has the pandemic shifted Luxembourg’s residential real estate market?

MARCH 2022

Asset management

06 #POLITICS - CHRISTINE HUGON

10 #FINANCE – JEAN-FRANÇOIS TERMINAUX

Ristretto #Politics

MARCH 2022

“Foreigners need to know about the CNE” The National Council for Foreigners (CNE) is supposed to give a voice to the international community. Vice-president Christine Hugon speaks about the challenges it has faced and how it’s finally on the right track. The CNE was created to represent the international community in Luxembourg. How does it work? There are 22 positions for the international community, divided into intra- and extra-European, a member and a substitute. The 60 biggest foreigners’ organisations in Luxembourg vote the council. There are 12 representatives of the Luxembourg community. That’s a total of 68 members. When I first arrived, we needed a strategy. We didn’t know what was expected of us. We’re not here to write laws. We’re here to point the finger at problems, give ideas. We’ve published several opinions on draft laws. I think we’re on the right track.

for money. We’re asking for expertise, logistical and moral support. Do you think the government is open to helping deliver this support? I think so. At the Festival des migrations in 2019 we met different officials from political parties. Everyone said we need a council like the CNE. Nearly half of the population doesn’t always have a voice. We should be their spokesperson. People shouldn’t feel alone, like they’re not being listened to. There is a willingness within the integration ministry to work together with foreigners and an understanding that we’re all working in the same direction.

There has been criticism that the CNE is too isolated. How do you engage with the people you’re supposed to represent? It was difficult. We had a foreigners’ council but no visibility. We couldn’t push for more visibility if we had nothing to show for. We didn’t have an identity, no website, no logo. All that had to be created. In November 2019, we met with associations to talk to them, find out what the real needs are. We launched several surveys. It’s easy to criticise but more difficult to propose solutions. But I think we’ve reached the final lift-off phase now. Whom do we represent if people don’t know about us? Foreigners need to know about the CNE. Does the CNE have the means necessary to fulfil its mission? The council is completely volunteer-based, but if you don’t reward the work of the people, it doesn’t have any value. There is a high turnover. If we finish the mandate with half the people we began with, we’re lucky. But it’s not so much about financial means. It’s more about logistical support, exchange with people in ministries who can help us with their expertise. Writing a legal opinion is very complex. It’s not a given, especially when it’s not in your language. We’re not asking

How is the council following the ongoing reform of Luxembourg’s integration laws? We were asked in 2020 to put forward opinions and we published 14 individual contributions. There were different focus groups in which we took part. And we were asked to put forward one assessment consolidating the work of the council, and we delivered this in the autumn. We’re following this very closely. When are the next council elections, and how do you become a member? The mandates are for five years. The current council was constituted in 2018. In 2023, we should have the next elections. For the time being, what I can recommend to people who want to become members before then is to approach the major foreigners’ associations--or even the integration ministry--for a list of vacancies to become nominated. We need members. You can also join us as an independent expert. We welcome everyone.

Hugon joined the CNE as a full member in 2017 and became vice-president in 2021

Interview CORDULA SCHNUER Photo GUY WOLFF

Facing the crisis

Where do we stand and what’s next for Luxembourg?

Under the patronage of:

In collaboration with:

Conference organised by:

Ristretto #Business

MARCH 2022

“The mindset has really been brought to the next level” The pandemic has touched every industry, but medtech in particular has been thrown into the limelight. How has Luxembourg company Doctena, a booking platform for medical appointments, fared? We spoke to CEO Alain Fontaine. How has Doctena fared during the pandemic? Nine out of 10 people will tell me, ‘Well, it must have been great for you--I bet your revenue has tripled and that you’ve added like a million customers.’ And the short answer is: no! In terms of revenue, customer numbers, etc., there wasn’t a big impact. On the one hand, yes, we added many customers to the platform who needed a video consultation solution--but on the other hand we saw many medical professionals basically go out of business. If a dentist is short on cash flow, and then has to close down the practice for three, four, five months, they go out of business. We had quite a lot of those.

view towards e-health and digitalising their tools and processes. In the medium- and long-term this certainly helps businesses like Doctena, because whenever you try to bring disruption (or even innovation) into the medical field, your cycles are extremely long. I mean, doctors typically don’t take decisions in terms of months--it’s years. It’s five, ten years before you can change the industry. And the pandemic shock has helped companies like Doctena move forward a little bit faster. So that’s one of the positives. What about internal impacts? Basically, from one day to the next, I said, ‘Okay, tomorrow everyone works from home.’ Fortunately, as a digital company, we had the infrastructure and tools already to do home-based working. So that was relatively easy, but a very positive impact is that we still work almost exclusively from home now, almost two years later. We actually have plans to drastically reduce the space that we rent because we don’t need it. So that was a trigger that allowed Doctena to really enforce a strong home-based working policy, and moving forward I will continue with that. Even if the pandemic ends tomorrow. It’s a modern way of working, but also for employee satisfaction and stress levels: if you can avoid making your employees sit in traffic jams for one-and-a-half hours per day, I mean, let’s just do it. And in all departments we see increased employee satisfaction, increased productivity. People are happier and they get more stuff done. So that’s really very positive.

Have you felt other types of impacts? When the whole pandemic started, you couldn’t go anywhere. Not even to your doctor. So there was a big need for video consultation, which was the first impact we felt: we needed to add and develop this video consultation feature in record time. Like, in a matter of weeks--which we managed to do through working night shifts, weekends, etc. Then there were consequences to that. Once we activated the video consultation solution, doctors said, ‘Wow, super, I would like to use that. But how will people pay me?’ So we needed to very quickly add online payments. And once we did, the [national health fund] CNS came and said, ‘If you have patients paying doctors online then you need to interface with our systems.’ So there was a lot of our roadmap that was basically forced on us just to cope with the situation. And it was relatively similar in the other countries where we operate. Any insights about the pandemic more broadly? I think the real benefit of the pandemic, for us, is that the mindset towards digital solutions in healthcare has really been brought to the next level. Many professionals in the medical field now have a very different and much more interested

Alain Fontaine is the CEO of Doctena, which operates in six countries

Interview JEFF PALMS Photo MATIC ZORMAN

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Ristretto #Finance

“It’s important to show what we have built” Jean-François Terminaux, chairman of Finance & Technology Luxembourg, says the trade group is creating the world’s first international standards for support PSFs, which could be put in place this autumn.

Support PSFs are authorised by Luxembourg’s financial regulator, the CSSF, to handle certain operational tasks, such as managing IT systems. You told me earlier that your members, who are all support PSFs, have been discussing the certification process. What challenges have you been talking about? In Luxembourg, normally people know [what the support PSF authorisation is], but outside Luxembourg, it’s important to show what we have built over the last nearly 20 years now, and the knowledge we have, the processes we have, the professionalism that we have. One of the other really important topics… is how to bring the local regulation to something more international. Just to explain abroad, what is a support PSF? And so, we have worked with a huge team of people--who really know more about all these topics than me--and we decided last year that we will go to an ISAE 3000 standard. Why? Because it’s a kind of a basket, and you can put a lot of topics in. So you can build your own standard, I’m saying it like that, but it’s internationally recognised.... The idea of the standard is not to cancel the regulator’s circulars, it’s not. Because the circulars are the circulars. But the idea is to simplify the work of our members, simplify the work of the auditors and simplify the work of the CSSF. Let me explain. If [the work of obtaining the ISAE certification already] fulfils 70% or 80% of what the CSSF circulars require, then you just have to work on the 20% on top. Also, the CSSF just has to do a [bespoke review of the remaining 20%]. It’s less work for people.... You know, for some companies, it’s a lot, a lot, a lot of documents. Different documents for the same questions that you have to fill in, because it’s always the same questions. Different formats, but it’s always the same questions. The idea is to really simplify the work. If you simplify the work, everybody is happy. Then you could also show [that you are following international standards].

So the standards would not replace the licence from the CSSF? No, not at all... the [licence] and standards are different. The [licence] is something that you have received from the regulators, [while standards are] a reference. More and more regulation, more and more rules to follow. Luxembourg is a small country with a certain amount of people, so you have to find a way to be clever and ensure that you follow the rules, but if you can save time--and I hope somehow money--it will help everybody. So this is a voluntary standard that should make it simpler to comply with the regulators? To make it simpler for everybody: all players, regulators, auditors, our customers. We also want to extend, which is possible with an ISAE 3000. Why not insurance tomorrow? Insurers are using support PSFs, but they’re not regulated by the Commissariat aux Assurances, they’re regulated by the CSSF. So we are also in discussion with [the insurance industry association] Aca and with the CAA to ask, ‘what are your needs?’ When do you think that the standards could be published and take effect? Okay, my goal, Jean-François is speaking, end of June.... and, fingers crossed, we can present the results to the CSSF, the High Committee of the Financial Centre and ministry of finance during summertime, and then say, ‘okay, let’s go’ in September or October.

Jean-François Terminaux is managing director of IT services provider Damovo Luxembourg

Interview AARON GRUNWALD Photo GUY WOLFF

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Ristretto #Culture

MARCH 2022

“Going back to the roots” The Luxembourg City Film Festival will be back for its 12th edition on 3-13 March. Managing director Gladys Lazareff talks about how the festival landscape has changed and what’s new this year. This will be the third festival during the pandemic. How have you adapted over the years? Last year was a hybrid edition. It was basically two festivals--one in person and one online. It was a lot of organising. We really needed two teams. We had decided not to invite guests, so we had the budget to do this. This year, we had to make a choice. Our mission is to show films to people in the cinema, to discover, to meet each other. So we decided to have a festival only in person. We’re taking a risk, but it’s important to show that we must live with this, that you can go out and live culture.

vaccines, the certificates aren’t recognised. But guests will be there. That’s a promise. What’s new for the 2022 edition? We have a new award--the 2030 Award by Luxembourg Aid and Development. We worked with the humanitarian cooperation directorate. It’s a selection of films that really engage with important topics. We have a new label-outside the box. It’s for films that are written differently, new types of filmmaking. And we will also have the Acid focus on Cannes. In Cannes there is a parallel section, called Acid--the Association for the Distribution of Independent Cinema. There will be three films from Acid Cannes. We’re proud to present these novelties for the 2022 edition under these conditions.

The festival circuit has been disrupted everywhere. What challenges does that pose to get films here? It’s a problem. It was already a problem in 2021. We have difficulties to negotiate. The release order has totally imploded. Distributors and sellers work differently now. We also have to negotiate with video on demand platforms because they have taken an important place and sometimes films get released there directly.

Do you have a personal highlight you’re looking forward to? We will show the latest film of Panah Panahi, an Iranian director. We hope he will be able to come, and I’m really excited to see what he will tell audiences. The film is called Hit the Road.

The pandemic has also halted productions, delayed releases. Was there enough to choose from? We were afraid of backlog issues, but the films are there. Some are waiting for bigger festivals; some choose VOD platforms. But there is a lot of choice. We saw a lot more films than last year. Can we expect international visitors to be back this year? Last year, we gave a lifetime achievement award to Terry Gilliam, who promised us to come when the conditions are better. He confirmed that he will do a master class on the first weekend of the festival. We have a jury. There will be the industry days for professionals, who I think will be happy to meet each other again. For guests from Europe it’s easier because of the vaccine certificate. But for guests from all around the world it’s a problem, because they have different

Outside of film screenings, there’s usually a line-up of other events. What are you hoping to be able to host? We will have the headquarters at the Casino – Contemporary Art Forum. There will be some workshops for young audiences, meetings for professionals, an animation day. But they are more professional events than for the public. It’s difficult to plan. We’ve had meetings on how to organise drinks for the opening night, things that are normally very basic. It will be different. But what’s important is to show films, to meet the people who make films… going back to the roots.

