Dossier - Luxembourg for Finance

Transcription

Dossier - Luxembourg for Finance
Magazine | SEP / OCT 2015
Dossier
CROSS-BORDER EXPERTISE
IN Luxembourg
Top skill in wealth management
How the Luxembourg funds industry
became an international success story
Luxembourg life insurance – the ideal
cross-border wealth management tool
Supporting investors at the Luxembourg
Stock Exchange
Pierre Gramegna, Luxembourg Minister of
Finance
LUXEMBOURG TAKES UP THE EU PRESIDENCY
Introducing Denise Voss, the new ALFI Chairman
Luxembourg Philharmonie
RENOWNED CONDUCTOR GUSTAVO
GIMENO PICKS UP THE BATON
Nicolas MACKEL
Dear readers,
In this issue of our magazine we focus on Luxembourg's specific role as a crossborder financial center, illustrating where our added value really kicks in. Through
testimonials from leading professionals in asset management, private banking,
insurance and capital markets, we lay out Luxembourg's particular expertise and
specialisation in multi-jurisdictional and multi-currency operations.
From the distribution of investment funds to multiple markets to setting up
syndicated loans involving lenders and projects on several continents, from wealth
management services for clients whose lives and business interests span several
countries to innovative international listings, Luxembourg operates at the top of
the market and provides state-of-art solutions to all the complex questions that
arise as soon as deals or portfolios involve several jurisdictions and currencies.
Nicolas mackel,
CEO,
Luxembourg for Finance
Luxembourg's comprehensive and mature financial ecosystem provides valuable
and much-appreciated efficiency as a one-stop-shop by contributing in this
particular market segment to help economic actors, corporates or individuals,
not only realise their investment projects but also to ensure full compliance with
all the regulatory, legal and tax requirements of the jurisdictions involved.
Luxembourg's unwavering commitment to tax compliance is underlined by Minister
of Finance Pierre Gramegna who explains in the following pages his priorities in
chairing the EU Council of Ecofin Ministers until the end of the year. These also
include the exciting project of consolidating the Capital Markets Union launched
earlier this year by the European Commission with the aim to improve the
financing of the European economy and stimulate growth.
Furthermore, Denise Voss, the newly elected Chairman of the Luxembourg Fund
association ALFI lays out her vision for the flagship industry of our financial center
and gives us a flavour of the issues on the top of her agenda.
Luxembourg is today a leading international financial centre because it has
managed to develop unrivalled expertise in providing financial services and
products that are consistent and compliant within a cross-border environment.
Although its activities are very diverse, the financial centre's foundation and unique
selling proposition lies in this cross-border expertise.
On a lighter note, bringing together different elements into a harmonious ensemble
is something in which the subject of our final article is truly an expert. Indeed,
we are pleased to introduce you to the new musical director of the Luxembourg
Philharmonic Orchestra, world-renowned conductor Gustavo Gimeno.
Enjoy the read.
editorial | P.2
Luxembourg takes over
the EU Presidency
In July, Luxembourg, a
founding member of the
EU took up the European
Presidency at a decisive
near-time in its history. An
escalating migration crisis,
near record unemployment,
a very modest economic
recovery and the
management of the third
Greek bailout are all key
issues facing the EU during
the six-month Luxembourg
Presidency.
LFF spoke with the
Luxembourg Finance
Minister Pierre Gramegna,
who is chairing the Economic
and Financial Affairs
Council (Ecofin) during the
Presidency, and asked him to
outline his key priorities in
the financial area.
the EU Presidency | P. 3
LFF: What are the priorities of
the Luxembourg Presidency
of the EU in the field of
economy and finance?
competitive. There are also too many
questions that remain open in the field of
company taxation and issues associated
with climate change.
G: Firstly, it is both a privilege and a
P
great responsibility to be at the helm of
the Ecofin Council in such challenging
times. The EU's recovery is still weak,
and too reliant on temporary factors like
low oil prices and quantitative easing.