Gladys Lazareff has worked for the festival since its premiere in 2011

Interview CORDULA SCHNUER Photo GUY WOLFF

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MARCH 2022

Money flows MY TAKE

Sending money home Despite the pandemic, migrants have continued to send money to their families. Global remittances to low- and middle-income countries grew 7.3% to $589bn in 2021, according to an estimate by the World Bank. It forecast growth of 2.6% in 2022. Migrant remittances are a “critical lifeline” in helping households cover essentials like food, healthcare and school fees. That is probably why the global recession only knocked 1.7% off the flow of funds in 2020. However, the cost of sending money home is high. Remitters shell out an average 6.4% to transfer $200, the World Bank said. That is more than twice the sustainable development goal of 3% by 2030. (Merchants in the rich world pay roughly 1%-2% for payment card transactions. Nearly all bank transfers on the EU’s Sepa system are free.) Ideally, as technology improves and volumes expand further, costs will come down. Perhaps that is a tangible target for the payments sector in Luxembourg, home to a notable number of (white collar) migrants.

LUXEMBOURG

NORTH AND CENTRAL AMERICA €0

Words AARON GRUNWALD

Money sent outside the EU On a per capita basis, Luxembourg residents remitted significantly more money outside the EU than any of the grand duchy’s neighbours in 2020. Each Luxembourg resident transferred an average of roughly €67 to locations outside the bloc, well ahead of people living in Belgium (€18), France (€3) and Germany (€0.05). This chart indicates total amounts sent. Source

Eurostat

€500m €400m

Net remittances

€300m €200m €100m €0m

2016

2017

2018

2019

Luxembourg

Germany

France

Belgium

2020

This map summarises the net balance of personal transfers (incoming minus outgoing transfers) between Luxembourg residents and non-EU27 households in 2020. “The majority of personal transfers consist of flows of money sent by migrants to their country of origin,” explains Eurostat. Luxembourg residents predominately send cash to non-EU European jurisdictions. Source

Eurostat

SOUTH AMERICA -€1,000,000 There are 3,666 citizens of South American countries living in Luxembourg, including 2,604 from Brazil, 283 from Colombia and 235 from Venezuela

MARCH 2022

Luxembourg is an emerging hub for electronic payments, no doubt aided by the international nature of its businesses and workforce. Remittances sent outside the EU are relatively small, but the sums are surely important to those involved.

OPERATING IN LUXEMBOURG

Payment institutions Licensed to handle electronic payments, such as wire transfers, foreign exchange and payment card transactions. They help customers buy a product or share cash with friends and family, for example. There are 15 PIs approved to operate in the grand duchy (listed by year of authorisation):

NON-EU EUROPE -€117,000,000 There are 17,500‡ citizens of non-EU European countries living in Luxembourg, including 4,561 from the UK, 2,944 from Montenegro and 1,906 from Russia

ASIA-PACIFIC €0

Electronic money institutions

There are 12,367 citizens of African countries living in Luxembourg, including 2,557 from Cape Verde, 1,484 from Morocco and 1,471 from Eritrea

Authorised to handle electronic payments and also to issue electronic money. “E-money is a digital equivalent of cash stored on an electronic device or remotely at a server,” says the European Payment Institutions Federation. In other words, customers can ‘save’ their digital currency at an EMI for a limited time. There are 10 approved EMIs in Luxembourg (listed by year of authorisation):

REST OF WORLD † -€121,000,000 † Includes certain enclaves, overseas territories and international organisations ‡ Population data from Statec, as of 1 January 2021

Amazon Payments Europe (2010) Mangopay (2012) Snapswap International (2016) Volkswagen Payments (2017) Alipay Europe (2018) Satispay Europe (2019) Dock Financial (formerly Crosscard) (2019) Joompay Europe (2019) Viva Payment Services (2020) Pingpong Europe (2020)

Luxembourg Financial Sector Supervisory Commission (CSSF)

AFRICA -€2,000,000

Source

NEAR AND MIDDLE EAST €0

Worldline Financial Services Europe (2010) Payconiq International (2012) Olky Payment Service Provider (2013) Ebay (2014) Unzer Luxembourg (2014) Bitstamp Europe (2016) Iban-X (2016) Bitflyer Europe (2018) Belmoney Transfert BVBA (2019) Sogexia (2019) Airbnb Payments Luxembourg (2019) PPRO Payment Services (2020) Monex Europe (2020) Luxhub (2021) Unifiedpost Payments (2021)

Stéphanie Jauquet won Banque internationale à Luxembourg’s Business Woman of the Year award in 2019

Conversation Stéphanie Jauquet

“Human beings adapt and find solutions” Stéphanie Jauquet, owner of Cocottes, Um Plateau and La Baraque, has made the most of a difficult satiation during the pandemic, opening new stores while maintaining her sustainable business model. Interview TEODOR GEORGIEV

Your Cocottes eateries showed impressive growth during the pandemic, but you had to adapt, offering a delivery option which you maintain today and proved important for business during lockdown. What helped you turn this challenge into an opportunity? When the pandemic began in March 2020, we had to react, as there was nobody left in the office buildings. What hurt us the most was that people were teleworking and staying at home. Luckily, the prime minister [Xavier Bettel] said that boutiques like ours could stay open, but we had no customers. At first, I was stupefied, and I wondered what we [were] going to do and if we were heading towards a disaster because we don’t have any customers. Then, as an owner, whether you’re in a crisis or not, you have to make decisions. We advertised in a couple of the big media to say that we are delivering. So we started going to the four corners of the country to deliver to people’s homes every day. The second part that was complicated was that nobody knew the nature of the virus and how dangerous it was. There were two types of employees on my teams. All the cooks in the workshops felt protected. All year round they work with masks for food hygiene anyway, so it didn’t make any difference to them, and they were all at work. But in the bistros, the shop assistants were afraid. I had to close the shops

Photos GUY WOLFF

because I had no more sales staff, and I didn’t want to force them to work--and I didn’t want to cause them any stress. It was only those who volunteered who kept the shops open. We had to put some of the other teams then on reduced working hours. But I have to say that it lasted a

THE EVOLUTION OF COCOTTES 2014 The first Cocottes eatery opens in the Cloche d’Or shopping centre. 2016 Jauquet opens an eatery near Glacis square in Luxembourg City. 2018 Three new eateries open in Gasperich, City Concorde shopping centre and Luxembourg City. 2020 With establishments forced to close, Cocottes begins offering delivery service. Three new eateries open in Leudelange, Belle Etoile and Nordstrooss shopping centre. 2021 Jauquet collaborates with Pascal Carré, owner of La Cave des Sommeliers, to open Wine Not?, blending Cocottes’ dishes with a wine selection. 2022 New Cocottes opens in Redange on 4 February.

month, or a month and a half. And then, as with every crisis, every disaster, human beings adapt and find solutions and live with the virus, and with the stress. People gradually came back to the offices only to leave again after a few months. In the end we adapted, we changed what we offered a bit. As the restaurants were closed, we went on to make our range of ready-made dishes, which were a little more elaborate. So the positive thing about this crisis, which I lived through with a lot of stress, is the experience I gained as an entrepreneur. We also became known as a ‘traiteur’ [offering takeaway service] because people knew us as a place [where] they can take their lunch break. We were not known for offering meals that people then bring to their houses when they have guests and, due to the crisis, we were able to make ourselves known for that. We did not have layoffs either, and that had been one of my biggest fears--having to let staff go. So we continued to open shops during the pandemic. I can’t lie--there were certain opportunities because, unfortunately, some shops didn’t survive, and there were available slots. My strategy of setting up shops in office areas also helped. At lunchtime, people don’t walk for half an hour to buy a salad; they eat at the foot of their building. The office buildings were empty, but the shopping centres were always open. People were still going there to do their

MARCH 2022

Conversation Stéphanie Jauquet

MARCH 2022

IN NUMBERS shopping wearing gloves and masks, so there’s always a flow in shopping centres. And that’s why the last shops I opened were always in shopping centres. How do you look back on your experience in horeca, having started very young and now being an owner? Since the age of 15-16, I worked in the restaurant business, but that was a student job after school, on weekends, holidays, school holidays. I worked for 10 years in a hotel-restaurant because it was my passion. I started as a dishwasher, then as a head waitress and finally, when the bosses went on holiday, they gave me the keys to the establishment, and I kept it running for the two or three weeks they were on holiday. Then, because I dreamt of having my own establishment one day, I had to leave them and make it on my own. Having started at the bottom of the ladder, did you find it difficult as a woman to make the transition from employee to manager and then to owner in the horeca [hotel, restaurant, café] sector? This is a very trendy question nowadays. I never understood why people ask this question because I never felt different from a man, and I have never thought that it would be more complicated because I was a woman. Maybe this applies more in everyday life. But I haven’t encountered difficulties that were linked to gender. I’ve developed myself in a rather masculine world because chefs are often men, my cooks are men. I’ve never seen a problem, even at the beginning of my career. I am surrounded by more male friends than female ones. In 2019, when you won the Luxembourg Business Woman of the Year award, you said, ‘Tonight we have all won’, adding that you are confident that you can work together with the other nominated business owners. Is there unity among women entrepreneurs in Luxembourg, and have you already collaborated with the other winners? I have admiration for Christianne Wickler who works at Pall Center. At the very beginning of my journey as an entrepreneur, I contacted her and invited her for a coffee, and I shared some of my worries on being able to set up a restaurant.

Jauquet’s businesses There are a total of 17 Cocottes eateries in Luxembourg and one production site. Jauquet is also the owner of restaurants Tempo and Um Plateau. The fry stand La Baraque opened in Luxembourg City on 30 July 2021.

Cocottes’ 2021 highlights

110,000 clients per month

4 new stores

90 new employees hired

32 employees promoted

Ingredients used in 2021

47,470l cream

28,000l milk

30t flour from Luxembourg mills

6,352kg Luxembourg beef

15t Luxembourg potatoes

9t chocolate

969,160 eggs

She answered some of the questions I had. And we still stay in touch. It has been maybe seven or eight years, and we write each other from time to time. Then, all the feminist roundtables of business leaders it’s like the business woman award --it can be an entrepreneurship or a business prize, who is on the podium--a man or a woman--doesn’t really matter. You have worked with Pascal Carré from La Cave des Sommeliers as well as your architect Véronique Witmeur for a long time. How important are partnerships in your line for work? At the beginning, these were friendships. When I started in the restaurant business, nobody knew me here in Luxembourg. I had no ties, and I wanted to make my dream of having my own restaurant a reality. But I found myself with a project that was very big. I didn’t have much financial means at the time, and I had to ask for help from banks, but that wasn’t enough. Once I was able to open my own restaurant, partners like Pascal Carré put their trust in me. He supplied me with a stock of wine and told me [to] pay him when I can. Some of my former clients from my old job had seen the distress I was in due to the size of the project and offered to partner up with me. I am very loyal to those people, and they are still part of my inner circle. I am very loyal in my friendships and especially to the people who were there when no one knew me, who trusted me, who either lent me money or gave me a helping hand. I can never thank them enough for everything they did, so I remain faithful. Véronique is also someone whose work I love, and now she works almost exclusively for Cocottes. I follow my projects out of passion, and I want to be dazzled by what is proposed to me, whether it is furniture, technical equipment or a product. That’s what motivates me. It’s not a box to tick in a budget, saying this will cost you that much and will bring you that much. You give the impression that you rely a lot on your team, and you put them forward on your social media profiles. Your Instagram posts often feature photos of your employees with a few words from them. Is it more difficult to maintain this family spirit as your company is growing?

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Conversation

MARCH 2022

The Cocottes chefs have recently started to regularly test new recipes--a practice introduced by Jauquet to improve the range of dishes.