Too many people cannot find work, and
too many businesses cannot attract the
investment they need to grow and remain
Our top three priorities are to maintain
financial stability and budgetary
prudence; second to boost growth
through productive investments,
and third to improve the EUs global
competitiveness through structural
reforms. These are the key factors for
Europe's recovery. In this context, the
Luxembourg Presidency is working
productive investments. It is also
stopping those with money to invest
in finding good returns beyond
national boundaries.
Pierre Gramegna
Luxembourg Finance Minister
towards a quick implementation of the
"Juncker Plan", a 315 bn EUR investment
package aimed at boosting investment
in the EU. Concerning economic
governance, our objective is to better
integrate the four pillars, namely
Banking Union, Fiscal Union, Economic
Union and the Political Union.
LFF: Alongside the Banking
Union, you have also
identified the Capital
Markets Union (CMU) as
a key priority…
G: These are complementary
P
indeed. Europe's financial sector is
too fragmented, particularly since
the crisis. This is stopping businesses
in need of financing from making
the EU Presidency | P. 4
We need to join up the dots to
diversify sources of funding for
enterprises. This will enable them to
grow – and will make our financial
sector less vulnerable to systemic risk.
Capital markets need to play their
full role in channeling financial flows
to the economy throughout the EU.
Hence creating a CMU is so important,
and we are looking forward to the
publication of the Capital Markets
Union Action Plan this autumn.
During its Presidency, Luxembourg
will accelerate the general discussion
on CMU, as well as focus on possible
early results. This is possible in the
securitisation market, which needs
simplification, transparency and
efficiency. We also need to review the
Prospectus regime to make it easier for
companies to raise capital. We will aim
to make rapid progress in both these
areas as the Commission has come
forward with its proposals.
LFF: How will the Luxembourg
Presidency aim to strengthen
the regulation of financial
services?
PG: The Presidency will work on
advancing the negotiations on
benchmark proposals and insurance
mediation. By the same token, I am
also looking forward to constructive
negotiations with the European
Parliament on Bank Structural Reform,
following the adoption of the Council
position at the June Ecofin.
We will also play a crucial role in
the preparation of the EU's COP 21
negotiating mandate to combat climate
change. Indeed, the Ecofin is taking
responsibility for the financial aspects
of the EU position for this landmark
conference in Paris in November. We owe
it to our children to combat and mitigate
the impacts of climate change.
LFF: What are the challenges
you face with regards to
taxation policy and the BEPS
issue?
G: Taxation policy is one of those
P
areas where I am the most determined.
At a time when many European
countries grapple with hard budget
constraints, achieving fair taxation
within the EU is an absolute priority.
On transparency, Luxembourg will
do everything to quickly reach
an agreement on the proposal on
automatic exchange of information
on tax rulings during this presidency,
i.e. before the end of the year.
The OECD initiative on Base Erosion
and Profit Shifting (BEPS) should
continue to guide our work as we
develop a coherent approach to the
taxation of multinationals across
borders. Transparency and the
establishment of a "level playing
field" across the globe must remain
our guiding principle. OECD BEPS
actions endorsed by the G20 are a
key reference point. However, I'd like
to underline that this internationalist
approach is complementary with
action at the EU level. The EU can and
should be a trailblazer, but has to make
sure that the G20 and OECD follow
suit.
Under my presidency, the Ecofin
Council will also give careful
consideration to the Commission's
Action Plan on Corporate Taxation.
We will remain mindful of the need
to protect the integrity of the single
market: the free movement of capital
and the freedom of businesses to set
themselves up where they see fit. GM
Cross-border expertise | Cross-border expertise in Luxembourg
Cross-border
expertise in
Luxembourg
Luxembourg has built its financial
centre on providing excellence in
cross-border financial services. It
is an expertise the country has
developed over many decades and
across the various sectors of its
financial industry.
LFF asked Christian Kremer,
Managing Partner at Clifford
Chance Luxembourg, Rafael
Aguilera, Executive Director of
EY Luxembourg, and Stéphane
Karolczuk, Head of Arendt and
Medernach's Hong Kong office to
give their insights into what makes
Luxembourg's cross-border expertise
so unique.
Cross-border expertise | P. 5
Luxembourg's multilingual and multicultural environment translates
into an international mentality and outlook that encompasses all
aspects of business life. Having a relatively small domestic market
means that professionals in Luxembourg spend most of their working
days with international clients in an international environment.
The Luxembourg legislator constantly adapts company law to take
into account the needs and requirements of international investors
and ensure that the legal framework is understandable from an
international perspective. Moreover, the financial centre can serve
clients in their native languages, creating an environment of trust and
comfort for customers.
Rafael Aguilera, Executive Director of EY Luxembourg, is an expert on
cross-border distribution within the asset management industry and
provides regulatory support in entering new markets.
“Cross-border activities and related regulations are becoming even more
important in an environment where growing market share in new territories
is the main driver for growth versus mature markets”, says Rafael Aguilera.
The Grand Duchy has developed a strong expertise in guiding financial
groups into these new markets, as well as addressing the needs of
clients who are active on different markets within the EU and overseas.
“Luxembourg's unique selling point is that we can support across borders
from a single hub with the same consistency and focus on quality, resulting
in a time to market advantage for our clients”, Aguilera points out.
Innovative Legal Framework
The financial centre's cross-border expertise has been driven by a
spirit of innovation and entrepreneurship. Luxembourg has always
been quick to identify new market opportunities and has often been
first to implement EU regulation in order to be able to serve the
financial industry and to cope with regulatory changes.
“Astute cross-border expertise is crucial in supporting the financial industry
as regulations are not only issued at the national level but inspired and
imposed by supranational organisations or via European Directives. Indeed
when it comes to regulatory strategies, Luxembourg has always been
able to address challenges head on be it in the banking, insurance or asset
management sector”, says Aguilera.
It is this ability to look beyond its borders, to understand, accommodate
and navigate multiple legal and regulatory frameworks, and to provide
solutions to deal with the complexity that arises as soon as clients
have investments, activities or their family in more than one country,
which has been one of the drivers of Luxembourg's success as a
financial center over the past 50 years.
Where international companies and investors feel
at home
Luxembourg's legislation allows for the creation of investment
vehicles that are suitable and familiar to investors from many
different countries. Legal professionals in Luxembourg are particularly
adept at bringing national law or EU law into a cross-border context.
“Professionals in Luxembourg have developed an unmatched ability to build
products that are compliant with EU law, and that can be exported“, explains
Christian Kremer, Managing Partner at Clifford Chance, a Luxembourg
law firm.“What is remarkable here is the huge size and complexity of the
international market in Luxembourg compared to our small domestic
market”.
Investors from different countries can benefit from Luxembourg's
innovative legal framework that allows for the creation of investment
vehicles taking into account the latest regulatory requirements.
“If you have the necessary cross-border expertise you can anticipate
changes and guide a client to tackle the issues that come up with new
legislation. We can also take this opportunity to review the client's
business and assess what can be put in place to address future coming
legislation”, explains Kremer, who advises international companies
and investors.
Cross-border expertise | P. 6
Rafael Aguilera
Executive Director,
EY Luxembourg
“There is a foreign law element in everything we do here in Luxembourg.
For example a private equity house in the UK wants to acquire a business
in Germany and chooses to structure the investment through Luxembourg.
Or a loan agreement whereby a loan is granted to a Luxembourg entity by
a foreign bank or by a Luxembourg bank to a foreign entity with collateral
in Luxembourg or abroad. The governing law of the contract can be a law
other than Luxembourg law or that the actors in the transaction are nonLuxembourg entities, so in other words we need to know Luxembourg law
but we need to recognise the impact of foreign law“.
This ability to accommodate various national regulatory, legal and fiscal
requirements and provide suitable compliant solutions to international
investors and companies is difficult to find anywhere else.
Supportive cross-border ecosystem
An entire ecosystem dedicated to cross-border finance ensures that
Luxembourg's flagship financial activities – banking, wealth management,
funds and insurance – stay one step ahead of the competition.