It is not more difficult. I believe that we information, and we communicate a lot. week. It’s really complicated to recruit are in a line of business where it is impor- We have an internal newsletter, and there staff and to have motivated people. tant to be nice to customers, to be polite, is a lot of internal communication. We I think those of us who work in horeca to be able to answer questions. But also have to keep this link because there are will have to find solutions to make our that if there is an employee who comes 18 different sites. We haven’t had a get-to- employees more comfortable but also to to work every morning and is not happy gether at the end of the year twice in a ensure that it is viable, so the customer to be there, they won’t do a good job. First row now, so a big celebration with all doesn’t end up paying €25 for a meal of all, they have to feel good about their the Cocottes employees is something we because we have to hire two teams. job, they have to feel that they are being all look forward to. The new logo and new staff uniforms, paid properly, that there are good prodas well as your presence on social How have the preferences of ucts to sell. That’s the basis for me. networks, has brought Cocottes And it’s a big family. My first sales[peo- employees in the horeca sector success. Is it just as important for a ple] are now shop managers. I trained changed in recent years? them myself, then they took over. They The job that has changed the most is the restaurant to get its message across know the values of Cocottes, and they restaurant service which is different from as it is for it to offer quality food? pass them on. I try to be there as much what we do at Cocottes where we have You need both. It’s an entire package when as possible in my shops. But I can no daytime hours. The classic restaurant it comes to horeca. In Cocottes we focus longer go and train people, and it’s clear business has evolved so much in 30 years. on the quality of the products, the service, that I’ve lost a little bit the privilege of It was borderline exploitation 30 years the look of the shop and the flexibility to that contact with my teams. I still have ago, and now you can run a restaurant be able to work at lunchtime or when it with my managers. But they pass on with employees who work 40 hours a having a coffee. The change of the staff’s

Stéphanie Jauquet

“ I can’t lie--there were certain opportunities because, unfortunately, some shops didn’t survive”

a bar. It will be very lively. We are doing this project as friends, and it’s new and big, so it brings us back to the stage of coming up with new ideas. For example, one thing that has evolved during the pandemic is that we no longer use paper for anything, it’s all digital. With digitalisation, how do you see the horeca sector evolving? I hope that we don’t stop seeing staff in the dining areas or no more cashiers but rather customers finding themselves in front of machines. I think, in horeca, people will look for a source of relaxation, a place to meet people and talk to people. I hope it remains that way. We also have to evolve with the technology of our time. Writing the order on a piece of paper and the bill in a notebook is archaic. It’s not my generation’s trait to be connected all the time to a phone. I only do it for my emails, but my future clients will be that way. If we don’t adapt to their way of functioning, we’ll become obsolete.

MARCH 2022

uniforms was very important to me because of the computer, wondering what will I care about the well-being of my employ- happen next. Then we had to shut down ees. They all had the same clothes before, establishments. There were also employwhich suited some people very well but ees who called me, who had no family in did not suit others at all. We made an Luxembourg and who were isolated and entire collection of clothes that was more getting depressed in their homes. Someadapted to the body type of each person, times I would say to them, come to Cocottes, and then each employee could choose come for a few hours, masked-up and what they wanted to wear. We pick some- everything. People were really getting thing we like, and we go to work every affected by the isolation. Other than that, morning with an outfit we like. I don’t remember another crisis of this size. The logo reflects my desire to evolve my projects all the time, to keep making Your other project--La Baraque, sure that the logo is still in style. Seven serving Belgian-style fries--opened years ago, we simply removed the word last summer. Was this a way to bring ‘fresh’ because for us it was logical that something from your country to our food was fresh. Changing the blue Luxembourg? chicken logo to black was for ecological I wondered many times why there were reasons. We switched to recycled paper no fry stands in Luxembourg city. I thought packaging, and the blue meant using more it was probably due to the price of rent ink, so it was less environment-friendly. and fries being a very expensive ingredient. Then my nephew--who comes to Where does your desire to run an work for me from time to time and who eco-responsible business come from? has just turned 18--told me he wanted It was already in my nature because I grew to open one someday. So I stole his idea up in the countryside. We had our own a little bit and told him that the project vegetable garden; we ate local produce, is now set up, and all he has to do is seasonal fruit. It was already something come work with me when he finishes I knew. We were picking mushrooms; we his studies. And then there is the challenge of were making jam with fruit from the garden. It’s also something that is expected of starting something new. It’s so fulfilling us. Of course, we don’t have solutions and enriching to work on a concept, to for everything. We have eco-friendly think about a name, brainstorming the packaging, but the customer also wants logo or the menu. When we open a to see what they are buying. We are stuck Cocottes, it’s a copy-paste, except for with plastic packaging and glass. All the the decoration, but my part of the work plastics we work with are recycled and is the same as what we’ve already done. recyclable, which are the least harmful In that case it’s only the architect who to the planet. When it comes to wine, can enjoy some freedom. With La Baraque it was a process of I don’t see the point in offering Australian or Californian wine when we have Euro- starting all over again, and it was really pean [ones]. But for other products, you enriching. There wasn’t the pressure of don’t have a choice--when the customer having to depend financially on that prowants raspberries all year round, we have ject. We treated it as if it were a Cocottes shop and told ourselves we were going to make some exceptions. to have fun, and I love the end result. With 20 years of experience in horeca, So the creative process of setting up was the pandemic the most difficult a new project is something that brings period for you as a business owner? In terms of external events, yes, it was the the best out of you? most difficult time I’ve had. However, my Yes, me and a friend of mine who is also first steps in the restaurant business and in the horeca business are going to revamp all the difficulties in getting started, as a 2500m2 space at La Belle Etoile which well as the mountains of debt, were also is the former location of the C-Inn reshard. I struggled for five years, and I didn’t taurant. It’s in the process of constructake a salary for myself. It was difficult, tion at the moment, and everything is torn apart. We decided to juxtapose all morally exhausting and discouraging. In the beginning of the health crisis, our brands and to create a restaurant every press conference, we were in front space with a Cocottes, a fry stand, a café,

MARCH 2022

Jessica Lopes works for migrants’ rights group Asti and joined JIF after moving back to Luxembourg in 2019 following time abroad in Portugal and India

Conversation Jessica Lopes

“This is something that concerns everyone” The International Women’s Day (JIF) group in Luxembourg organises an annual strike on 8 March. Jessica Lopes discusses how the platform fights for women’s rights throughout the year and why men should be part of the conversation. Interview CORDULA SCHNUER

The JIF platform hosts an annual women’s strike on 8 March. What is the aim of this protest? The aim goes beyond us. The international aim is to use the symbolic date of 8 March to make the inequalities that still exist visible. Even in a country like Luxembourg--that’s not a typical country where you would think of female oppression--there are still a lot of things to work on. We want to use 8 March as a platform to really make these problems visible with our demands but also to celebrate the advancements that already exist and all the women who fought before us. How have your demands changed over the last years, and what are you aiming for this year? This year, we decided to maintain the demands of last year when we sat together and thought about what the main issues are affecting our lives as women. We agreed on four big demands, which are fighting the wage gap, reducing working hours, giving access to housing for all and equal parental leave. We thought that these affect us all, no matter the class, ethnicity, gender. We decided that these are our demands, and we will keep them until there is a substantial transformation. Those aren’t things that are going to change in a year or even in years. But if we really want them to change, we need to keep on discussing them. We added one demand this year about fighting violence against women.

Photos GUY WOLFF

THE JIF PLATFORM’S DEMANDS

Wage justice

Reduced working hours

Three months’ birth leave for both parents

Access to housing for all

Fight against violence against women

Do you feel that the government is listening? I do think they are listening. We have the possibility to discuss the demands with them. It’s also important to recall that JIF is composed of different organisations, and these organisations do this lobby work already. It’s not like we have this demand of, for example, working time reduction within JIF once a year and then we forget about it. The [OGBL] union is an active member that continues all year long to try to negotiate this in collective bargaining agreements. The impact happens with different actors on the ground. It’s a process. Every year around International Women’s Day, there’s a discussion whether it has become superfluous. Why do you think we still need this day? In an ideal situation, I would say we don’t need it anymore because it would become obsolete. But it’s not yet at all. If we look at the numbers, we realise we need it. More women are killed by their partners than the opposite. There is a huge wage gap in Luxembourg, the pension gap is very scary. These are very concrete things. We have numbers, we have facts, we have laws that actively discriminate. For example, the law says that the mother is obliged to stay at home for the first three months, when the father has 10 days. This is the law telling me, as a woman, that I have to stay at home and take care of my child and that my partner--who is a man, because the law is

MARCH 2022

Conversation

MARCH 2022

GETTING INVOLVED Several of the women behind JIF Luxembourg brought their experiences of living, studying and working abroad back to the country. Milena Steinmetzer spent time in Vienna before moving back to the grand duchy in 2017. “I was a feminist activist, also when I was living abroad,” she says. “I looked for something similar in Luxembourg.” She joined the JIF platform, initially as an individual member. Steinmetzer has since started working at the OGBL labour union, which is also part of the organisation. While bigger cities can offer more opportunities to get involved, being in Luxembourg made the urgency of activism more acute. “It’s kind of on your shoulders. You have to be one of the people that are going to change things.” It is easy to be complacent in a country like Luxembourg, where many are, generally speaking, well off. “There’s a lot of wealth, but the wealth is not distributed equally.” The struggles of single parents, low-income workers, the marginalised and disadvantaged often go unseen. “We still have a good welfare state, but that’s also because workers struggled to get there.” And the fight continues. “You can get involved in many different ways,” she says. The march is just one way, but “it’s such an inspiring moment, such good energy. I would recommend everyone to come and feel it for themselves.”

framed as if the partner can only be a people in the platform? This is an open man--needs to provide for us and there- question that we don’t really have an fore go to work. As long as we don’t have answer to yet. It’s a process. It’s not a a more gender-neutral and inclusive way final state. of thinking about families and society, There is always a risk of social it’s necessary. movements operating in an echo chamber. Who do you think you need Speaking of inclusion, there has been to reach out to the most? criticism of feminist movements, We know that the people who come to especially in Europe and North America, of being too white, straight, our open meetings and to our events usuable-bodied. How is the JIF platform ally are people who are interested in those addressing this? kinds of topics anyway. But I don’t think JIF is a platform where you have organ- that there is any specific group we need isations but also private people who come to reach out to more than another. We together and sit around the table once a need to reach out to everyone, and we month to address the different forms in do it through the fact that we are organwhich the patriarchy and capitalism isations that also work outside of JIF. For impact our lives as women, but not only example, I work in a migrant organisaas women. The myth of male superiority tion. I bring these topics to the users of that is still the foundation of our social, the organisation that I work in, and so political, religious, economic order does the union, and so does Femmes en oppresses women, but also what are con- détresse. The organisations within JIF sidered feminine men, migrant men, are multipliers, and they bring it to the racialised men, the gender non-conform- public they work with. I don’t personally ing. It also impacts some women more identify one group that needs to be more than others, and that’s where intersec- addressed than others. I really think this tionality comes into place. is something that concerns everyone. The platform is open for everyone. But I would look at intersectionality as Do you still face this image of the braa process, something we need to work burning, man-hating feminist, or has towards. The best way to look at how JIF, the perception of feminism changed? as a platform, is different from the lib- It has become a lot more mainstream. eral white feminism that is criticised, and There’s feminist washing, like greenwashrightfully so, is to look at the demands. ing. Feminism has been appropriated by The demands focus on housing for all, the capitalist system. We consume femon wages that allow people to come out inist things. We call ourselves feminists of poverty, on inadequate parental laws. with our clothes and stuff. On the one These demands are very broad and don’t side, being feminist is not particularly aim to drive some of the women to the radical anymore. On the other side, there top. We try to think of a transformation are a lot of people who still look at us of society overall. like that, but I would say we don’t care. But then, if you look at the active When we discuss or plan anything, we members: how do we include not-abled are not thinking, how can we look less angry and man-hating.

“It’s such an inspiring moment, such good energy” MILENA STEINMETZER JIF activist and OGBL representative

Men face their own issues, from stereotypical portrayals in the media to racism and homophobia. More men die by suicide than women, boys are more likely to underperform at school. How is feminism helping men? Patriarchy not only confines women to their place but also creates norms of masculine behaviour. Men face pressures to conform to this image. And it really shows that rules of masculinity are not automatic or inevitable. Feminism wants to break away from these norms that have

Jessica Lopes

“ Rules of masculinity are not automatic or inevitable. Feminism wants to break away from these norms”

You still have very misogynistic patterns. You can see violence in relationships when people are very young. It’s a topic that, in Luxembourg, is not really talked about that much, violence in adolescent relationships. For example, your partner looks into your phone to control with whom you’re talking. That’s a form of violence. Those kinds of things still exist among youngsters.

Luxembourg has the lowest wage gap in the EU at 1.4%, according to Eurostat data. But while the country appears to be doing well, there is more to the story, says Line Wies. Wies joined JIF as a representative of déi Lénk and has been active in coordinating policy demands. “As long as more isn’t done to combat economic and social inequalities, you’re also not doing enough for women.” One of the problems is that what looks good in theory is more complex in reality. The low wage gap hides the fact that women are over represented in education and well-paying administrative civil service jobs. “But what does this say about gender roles and gender inequalities?” Part-time work, too, isn’t fully taken into account. More than three quarters of part-time staff are women. This, in turn, leads to lower pensions later in life, with Luxembourg having the highest gender pension gap in the EU at 44%, also according to Eurostat. This divergence extends to other areas. “What’s written on paper and in laws isn’t lived,” Wies says. For example, the government prides itself on stringent domestic abuse laws, but data beyond official police statistics is lacking. “It’s not measured, and when it’s not quantified, it’s made invisible.” A new demand by JIF this year is to recognise gender-based murder as a separate offence from homicide.

If there is one thing that people who are unconvinced that we need International Women’s Day should do this coming 8 March, what would it be? Sit down, read our demands and think about them. Criticism often comes from people who have not really looked into what we are asking. There is this stereotyped vision of, as you said, bra-burning, hysterical feminists who are totally exaggerating. But if you really sit down and look at what we are asking and why we are asking those things, I find it very been created by the patriarchy and lib- difficult to disagree. I don’t think you can disagree with erate everyone who is suffocating under this gender construct. Feminism is a fight the fact that it is very important to give that includes men. Some don’t feel that everyone access to housing, for example, it’s their topic, others might feel it is, but women in single-parent households who they are scared because they don’t want earn less than men and who are predomto say something wrong. There’s this inantly working part-time. There need whole thing of cancel culture and need- to be ways to ensure that they don’t fall ing to be careful what you say. But we’ve into precarious housing situations. I don’t been trying to overcome this challenge know how you could argue against that. to include men in the conversation, make Those are demands that really make sense. them feel welcome. Among younger men, And when we say housing for all, we maybe there’s already a consciousness mean it. It’s housing for all and that also that feminism would benefit them as well. includes the less favoured men in the system. We are not misandrist. There’s this idea that younger people are woke and much more conscious and aware of alternative lifestyles. What is your experience working with a younger generation in Luxembourg? The experience, to be honest, is pretty good. We really see that we have a lot of young people contacting JIF and participating in our plenary. A big part of youngsters today is completely open to these topics and way earlier. I can see a big “What’s written shift between the way I was thinking on paper and in laws when I was maybe 15 and how a 15-yearold now thinks and the freedoms they isn’t lived” have, for example, with sexual orientaLINE WIES tion. It’s way more normal, which is a JIF organiser good thing. through déi Lénk But it’s also an illusion to think that youngsters now are woke and feminist.

MARCH 2022

REALITY CHECK

BRAND VOICE

MARCH 2022

On the left, Tony Nordblad, Head of Sales - North Europe , and on the right, Luc Rasschaert, Chief Executive Officer at WEALINS

Insurance

Wealth insurance with a Nordic twist WEALINS is wholly owned by Foyer Group, an independent, privately owned insurance company, which celebrates its centenary this year. “It is also significant that our shareholder shares the same values as many of our end clients, as this adds to the drive to offer a personalised approach,” says Luc Rasschaert, CEO at WEALINS. “Our owners come from an entrepreneurial family which likes

to be cautious with their money and takes a long-term view about how to grow these assets and pass them on to the next generation.” It is an outlook that has inspired WEALINS’ 30 years of experience in the cross- border life insurance business. The Scandinavian and Finnish markets are important for many in Luxembourg’s life insurance industry. As an example, the markets of Sweden,

Finland and Norway accounted for about a third of WEALINS’ premium income last year, out of a total of around €2bn. This region supplies more than €3bn of the €15bn total assets under administration via their life insurance products. This puts the Nordic region just behind France in importance for the 30-year-old company. WEALINS operates from Luxembourg under

Photo

Supplying the Nordic region with tailor-made life insurance solutions is a niche activity for Luxembourg players such as WEALINS.

Simon Verjus (Maison Moderne)

Sponsored content by WEALINS

KEY FIGURES

A WORD FROM TOM LILLANDT

the Freedom to Provide Services regime and is active in ten markets, but they have a particular affinity with the Nordic region. “At one point recently we were faced with competition in the Nordic countries from four other companies from Luxembourg, including one with a substantial book of clients and a team of experienced staff,” says Tony Nordblad, Head of Sales North Europe at WEALINS. “However, three of these players have since withdrawn from the market, while we have continued to grow here at the quickest rate for years. Our expertise and know-how clearly make the difference,” he adds. “The Nordic region is very complex and while there are similarities between the countries, we also recognise the important differences and serve each country individually with separate teams,” adds Tony Nordblad. Each of Sweden, Finland and Norway has its own specialists who know the languages, cultures, and have also an in-depth knowledge and understanding of the clients’ specific expectations and legislative framework. For example, when the Finnish authorities introduced

“We recognise the important differences and serve each country individually with separate teams.” Tony Nordblad Head of Sales – North Europe

1/3

premium income from the Nordic region

+15

experts dedicated exclusively to the Nordic region

new rules on the taxation of self-managed portfolios, WEALINS was able to quickly react and come up with a solution. The company has around 20 people in its dedicated Nordic team, this is out of a total workforce of 120, which includes in-house legal, asset structuring, as well as a sales support and administrative team. The WEALINS teams, who are known for their responsiveness and professionalism, work hand in hand towards a common goal: the satisfaction of their partners and clients. “In addition, it helps that our shareholders work with us in our offices and that all decisions can be taken in Luxembourg. This proximity enables us to quickly receive answers to questions that might have strategic implications,” says Luc Rasschaert. Their offering adds a unique flavour to the well-respected cross-border life insurance services provided out of Luxembourg, which have grown since EU law was introduced to facilitate this activity. As well as these policies are an efficient vehicle to manage inheritance, with the policyholder being able to specify who will inherit, the investment strategy of underlying assets can also be minutely tailored to the client’s personal and professional situation, risk profile and time horizons. There is the flexibility to use the policy to invest in a wide range of asset classes

via underlying internal or external investment funds: everything from bonds and equities through to private equity. WEALINS operates in fully open architecture, which allows policyholders to choose the asset managers and depositary banks that suit them best. Also, the policies are portable cross-border, which suits the lifestyles of footloose wealthy families (Nordic people, for example, are increasingly interested in moving to Portugal). As well as WEALINS’ expertise being on hand to guide clients through these complexities, the policies are secure. Foyer Group has a Solvency II ratio of more than 200%: well above the industry norm. Also, Luxembourg has a uniquely protective regulatory regime for life insurance investors, with policyholders given “super-privilege” rights for their assets. “Ultimately it is our personalised organisational approach to Nordic clients that sets us apart,” says Tony Nordblad. For example, if a client changes country to retire, the client advisor will remain serving their needs, rather than their affairs being passed on to a different national desk. “Our people have been here for a long time, there’s a low rate of staff turnover, so we have built trusted and long-term relationships with our partners and their clients,” adds Tony Nordblad. “It’s a practical, personal approach that has a wide appeal to Swedes, Finns and Norwegians.”

Deputy Head of Sales North Europe and Country Manager for Finland

MARCH 2022

€15bn

assets under administration

“Even if it is undeniable that the Nordic region is one of the most digitalised, innovation is part of our DNA and business strategy. We are currently working on the digitalisation of our insurance contracts and this was first launched on the French market. We have worked closely with our partners to understand their specific needs in order to develop a new digital tool that would meet their requirements. The feedback received so far has been very positive, highlighting the ease of use of the tool as well as the availability of features that perfectly meet our partners’ expectations. It has given us a good working basis to develop the digitalisation in all our markets and it is now available in the Nordic region.”

ore For m n visit io t a inform

/en/ s.com wealin utions l nos-so

Business report

MARCH 2022

Beyond Ucits

€5trn €4.404trn

3,890

€4trn

€3trn

€2trn

LUXEMBOURG FUND ASSETS Net assets under management* in Luxembourg-domiciled funds grew by 18% in 2021, and by 24% compared to 2019. The long-term trend towards fund consolidation continued last year. Source Luxembourg Financial Sector Supervisory Commission (CSSF) * Figures for the last day of each month

Number of investment funds Assets under management

€1trn Feb 2019

April 2019

June 2019

Aug 2019

Oct 2019

Dec 2019

Feb 2020

April 2020

June 2020

Aug 2020

Asset management

Ucits, the traditional EU retail investment fund, remains the backbone of the grand duchy’s financial sector, but the industry is rapidly diversifying its offering to remain competitive and meet changing investor expectations. This business report examines three promising fields.

The asset class is facing EU regulatory headwinds p. 30

2 CLO trade Could collateralised loan obligations be the next big thing in Luxembourg?

MARCH 2022

1 Direct lending

p. 32

3 Investor insights Retail and institutional interest are increasingly intersecting p. 34

6,000

€5.86trn

5,000

4,000 3,492

3,000

European Asset Management Conference

Oct 2020

Dec 2020

Feb 2021

April 2021

June 2021

Aug 2021

Oct 2021

Dec 2021

More asset management topics will be discussed during the Association of the Luxembourg Fund Industry’s annual European Asset Management Conference, held at the European Convention Center, 22-23 March 2022. Day 1 has a deep dive on ESG and day 2 has a bloc on digital trends, including cryptocurrencies and cybersecurity. events.alfi.lu

2,000

1,000

Asset management

Business report

“When you’re the only lender, you can make a difference” measure it quarterly, so we are not just paying ‘lip service’ to ESG,” he adds. Mike Dennis

bank loan (whereby the debt is repaid in a lump sum at the end of the loan’s life), or providing margin ratchets to incentivise businesses to reach their financial targets. These same mechanisms now nurture ESG compliance in the asset class. “A two-way margin ratchet is one example,” The growth of the private debt asset class says Dennis. “The borrower is offered in the past 14 years has been rapid. Intro- the opportunity to pay less if they perduced after the retrenchment of banks form to certain criteria to ensure ongofollowing the 2008 financial crisis, it pro- ing engagement with ESG.” In Ares’ case, they will typically idenvided a crucial source of financing to small businesses that did not fit the mould for tify three or four ESG metrics specific to a so-called “plain vanilla” bank loan. In the company’s business model and put a Luxembourg, private debt assets under framework in place around their attainmanagement hit €181.7bn in June 2021, ment. One example is the fund manager’s according to KPMG Luxembourg and the £1bn refinancing of UK environmental Association of the Luxembourg Fund Indus- business RSK Group in 2021, which included try figures--a 40.6% increase year on year, an annual margin review based on the driven by inflows from an ever-growing achievement of sustainability targets that number of institutional investors attract- both meet ESG criteria and are also capaed to its yield and low volatility. ble of saving RSK over £500,000 per year. However, what is less known is the asset class’s environmental and social Bilateral relationship governance potential. “It’s not appropriate for every deal, but “When you’re the only lender to the we do consider whether a sustainabiliunderlying company, you can work with ty-linked loan works when we are taking them to make a difference,” explains decisions on a credit,” says Dennis. Mike Dennis, partner and co-head of The bilateral borrower-lender relaEuropean credit at alternative investment tionship gives the private debt asset class manager Ares Management. an advantage when it comes to ESG compliance, explains Dennis. With RSK, it Margin ratchets and ESG took five months to work out the bespoke Private debt funds have historically used ESG metrics. “With a group of lenders, debt mechanisms as part of a toolkit to the challenge would be making the ESG incentivise underlying companies’ finan- metrics relevant. As the only lender, we cial growth, including offering a bullet can create bespoke metrics, receive alternative to the traditional amortising monthly management information and

Flexibility and agility As with financial monitoring, private debt funds can monitor ESG reporting, react quickly, push out covenants and give companies support to keep their earnings and their ESG impact on track. “This flexibility has served the asset class well over the past two years of the covid crisis, and we believe it will continue to protect it as institutions reconsider their fixed-income allocations in a low-interest-rate environment,” notes Dennis. Words JOSEPHINE SHILLITO

FINANCIAL INDUSTRY EMPLOYMENT* The funds and fund services sectors were the main drivers of finance job growth in Luxembourg last year. Source

Luxembourg Financial Sector Supervisory Commission (CSSF)

Banks Insurance** Support PFS Investment fund managers*** Specialised PFS Investment firms Payment/ electronic money institutions**** 0

2018

10k

2019

20k

2020

30k

2021

*As of 31 December of each year; selected segments **Data from the Supervisory Authority for the Insurance Sector (CAA); 2021 figure not available ***As of June 2021 ****2018 figure not available

Ares Management

Private debt has long been fertile territory for nurturing growth and financial performance in the companies in which it invests. Now, the strong, borrowerlender bond of private debt has come into its own in directly incentivising ESG.

Photo

MARCH 2022

Private debt

Asset management

Business report

2 Securitisation

MARCH 2022

CLOs--an asset for Luxembourg? For a long time, Luxembourg has missed out on a lucrative and widely traded investment product--the collateralised loan obligation (CLO). But not anymore.

Sandra Bur

Although the proposed changes to the securitisation law are likely to attract new Thanks to an amendment to Luxem- CLO managers, they also present an opporbourg’s 2004 securitisation law on 9 Feb- tunity for alternative asset managers and ruary, Luxembourg can now play host to private equity professionals with existing part of the billion-euro European CLO structures in Luxembourg. market by allowing active-managed CLOs “Existing private equity funds will now to set up and trade in the grand duchy. be able to actively manage unregulated “This is expected to bring an influx of vehicles, which means they are all watchCLO business to Luxembourg that has ing to see if the law is passed,” said the been restricted in Europe, predominantly source. “Thanks to the February greenlight, to Ireland, for the past few years,” said Sandra Bur, head of capital markets at the first CLOs could begin to set up in fiduciary services provider Ocorian. Luxembourg before the summer and cerCLOs are marketable securities often tainly before the year is out,” a second backed by corporate loans with low credit source suggested to Delano. Since the draft bill was lodged in parratings, or by leveraged debt. They are essentially an extra tool in the Luxem- liament in May 2021, lawyers, associations bourg fund toolkit, as one source put it. and working groups have strived to pro-

EUROPEAN CLO ISSUANCE Broadly syndicated collateral loan obligation deals in Europe skyrocketed last year. Figures as of September 2021. Source

Moody’s Investors Service

200

150

mote Luxembourg as the CLO destination of choice over Ireland, where, according to Ocorian, assets in Irish-domiciled CLOs hit €170bn in April 2021. According to sources, Luxembourg offers certain benefits that Ireland cannot replicate. “Luxembourg’s location allows CLO managers to exploit connections with Germany and to reach out to investors on the continent. On top of this, Luxembourg has the practitioners, corporate services providers and law firms to support the setting up of CLOs,” a legal source said. “We believe that with Luxembourg’s option of reporting in LuxGAAP, compared to the much more onerous IFRS required in other jurisdictions, many clients will wish to benefit from this simpler, less timely and therefore less costly reporting model,” said Ocorian’s Bur. Other Luxembourg advantages include bearer shares (permitted in Luxembourg but not in Ireland) and no requirement for a company secretary as in Ireland, not to mention the wealth of asset managers, alternative investment managers and management companies in Luxembourg available to manage these portfolios. “It’s not necessarily a matter of luring CLOs away from jurisdictions such as Ireland,” said the first source. “It is more about attracting CLO managers who are looking for entry into Europe. If globally the United States holds 70% of the market, then Europe’s 30% is very attractive indeed.”

100

2015

2016

2017

*Data is not available for Q4 2021

2018

2019

Q4*

2020

2021

Year Words JOSEPHINE SHILLITO

Photo

Ocorian

ADVERTORIAL

When inflation comes don’t look at sectors, look at business models. Ultimately the only way to assess if a stock, and hence a company, is able to thrive in an inflationary environment is to look at its business model, regardless of the sector in which it operates.

The start of 2022 marked one of the most violent equity rotation on record, with many of the “growth” stocks that used to be the darlings of 2020 and 2021 falling sharply, particularly the valuation-rich technology companies that profited well from the “covid-economy”. On the contrary, “value” stocks and sectors like energy, banks and generally cyclical names saw a dramatic rebound from depressed valuations.

Crédits

XxxxXX

A lot of this move is explained by the acute increase in realized inflation, inflation expectations and consequently interest rates and monetary policies. Indeed, in a high inflation environment the majority of asset managers and research houses focus and recommend to invest in value versus growth, cyclicals compared to defensives, some sectors compared to others; although this might be a quick and partially successful way to surf the first wave of a market rotation, it is in our opinion a naive approach to invest for the long term in a scenario of persistent inflation. Ultimately the only way to assess if a stock, and hence a company, is able to thrive in an inflationary environment is to look at its business model, regardless of the sector in which it operates. Let’s consider two apparel & accessory producers, one selling bags for 50 euros and the other for 3000. Although they are classified in the same equity sector, the first one will probably have very little brand recognition, higher competition, lower margins, non-captive distribution channel and ultimately a so called “high price elasticity”. On the contrary the second company will enjoy a faithful costumer base, large margins, captive distribution channel and a relatively

Stefano Torti

“ (...) in the long term a stock will track the economic performance of a business (...) ” STEFANO TORTI Group Head of Asset Management & Advisory - Banque Havilland

inelastic price. If for those companies transport, wages and raw material prices increase, it is clear that the impact on profits or their ability to pass inflation to the end consumers is very well apart. This is obviously a straightforward example, however parallelisms like this can be found in every industry, and also both in “value” and “growth” stocks. It is hard to forecast for how long inflation will be with us, but when it comes to sound long term investing it is important to look below the surface as sectors and styles can be deceiving: in the long term a stock will track the economic performance of a business, and each business is different.

Asset management

Business report

3 Investor insights

Gavin Corr & Anastasia Georgiou

the more affluent areas of the investments world benefit, whereas the mass affluent or the younger people don’t get access to it. So I think it’s a good thing if the industry can give retail investors access to private market investments.” At the same time, “it is a fact of life that many new businesses do not want to come to public markets, because they can’t bear the scrutiny” and administrative workload that comes with a listing, reckons Corr. By the same token, nowadays “the private equity guys, to diversify their client base for business reasons, would like to open these up to retail investors.”

Greater numbers of alternative fund managers have been saying that they want retail investors to have access to their funds, although take-up has been slow. “It has been a frustration for many participants in the market,” says Corr, global head of manager selection and due diligence services at Morningstar. “I used to do venture capital at the start of my career, and the people who were investing in it were always, you know, gazillionaires. It’s always struck me as being Disappearing demarcation lines a great diversifier in a portfolio that has “There is no doubt that the historic lines not being available to retail investors. So of demarcation between different finan-

RETAIL AND ALTERNATIVE FUND NET SALES

Investors plunked substantially more cash into European investment funds during the first three quarters of 2021 than the previous year. Source

European Fund and Asset Management Association

€600bn €500bn €400bn €300bn €200bn €100bn €0bn €-100bn €-200bn

2018 Q4

2019 Q1

Ucits, Luxembourg

2019 Q2

2019 Q3

2019 Q4

Ucits, Europe

2020 Q1

2020 Q2

2020 Q3

2020 Q4

AIFs, Luxembourg

2021 Q1

2021 Q2

2021 Q3

AIFs, Europe

cial services firms is breaking down. So the asset managers are getting into wealth management, wealth managers are getting into asset management, insurance companies are getting into asset management, etc.” Corr points the recently announced acquisition of Interactive Investor, the UK’s second-largest online investing platform, by Abrdn (formerly known and still pronounced as Aberdeen), as an indicator. “They’re not doing that to push Abrdn product through the channel,” he notes. “They’re doing it because they think that that area of the market is growing. There’s evidence that asset management firms and other firms are looking at every part of [the market and concluding that] ‘it’s all up for grabs now. If we don’t move into these other areas, then new entrants are either going to come to do it for us or they’re going to come and eat our lunch’.” New entrants to the markets and new types of investments could draw more retail clients, believes Anastasia Georgiou, Morningstar’s director of client solutions for the EMEA region. “A lot of people think that investing is for people ‘with money’, they don’t think that it’s something that they can do.” But investing, even starting with small sums, is “the best thing” younger people can do. Build your own Georgiou expects that mass personalisation will start to gain traction in Europe (it’s already beginning to take off in the US). For example, investors will “customise an index” and essentially create their own ETF. Or advisors will offer “core portfolios, and then the option to potentially swap things out, or bring in some satellite investments to fit with the personalisation.” Words AARON GRUNWALD

Morningstar

The lines between retail and institutional investing are increasingly blurring, while mass customisation is starting to take shape. Gavin Corr and Anastasia Georgiou of the fund data provider Morningstar talk about future demand.

Photos

MARCH 2022

Not for gazillionaires anymore

Nordea Asset Management is the functional name of the asset management business conducted by the legal entities Nordea Investment Funds S.A. and Nordea Investment Management AB (“the Legal Entities”) and their branches and subsidiaries. This document is advertising material and is intended to provide the reader with information on Nordea’s specific capabilities. This document (or any views or opinions expressed in this document) does not amount to an investment advice nor does it constitute a recommendation to invest in any financial product, investment structure or instrument, to enter into or unwind any transaction or to participate in any particular trading strategy. This document is not an offer to buy or sell, or a solicitation of an offer to buy or sell any security or instruments or to participate to any such trading strategy. Any such offering may be made only by an Offering Memorandum, or any similar contractual arrangement. This document may not be reproduced or circulated without prior permission. © The Legal Entities adherent to Nordea Asset Management and any of the Legal Entities’ branches and/or subsidiaries.

ADVERTORIAL

Paul Malpas, ESG Distribution Lead at Nordea Asset Management

companies with weak records on human rights or labour practices are likely to suffer from increased supply-chain disruptions, affecting both operational performance and brand reputation. SOLIDIFYING UNDERSTANDING Regulation is also becoming more defined in terms of social issues, and reporting is slowly mov¬ing from voluntary to mandatory. Ratings agencies are also recognising the importance of ‘S’ considerations in issuer credit quality. Fitch specifically considers social ‘risk elements’ such as human rights, community relations, labour practices, exposure to social impacts and data security2. At the same time, S&P has committed to monitoring the effects of safety management and community engagement on credit quality over longer time horizons3.

It’s time to turn our focus on the “S” in ESG The Covid pandemic has shone a light on many of the social challenges we face today, and has also drawn attention to attractive investment opportunities. Environmental, social and governance (ESG) investments are more popular than ever with assets expected to reach $53 trillion within the next three years, account¬ing for one-third of global AUM1. As the trend builds, investors are expanding their horizons beyond the ‘E’ to consider factors that fall within the ‘S’

category, such as labour rights, health and safety, human capital development and diversity. The Covid pandemic has been a litmus test for investors to assess the resiliency of companies in the face of crisis and how prepared they are for any future disruptions. Social considerations are important factors because

SENSING OPPORTUNITY These developments are driven from the bottom up. A report from the OECD underlines the fact that ‘investors are increasingly seeking both enhanced financial returns over time, and the societal alignment of their investments, to maximise financial and social returns4’. This is particularly true among younger investors, who ‘were more attentive to the actions of companies in response to the Covid-19 pandemic5.’ With millennials set to inherit $30 trillion over the next 40 years6, this is a clear opportunity companies and investors can leverage to meet demand. We believe there is an exciting investment opportunity behind this megatrend, which is why we recently launched both a global climate & social impact and global social empowerment strategy. The outbreak of Covid-19 has exposed the potential structural weakness of companies that don’t adequately consider the social pillar of ESG. Given the increasingly obvious inequalities in healthcare, education and labour protection, if we are serious about building back better, then investing in companies that prioritise or provide solutions for the ‘S’ will be imperative. 1. Bloomberg Intelligence, ESG assets may hit $53 tn by 2025, 23/2/2021 2. PWC, SFDR 2020 3. Jonathan Neilan, ‘Time to Rethink the S in ESG’, Harvard Law School Forum on Corporate Governance, 28/6/ 2020 4. OECD Business and Finance Outlook 2020 5. Peter Goncalves, ‘ESG investors prioritising climate change over diversity research’ (Investment Week, 20/5/2021) 6. NYU Stern School of Business

NORDEA ASSET MANAGEMENT clientservice.benelux@nordea.com t. +352 2786 5020

Head to head

FEBRUARY 2022

Nuclear and gas in the EU taxonomy The EU Commission recently published a complementary climate delegated act that adds nuclear and gas activities to its taxonomy. The latter will guide investors in their sustainable choices.

Anne Calteux is head of the EU Commission representation in Luxembourg

How does the proposal align with existing EU regulations? ANNE CALTEUX The proposal is in line with the Green Deal and the commission’s aim: the EU must engage in a transition to achieve its [emission] goals. Achieving these has a high cost--it’s estimated at €360bn a year up to 2030. Public investments won’t allow us to get there unless they are complemented by massive private investments. The taxonomy--increasing transparency in financial markets for private sector sustainable investments--seeks to encourage companies to launch and upgrade projects, and to meet these criteria. Also, I want to underline that it considers the European reality, which is that member states have a very different energy mix. We need to pick up member states where they are. MERIS SEHOVIC Yes, but can these be called green investments? The governments of Luxembourg and Austria have already questioned the commission’s decision. Financial actors, like EIB president Werner Hoyer, have too. It’s a question of credibility. The initial goal of the taxonomy was to provide the reference for what is a green investment in Europe. If we include gas and

nuclear, there is a risk of undermining the credibility of the whole framework. But also, whether or not we’ll be able to channel those huge investments that Anne mentioned--€360bn a year--into the right direction. Every euro spent on nuclear, every euro spent on gas is a euro missing for renewable energy. AC The aim of the taxonomy is not to present gas or nuclear energy as green or as climate-neutral activities. The aim is to present them as transitional activities. Its aim is to define what is compatible with the Paris agreement in terms of sustainable finance. It’s a financial services tool. EU commissioner for the internal market Thierry Breton said that the energy demand in Europe is growing and that nuclear is the path to follow. How are we going to meet this demand over the long term? MS First, I’d like to question the transitional nature of this [act]. The commission wants to invest in the renewal of old nuclear plants up until 2040 and the construction of new nuclear power plants until 2045. A nuclear reactor has an average lifetime of 40 years, so we’re talking about channelling investments into nuclear until the end of the century.

“ It’s about ensuring maximum transparency, and thus avoiding greenwashing”

Investing in energy

Luxembourg and Austria considered legal action following this delegated act. Does the taxonomy highlight a divide between member states and their energy policies and priorities? What could this rift mean for EU energy policies? AC Being united in a field that lies under national competence is difficult, but this is what makes the EU. It’s just not possible to force members to adopt only specific energy mixes. We must deal with it and give the necessary incentives to member states to choose the right energy sources. But we have always been very good at putting into place instruments which, in the end, also encourage countries--even outside the EU--to adopt the same standards.

“ Every euro spent on nuclear or gas is a euro missing for renewable energy” Isn’t the inclusion of nuclear and natural gas in the taxonomy--even just as a transitional measure-sending out a certain message to countries outside of the EU? MS I agree. When it comes to energy, of course, there’s division or conflict, but a large majority of Europe--all 27 member states--agrees on the fact that we need more renewable energy. Regarding the taxonomy regulation--nobody is asking the commission to hinder France in their plans to develop nuclear energy. The only thing we ask is to make sure that these activities are not labelled as green and get investments that are needed elsewhere. I think that, in Europe, when we agree on something, we can be very efficient together. Regrettably, the commission decided that it wanted to include nuclear and gas. I can’t influence that, but I do think that the signal it sends out goes in the wrong direction. AC Two important elements are missing from this argument. What comes with this delegated act is that it sets even stricter conditions and screening criteria [for nuclear and gas-related activities]. Let’s not forget that. They are outlined in detail in the delegated act, and they must be complied with. The taxonomy also introduces specific disclosure obligations for businesses related to their activities in the gas and nuclear sector. So, it’s not about greenwashing, it’s about ensuring maximum transparency, and thus avoiding greenwashing. With this, we can help investors identify which investment opportunities include gas or nuclear, and thus allow them to make informed choices. Moderated by TRACY HEINDRICHS Photos ROMAIN GAMBA

FEBRUARY 2022

The decisions that we take today will have an impact until the end of the century, so it’s not transitional. When it comes to energy supply, the demand in electricity in Europe may be growing, but the gas demand for the past decade has stagnated thanks to energy efficiency policies put forward by the commission. Our number one priority is to consume less energy. I know this is also a priority for the European Commission, and I think that the development and the deployment of renewable energies have come a long way in the past decades. Our solution should be 100% renewable energy and making sure that interconnections between member states exist, so that energy can be shared between countries efficiently. AC I agree with Meris saying that the deployment of renewable energy has come a long way. It’s still our ultimate aim. That’s why, in July 2021, the commission set renewable energy targets and now works on good practices for renewables, and on the publication of a communication on solar energy. On top of that, as the energy sector will be the biggest contributor in meeting the EU’s climate targets, we will propose an action plan for an accelerated digital transformation of the energy sector. The commission also announced a new strategy on international energy engagement for 2022, which goes beyond the EU. I think this will also give way to new opportunities in deploying and promoting a clean, safe and efficient energy system, while gradually moving away from fossil fuel.

Meris Sehovic is co-president of Luxembourg’s green party déi Gréng

MARCH 2022

06_legende harum eos restrum quideli gentorrum quis cor alit volendam, qui beaturs restrum quideli Nick Maton, Managing gentorrum quis cor alit Director, Luxembourg, volendam, qui beatur of Alpha FX, and Sam Marsh, Managing Director, Institutional, of Alpha FX.

Funds management

Alternative banking for alternative investments It can take months for a traditional bank to open a bank account for an alternative investment fund, be they specialists in private equity, real estate or debt. Asset managers need to act swiftly to seize market opportunities, but are frequently frustrated by the slowness caused by the one-size-fits-all

policies and processes used by traditional banks. This is particularly the case when satisfying anti-money laundering requirements. Moreover, these internal policies can impede the smooth functioning of accounts once they are set up. “Our tailored approach to KYC & AML

for the alternative fund space enables account opening procedures to potentially be completed in days, without any compromise on the stringency of the regulatory checks we perform,” explained Nick Maton, Managing Director of Alpha FX’s newly-formed Luxembourg business.

Photo

Alpha FX is seeking to provide Luxembourg’s fund industry with a better alternative for their banking needs.

Jérémie Souteyrat

Sponsored content by ALPHA FX

BRAND VOICE

Traditional banks often have generalised processes which encompass their entire client base (be it retail, corporate, wealth management, financial, etc.). Inevitably, such generalised policies struggle to work efficiently when faced with the specialised and often complex nature of alternative funds. “The complexity of how funds are structured makes it difficult for traditional banks to understand the processes, meaning there are inefficiencies in how they can monitor these entities,” Maton said. “The result is often delay for both onboarding and transaction processing.” Considerable investment was made in building a dedicated team and technology to meet specific processing requirements for alternative funds. Over 120 staff now play a part in the onboarding, settlement and compliance of funds and their investment entities, underpinned by a new and bespoke technology stack. All of this was designed specifically for the complex needs of alternative fund players. The platform also enables clients to view and manage all their accounts in different jurisdictions from a single login.

“ Our tailored approach to KYC & AML for the fund space enables accounts to potentially be opened in days.” Nick Maton Managing Director, Luxembourg, of Alpha FX

“ It’s more about what the market expects from us, with them telling us about their pain points.” Sam Marsh Managing Director, Institutional, of Alpha FX

Alpha FX soft-launched this platform with existing clients in mid-2020, and when version 2.0 of the system was up and running they were able to launch fully into the market. When asked what Alpha FX expects from the Luxembourg market, Sam Marsh, Institutional MD of Alpha FX turns the question around. “It’s more about what the market expects from us, with them telling us about their pain points and us seeing how we can resolve these.” They will work to build on their existing client base in Luxembourg, some of whom are already using this platform. It was from conversations with these clients that the idea grew of creating an alternative banking service dedicated to players in the private markets area. Alpha FX was originally founded in 2009 to offer currency risk management solutions, and conversations with clients over the years revealed a growing market need for an agile alternative banking platform. An IPO by this London-based firm in 2017 gave them the resources they needed to address this opportunity.

The solution resulted from the work of two specialist divisions: Alpha Institutional--which was founded in 2018--and Alpha Platform Solutions-which develops alternative banking technology. “As these divisions worked more closely together, we could see a growing demand for a banking solution in the alternative space and decided to combine their expertise and capabilities,” said Marsh. An office in Luxembourg is a key part of this strategy, and Maton is in the process of establishing this presence. He is currently working with the CSSF to this end. He has 30 years’ experience in financial services, half of which have been in the Grand Duchy with J.P. Morgan, HSBC and most recently as Managing Director of Intertrust in Luxembourg. Much of this work has been in the area of banking and the servicing of investment funds. He hopes to complete regulatory processes before the end of this year, but until then, the services available via the platform will be passported into Luxembourg thanks to its European regulatory licence. “Opening this office is a clear commitment to the strategically important Luxembourg market and demonstrates our desire to serve clients here,” said Marsh. “The alternative investment and private capital industries need a banking solution that is entirely dedicated to that marketplace, and so Luxembourg represents a major market opportunity,” he added. “We’re looking forward to Nick taking this exciting product to the fund industry in this country.”

Insight-led An alternative banking solution developed through extensive client research and insights.

Publicly listed Company founded in 2009, with a London Stock Exchange IPO in 2017.

Dedicated team Over 120 people dedicated to the alternative funds market, servicing clients across more than 50 countries.

Purpose-built technology Cutting-edge back and front-end technology has been tailor-made to work seamlessly with alternative investment companies.

$ Growing capabilities Approx. market capitalisation of £800m.

tion, forma ore in t m c r a o t F con please by email: aton Nick M

aton nickm .uk afx.co @alph

MARCH 2022

PURPOSE-BUILT FOR ALTERNATIVE INVESTMENTS

Essay

MARCH 2022

New horizons for residential real estate The pandemic has shaped the way we live and work, which has had an impact on the residential real estate market. But to what degree? And what does that mean for investors?

Words NATALIE A. GERHARDSTEIN

Illustrations SALOMÉ JOTTREAU

Real estate

Geographical diversification For real estate services company JLL Luxembourg, it’s clear: geographical diversification in the residential market is underway, as both investors and private buyers are increasingly demanding not just on the capital’s outskirts, but farther afield, particularly in the north. Residential agency director Robby Cluyssen says that, although the core of JLL’s business is commercial (offices and retail), residential is “becoming a bigger part in the near future, due to the pandemic… We saw investors, especially institutional investors, seeking some other assets--too much exposure on offices, retail parks, etc. And they saw that residential assets were quite resilient.” He’s convinced that other trends emerged from the pandemic too. “Everybody needed some outside space. The balcony, the terrace were becoming more important, so developers saw this as an opportunity… this was immediately initiated during the first lockdown and continued.” They thus foresaw the need for balconies or terraces, even shared areas in communal residencies. Sarah Gomes is one such individual who opted to move to northeastern Luxem bourg. She had formerly been living in the south, commuting to Luxembourg City for work. Recently married, she and her partner purchased in Diekirch,

although they’re eagerly awaiting the of Luxembourg City, but also due to the premises to be finalised (another result larger housing surface areas. The differof the pandemic). For now, they’re living ence between the national average and with her partner’s parents, but she doesn’t the capital average selling prices, in fact, mind--she can walk to her new work- has increased over the last decade, “a develplace, Nordstad Entwécklungsgesellschaft, opment which is accentuated in 2021”. an organisation helping to facilitate devel- This difference equates to €3,765/m2 opment of the Nordstad. It’s the less that year, compared to €835/m2 a decstressful commute and proximity to nature ade prior. For investors, it adds, a propshe most appreciates. erty’s rate of return can also be better on Jessica Gaspar also purchased a home the outskirts than in the centre. This is in line with what Licheron has during the pandemic, although not as a result of it. The Betic communication observed. “Prices increase[d] almost everyofficer had previously been renting in where in the country--not only in LuxemLuxembourg City but now is a happy home- bourg City, but also in the surrounding owner in Differdange. While Cluyssen municipalities and in the northern and says schools are a main driver for location, eastern part of the country.” But he adds that the pandemic isn’t this was not the case for Gaspar--for her, it was cost. She and her partner were able necessarily driving that change--“it was to buy a home that checked off their boxes, already something we were able to see just which included being easily connected to a bit before, perhaps in 2018-19.” Inowai CEO Jean-Nicolas Montrieux the capital via public transport and having shops and services within reach. says the capital “remains the engine of the Figures released by atHome in autumn Luxembourgish real estate market”, add2021 show the north is “favoured by fam- ing that for employees coming to Luxemilies and residents looking for large spaces bourg for work, “they are more attracted [and] the least expensive region of the by capital cities… it’s a trend from 30 years grand duchy”. The south is slightly trailing ago, and it will not stop in the coming the centre in terms of number of ads, years, despite the pandemic.” He believes the “future is in the cities”, “explained by lower prices than those found in the centre of the country, and by munic- adding that for those who are hired from ipalities that appeal to residents: Differ- other cities in Europe, “those people who dange, Pétange and Esch-sur-Alzette.” have been educated, grew up in big cities, won’t live in the countryside.” “Luxembourg remains the engine”, but… Even so, he adds that more than half JLL observes that buyers are indeed attract- of the apartments its agency sold last ed not just by the better prices outside year were in the southwest, around

MARKET SHARE PER REGION Sales price trends for houses and flats in Luxembourg regions, March 2021-August 2021. Source

atHome

Houses

Flats 11%

16% 4%

27% 11%

44% 33%

14%

32%

Centre

North

South

East

West

MARCH 2022

Expats first arriving to Luxembourg historically tended to locate to the capital city or surrounding locations--renting first and then, at least for those planning to stay over a longer term, trying to buy, with a preference to be as central as possible. That’s according to Julien Licheron, research fellow in urban development and mobility at the Luxembourg Institute of Socio-Economic Research (Liser), who also served as the national coordinator of the Housing Observatory from 2009 to 2018. “But it’s clear now that prices are that expensive that they also see changes, they also now try to locate in less central areas to have a house instead of a flat and to have more space,” he explains. Of course, it’s impossible to speak about Luxembourg’s real estate market without discussing the staggering costs where, as he puts it, “you have to envisage that you need at least €1m to buy something”. But has the health pandemic impacted regional trends at all? And if so, how?

Essay Real estate

REGIONAL PRICE VARIATION Sales price trends of houses and flats in Luxembourg regions, compared to national average, March 2021-August 2021. atHome

MARCH 2022

Source

Centre

North +37% +44%

-29% -22%

Future living For many seeking to buy, asking prices can be staggering, and potential buyers are questioning the real value of a home. “We should definitely look into the asset of housing,” Cluyssen says. “What do we build actually? What is a house? We have so many generations, cultures living here in Luxembourg… so many differences that we should also look into the difference of how we house these people.” Co-living, for example, could be an option appealing to the expat or millennial segments. He predicts “hundreds of

-2% -10%

-19%

Houses

Esch-sur-Alzette. “There are a lot of shops, public services, transport, etc., and it’s not far away from [Luxembourg] City,” he adds. Although he says he did see cases with people wanting to move to a larger home in the countryside during the pandemic, “I think it’s not a big trend in the market. It’s certainly an effect of the pandemic, [but] I think it will not change the real estate market in the coming years.” Cluyssen anticipates the north will be a “big player” in future, with projects such as “Wunne mat der Wooltz”. The new district in Wiltz will span over 25ha, able to accommodate approximately 1,800 inhabitants. “That’s something that’s going to change the whole region,” he adds. “It will be a big change and challenge, as well [for] infrastructure and providing schools, crèches, etc.”

East

South -18%

West +5% +4%

Flats

rooms” coming to the market over the ness of the territory when we compare next couple of years. Another option could to Paris, London,” Licheron explains. be tiny houses, for which there is already “Now it’s really different because prices a blooming community in Luxembourg. in Luxembourg are not that different Cluyssen continues: “We’ve got land avail- from London or Paris.” He adds that if able. People aren’t willing to sell it. Fine, the increase in properties doesn’t stabidon’t sell it. But put it to use, get some lise--if prices increase, for example, by rental income on it… build some tiny houses, 13% over the next one to three years--“it each with a small garden, because that’s will become a very important problem also part of demand, and something that in terms of attractiveness.” came from the pandemic.” Of course, the prices in Luxembourg For Montrieux, on the other hand, tiny impact those in parts of the greater region homes are a “little bit touchy, because too. Licheron adds that Liser is trying we’re not going to create a ‘cité ouvrière’ to develop a cross-border housing obser[working-class neighbourhood]. We have vatory to better understand some of to avoid making another category for peo- these trends. Montrieux sees opportunity in the ple who can’t live in another house.” Given how the Inowai CEO sees Luxem grand duchy, however, in getting the pribourg City as remaining the “engine of vate sector more involved. “The Luxemthe Luxembourgish real estate market… bourg government has worked on this and the workforce is growing”, he tends topic for 10 or 15 years, and there is absoto agree with the likes of people like Oliv- lutely no result,” he states--adding the ier Bastin, Immobel Luxembourg CEO, caveat that it isn’t necessarily because on the need for densification there. As they are making bad decisions, but other Bastin proposed in a Paperjam + Delano avenues could and should be explored. Club event in Q4 2021, “Densification is “In my opinion, there is a big opportunity an answer to the environmental crisis. If to ask the private sector with a frame[work], we move towards taller buildings, then to deliver the dwellings the country needs. less surface area is used.” It’s only this question.” Keeping Luxembourg attractive But all of the interlocutors agree on one thing: improving the housing situation will be critical to keeping Luxembourg attractive. “Housing prices were probably the positive aspect of the competitive-

Bernard Eresch (left), Head of Banque des Industries at BIL, and Luc Provost (right), CEO of B Medical Systems

TECHNOLOGY AND INNOVATION

B Medical Systems goes international with BIL This Luxembourg company specialising in the design and production of advanced medical refrigeration equipment is experiencing rapid international growth. Banque Internationale à Luxembourg (BIL), its partner since 2016, is supporting this growth with advice and tailored financing solutions

throughout the life cycle.

Last November, at a virtual summit between India and Luxembourg, Xavier Bettel informed his Indian counterpart Narendra Modi about the expertise of Luxembourg-based company B Medical Systems and its ability to help him meet the health challenges of this country of 1.4 billion inhabitants. “After that, everything moved very fast. In December, a delegation went to India to finalise important partnership agreements. In order to meet demand, it was decided, among other things, to set up an on-site production and logistics facility. This strategic choice will reduce unsustainable cross-border transport and create new jobs,” explains Luc Provost, CEO of B Medical Systems. One mission: saving lives Based in Hosingen since 1979, the business initially grew up within the Electrolux and Dometic groups. In 2015, following the takeover of B Medical Systems by an institutional investor expert in this field of activity and greater empowerment of senior management, B Medical Systems became independent. To date, the company has supplied more than 500,000 medical cold chain units

“With BIL, we have a true partner who understands our needs and responds quickly.“ Luc Provost CEO of B Medical Systems

to over 140 countries worldwide. “Using an innovative approach, we seek to save lives by offering stateof-the-art equipment that can guarantee the preservation of vaccines and treatments, or ensure their traceability in all contexts,” explains Luc Provost. Since 2016, relying on BIL’s advice and financing solutions, the company has experienced sustained growth. The innovation team consisted of four

engineers at the time. There are now 30 of them. A hundred products have been developed and 120 patents registered. Seizing new opportunities The COVID-19 crisis has accelerated business growth. “The international contacts made during this period have opened up new long-term perspectives and created new sustainable opportuni-

>300 At its current rate of expansion, B Medical Systems has considerably increased its workforce to reach a number of more than 300 employees in Luxembourg.

Expertise “With the aim of supporting B Medical Systems throughout its life cycle, both locally and internationally, we provide extensive expertise in consulting and financing. Our entrepreneurial culture allows us to understand the needs of the company. Moreover, the business of B Medical Systems is part of our strategy to transition to a sustainable bank.We engage with our employees to transition towards sustainable banking, conscious of our responsibility and willing to develop products that allow us together with our clients to have a positive impact and to prepare sound grounds for future generations. To underline this commitment, BIL has signed the UN’s “Principles for Responsible Banking”.

ties,” the CEO continues. “In addition to increasing demand, the partnerships formed also give us Bernard Eresch easier access to new skills that will help us grow.” Head of Banque des Industries Since 2021 and following the development of the company, B Medical Systems has over 300 employees in Luxembourg. Its recruitment prospects entities within the group to carry out recycling/ are growing. retrofitting of products to support their sustainability efforts, in particular ESG criteria. “One of the Supporting international growth challenges, in a competitive global context, was to This development requires significant financing to be able to react quickly to demand,” explains Luc Provost. adapt production equipment, to commission this In this context, BIL was able to respond to each of new site in India which will employ about a hundred our needs and showed real speed of execution to people, and to reorganise the supply chain. In ad- enable us to meet each challenge. This is what we dition, provision is being made for international expect from a bank, that it acts as a genuine partner.”

With the help of market experts, we are committed to developing bespoke products and innovative solutions that meet the needs of large companies, SMEs, professionals and self-employed alike.

www.bil.com/entreprises

Banque Internationale à Luxembourg SA, 69 route d'Esch, L-2953 Luxembourg, RCS Luxembourg B-6307 - T: 4590-5000 www.bil.com

March 2022

MARCH 2022

Gusto

Signature dishes All five Michelin-starred Luxembourg restaurants in La Liste’s selection of the world’s best let their cuisine do the talking.

1 Ma langue sourit Indulge your taste buds in the rich and luxurious dish made with blue lobster, cabbage, watercress and buckwheat.

www.mls.lu

La Distillerie What’s not to love about this appetising presentation of La Distillerie’s signature onion tart and potato mille-feuille with truffles? www.bourglinster.lu

Words ABIGAIL OKORODUS Photos GUY WOLFF

3 Clairefontaine This delectable scallop carpaccio and tartar, celeriac black truffles, olive oil and organic lemon dish tops the current menu list for a good reason. See for yourself. www.restaurantclairefontaine.lu

“The beauty of a kitchen is first and foremost the life that takes place in it.” Marc O. Eckert, CEO of Bulthaup

you know d ? Di

2 Mosconi Enjoy a healthy burst of flavours in the cotechino ravioli served with some turnip greens and broccoli. Other ingredients include egg yolk, collard greens, cheese, mortadella and more. www.mosconi.lu

Some fun facts about the restaurants.

1 Ma langue sourit: the only restaurant in Luxembourg with two Michelin stars.

2 Mosconi: Ilario Mosconi was commissioned by the Italian ambassador to make the first gastronomic recipe for space.

5 Léa Linster As part of its current menu, the nutritious pollock fillet with dashi, shiso and watercress is definitely a must-try. www.lealinster.lu

3 Clairefontaine: the French restaurant, owned by the couple Arnaud and Edwige Magnier, offers a very unique, extensive wine selection.

4 La Distillerie: the restaurant was awarded best vegetables restaurant in the world two consecutive times.

5 Léa Linster: Louis Linster was the 2021 young chef of the year, and Njomza Musli was awarded 2022 hostess of the year by Gault & Millau.

MARCH 2022

Welcome to the Club

Business Club

MARCH 2022

In numbers

Flashback Your events

1,100

Despite the changing covid rules, the 10×6 Finance was a full house. We welcomed on stage some of the leading industry voices with their vision for the future of the sector. Evolving human capital demands, ESG, digitalisation and tokenisation were concepts referred to by several speakers. 1 Francesca Prym Gigli (UBS Fund Management) said: “More and more investors with a simple click can start trading their funds.” 2 Michael Fox (JP Morgan) went one step further and commented that banks will be able to provide greater choice to clients in illiquid assets by tokenising those assets. The audience was left in little doubt that radical innovation is in progress now, and the rate of change can only increase as we lead up to 2030.

COMPANIES The number of company members of the largest business club in Luxembourg.

19,000 MEMBERS

The number of individuals who are part of the vibrantly active Paperjam + Delano Club community with whom you will get to interact.

250

EVENTS The number of digital and on-site events. Choose from about 250 conferences, training, networking and workshop events each year.

“A centre of financial products.” Nicolas Buck Seqvoia

300

HOURS

The number of annual training hours for your employees to develop their hard and soft skills: an additional benefit for you and useful extras for your teams.

HOW TO ATTEND PAPERJAM+ DELANO CLUB EVENTS ? You’re already a member Please check the Club section on our website paperjam.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 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.

Programme March Tuesday 8 March

MARCH 2022

BREAKFAST TALK

Support PFS : New Outsourcing Rules TIME 08:30 – 10:10 VENUE Salon Namur SPONSOR ihub 1

Tuesday 22 March

Delano Live + Meet the British community: What makes a perfect workplace?

“Let’s follow the money.” Falk Fischer Julius Baer

TIME 18:30 – 20:30 VENUE Knokke Out

SPONSOR ING Thursday 24 March LUNCH TALK

Nicolas Mackel Luxembourg for Finance

Photos

“Increased market fragmentation.”

Simon Verjus, Eva Krins

Concrete implementation of COP26 in Luxembourg TIME 12:00 – 13:45 VENUE Salon Namur

011 BY MIKE K N2 OE DI DI DE

N GE

FO UN

MARCH 2022 EDITION

MARCH 2022

PUBLISHING DIRECTOR

Bérengère Beffort EDITORIAL DEVELOPMENT DIRECTOR

Editorial Phone (+352) 20 70 70-150 E-mail news@delano.lu JOURNALISTS

Teodor Georgiev (-158) Aaron Grunwald (-152) Tracy Heindrichs (-164) Edouard Ombredane (-159) Jeffrey Palms (-156) Cordula Schnuer (-163) Josephine Shillito (-153) COMMUNITY MANAGER

Christophe Lemaire PROOFREADING & FACTCHECKING

Maison Moderne PHOTOGRAPHY

Romain Gamba Guy Wolff Matic Zorman

Nathalie Reuter EDITOR-IN-CHIEF, DELANO MAGAZINE

Publisher

Natalie Gerhardstein (-154) EDITOR-IN-CHIEF, DELANO DIGITAL

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Abigail Okorodus (-155)

Brand Studio Phone (+352) 20 70 70-300 DIRECTOR

Youcef Damardji STRATEGIC BUSINESS DEVELOPMENT ADVISOR

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Céline Bayle (-303) MEDIA ADVISORS

Nicolas Galtier (-318) Mélanie Juredieu (-317) Virginie Laurent (-322) Aline Puget (-323) Léo Santoro (-335) Mikaël Spezzacatena (-326)

www.maisonmoderne.com Phone (+352) 20 70 70 E-mail publishing@maisonmoderne.com FOUNDER, CHAIRMAN AND CEO

Mike Koedinger ADMINISTRATIVE AND FINANCIAL DIRECTOR

Etienne Velasti PUBLISHING DIRECTOR

Bérengère Beffort STRATEGIC BUSINESS DEVELOPMENT ADVISOR

Francis Gasparotto DIRECTOR, BUSINESS CLUB

Artur Sosna CHIEF DIGITAL OFFICER

Viktor Dick HR MANAGER

Sylvie Notarnicola ADMINISTRATIVE MANAGER

Sylvia Leplang

HEAD OF CONTENT STRATEGY

DIGITAL PROJECT MANAGERS

Emmanuelle Thivollard

Meryem Alamy & Antonello Di Pinto

CREATIVE DIRECTOR

DISTRIBUTION MANAGER

Jeremy Leslie

Kévin Thirion

STUDIO MANAGER

IT MANAGER

Sandrine Papadopoulos

Matthew Dixon

ART DIRECTOR

José Carsí LAYOUT

Sophie Melai (coordination), Juliette Noblot ILLUSTRATIONS

To contact staff members

Salomé Jottreau

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MARCH 2022

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Pick’n’mix

Getting fit

Marguy Baum

Michael Vogel

Emilie Boland

Jens Bodenröder

Doris Lodea

HISTORY TEACHER

COMMUNE EMPLOYEE

MISS LUXEMBOURG & ACTIVE VOLUNTEER

HEAD OF NEW MEDIA, E-BIZ SOLUTIONS

FREELANCE ENGLISH & FRENCH TEACHER

Squash, around 20 years ago.

Cycling. I got more serious about it for my first Global Biking Initiative event in 2011; we cycled from Amsterdam to Dusseldorf in a week.

Pre-covid, about once or twice a week. Currently a little less frequently.

When the weather is nice, I try to go out for longer rides every weekend. I take a break during the cold season.

An SUP board and paddle, air pump, SUP dry bag, safety line, life jacket for non-swimmers. You can also borrow everything.

Travelling to great places and meeting interesting people. Extreme conditions require nice, helpful people.

Barefoot marathon runners from Pakistan… Haka dances during the race… official Chinese music band to welcome runners.

My funniest and most impressive experience was paddleboarding with a dog for four hours!

Always move on! A marathon is a lot about the strength of someone’s mind.

Be careful when choosing a board. Cheaper models are often not as stable in the water…

Tips for others to get started?

Favourite aspect about this activity?

Good foot cream.

My family and I try it as often as possible in summer on Luxembourg waterways or take our boards with us on summer holidays.

Being very close to nature. The view from a different perspective. At times, the absolute peace.

Polo, summer 2020. I got the opportunity to try it as I was already an equestrian (showjumping) and immediately fell in love with it.

I’m really busy in my daily life, but I try to do it as much as I can during weekends.

A cute helmet and classic riding boots are musts for a chic outfit.

A squash racket and a good pair of squash shoes.

A bike (obviously), a helmet, bike shorts, a windbreaker and weather-appropriate clothing, gloves, (sun)glasses, etc.

The connection between horse and rider, because it’s a really intense sport where you have to trust each other.

It’s quick-paced, full of action. Great cardio, great fun! Excellent to spend a lot of energy quickly.

Cycling is a great cardio and endurance workout for someone who enjoys the outdoors… a perfect mix between sports and travel.

Best part is when you give the horses a good shower after a training.

Her first time playing, my friend went down with severe back pain and had to be evacuated by ambulance...

In 2012, we cycled from Oslo to Dusseldorf. On the second day, we rode 160km almost entirely in pouring rain… I wished my glasses had wipers!

Be comfortable in the saddle and trust the horse.

Just go for it! Racket and other gear can be rented for first timers, no need to buy before you try.

Get a bike and map with the trails across the country, start exploring. Enjoy the scenery… you’re getting fit while having fun.

Romain Gamba, Natalia Wrona, Shutterstock, provided by participants

Once a year in non-pandemic times; running regularly.

Stand-up paddleboarding, 2019 on summer holiday. I just tried it and enjoyed it.

Photos

Running extraordinary marathons (Jordan desert, Machu Picchu trail, Great Wall, etc.), 2012.

Funniest/craziest experience to date?

Any must-have gear?

How often do you practise this activity?

Which sport? When/how did you start?

MARCH 2022

With spring around the corner, five sport enthusiasts share their unique fitness areas and tips for others to get involved.

IN THEATRES MARCH 23

SIMON ABKARIAN

PASCALE ARBILLOT

LE CHEMIN DU BONHEUR A FILM BY

[THE WAY TO HAPPINESS]

NICOLAS STEIL

A PRODUCTION IRIS PRODUCTIONS IRIS FILMS TU VAS VOIR WITH THE SUPPORT OF FILM FUND LUXEMBOURG WITH THE PARTICIPATION OF WALLIMAGE AND SCREEN.BRUSSELS (RÉGION DE BRUXELLES-CAPITALE) AND THE CENTRE DU CINÉMA ET DE L’AUDIOVISUEL DE LA FÉDÉRATION WALLONIE-BRUXELLES IN COPRODUCTION WITH RTBF (LA TÉLÉVISION BELGE) AND VOO & BE TV IN COPRODUCTION WITH BELGA PRODUCTIONS WITH THE SUPPORT OF THE TAX SHELTER DU GOUVERNEMENT FÉDÉRAL DE BELGIQUE VIA BELGA FILMS FUND WITH SIMON ABKARIAN PASCALE ARBILLOT DJANGO SCHREVENS ANDRÉ JUNG MICHEL VUILLERMOZ DE LA COMÉDIE FRANÇAISE ÉRIC CARAVACA HELENA NOGUERRA ROXANE DURAN RAOUL SCHLECHTER TANIA GARBARSKI NATHALIE LAROCHE WITH THE PARTICIPATION OF MATHILDA MAY AND BRIGITTE FOSSEY SCRIPT MICHEL FESSLER HENRI ROANNE-ROSENBLATT IN COLLABORATION WITH NICOLAS STEIL FROM THE NOVEL ‘’LE CINÉMA DE SAÜL BIRNBAUM’’ FROM HENRI ROANNE-ROSENBLATT PHOTOGRAPHY PIERRE MILON PRODUCTION DESIGN HÉRALD NAJAR EDITING DAMIEN KEYEUX MUSIC KYAN BAYANI CASTING VÉRONIQUE FAUCONNET COSTUMES ULI SIMON MAKE-UP KATJA REINERT SOUND ALAIN GONIVA NICOLAS LEROY MICHEL SCHILLINGS 1ST DIRECTOR ASSISTANT ALEX BROWN LINE PRODUCER NATHALIE NGHET ASSOCIATE PRODUCERS ARLETTE ZYLBERBERG PHILIPPE LOGIE COPRODUCERS GÉRARD LACROIX EDGARD TENEMBAUM FABRICE DELVILLE PRODUCERS NICOLAS STEIL KATARZYNA OZGA DIRECTOR NICOLAS STEIL © IRIS PRODUCTION - IRIS FILMS - TU VAS VOIR - RTBF - VOO & BETV - 2021 IRIS FILMS

IRIS

FONDATION LUXEMBOURGEOISE POUR LA MÉMOIRE DE LA SHOAH

pwc.lu

Financial Services from a different angle Data transformation: Unlock the power of your data

#FinanceInFineHands Olivier Carré, Financial Services Leader

+352 49 48 48 4174 | olivier.carre@pwc.com

© 2022 PricewaterhouseCoopers, Société coopérative. All rights reserved. In this document, “PwC” or “PwC Luxembourg” refers to PricewaterhouseCoopers which is a member firm of PricewaterhouseCoopers International Limited, each member firm of which is a separate legal entity. PwC IL cannot be held liable in any way for the acts or omissions of its member firms.

Delano March 2022

Articles inside

Pick’n’mix

Gusto

Head to head

CULTURE - GLADYS LAZAREFF

BUSINESS - ALAIN FONTAINE

Essay

POLITICS - JESSICA LOPES

POLITICS - CHRISTINE HUGON

FINANCE – JEAN-FRANÇOIS TERMINAUX

BUSINESS - STÉPHANIE JAUQUET