“The ecosystem provides dedicated support to financial institutions
and clients. The network having been developed over the last 30 years
provides a fully collaborative and experienced assistance ranging from
legal, tax, operational, and advisory services along the value chain
of financial services in the different sectors. Clients of the financial
sector will always experience a complete hands-on approach by
the Luxembourg service providers being able to connect between
themselves to offer a solution which tackles all the business needs on
a cross-border basis”, explains Rafael Aguilera.
Stéphane Karolczuk
Head, Hong Kong Office,
Arendt and Medernach
Expanding horizons
Beyond its traditional pillars and European roots, the Luxembourg
financial centre is playing a leading role in other key growth areas
such as international renminbi activities, Islamic finance, as well as
FinTech, accompanying also inbound and outbound investments to
and from Asia, and in particular China. Stéphane Karolczuk, head
of Luxembourg law firm Arendt and Medernach's Hong Kong office
advises on a daily basis Asian players willing to expand their horizons
and take advantages of the natural strengths of Luxembourg in order
to achieve this objective.
“Our very open cross-border approach in Luxembourg has enabled us
to make all actors in the value chain, including foreign authorities and
regulators, comfortable with our products and services. This in turn has
attracted a lot of business to Luxembourg such as RMB business, Shariah
compliant activities, FinTech, etc. from Asia in particular. We have for
example the largest Chinese banks, the largest Chinese asset managers,
a number of issuers of RMB bonds which can be listed on the Luxembourg
Stock Exchange and quite a large number of companies using Luxembourg
as their European hub. These businesses helped us build expertise in
various sectors and have kept us on top of our game. As an EU centre of
professional excellence with continuous learning, Luxembourg can expect
to attract even more business from Asia to Luxembourg". GM
Cross-border expertise | P. 7
Christian Kremer
Managing Partner,
Clifford Chance Luxembourg
Cross-border expertise | TOP SKILL IN WEALTH MANAGEMENT
CROSS-BORDER
EXPERTISE: TOP SKILL IN
WEALTH MANAGEMENT
In the 21st century world, goods
can be bought 24/7 on-line and
execution speeds for trading
are measured in nanoseconds.
Information-sharing and
international money transfers
happen instantly. It is therefore
no surprise that the globe's
leading entrepreneurs are more
mobile than ever.
Whether moving to another country for economic opportunity, to
access international education, or to retire in a warmer climate, a
growing number of HNWIs have lived in more than one country. As
a result, they have geographically diversified portfolios and want the
flexibility to move assets and wealth easily between countries. Highly
mobile entrepreneurs have real estate in multiple cities and rarely
have a single bank account. In this context, there is a growing demand
for financial professionals that know how to set up processes between
lending, investments, global markets, and insurance.
As their families grow, HNWIs think about generational planning
and managing transitions. The more activity an individual has in
different countries, the more complex the planning becomes. While
there are fewer barriers than ever before, the financial crisis has had a
strong impact on regulation, audit, compliance and risk management.
This has led to an increasing demand for access to high-quality cross
border expertise.
Ensuring compliance with both local and international laws has
become part of the most fundamental and day-to-day activities.
Cross-border expertise | P. 8
Cross-border expertise has become the cornerstone to a trusting
relationship between the client and the wealth manager.
“Cross-border expertise is the key skill that a wealth manager needs to
add value and to gain a client's trust”, points out Olivier de Jamblinne
de Meux, CEO Luxembourg at KBL European Private Bankers.
LIMITED CHOICE
The choice of destinations to find the right cross-border expertise
to manage the financial activities of internationally mobile HNWIs
remains relatively narrow. Only a few international financial centres
offer a wide variety of financial and legal services that cover several
jurisdictions. Luxembourg is one of them and is therefore a unique
player in the eurozone.
As early as the sixties, Luxembourg had the vision and openness
to merge local expertise with international talent and to develop
a financial centre that offers a diverse range of multi-currency
services and products to the international business community.
Today, cross-border expertise is the skill that the private banks, the
asset management industry, the regulator, the stock exchange, the
insurers, the auditors and law firms, share, strengthen, and nurture on
a permanent basis.
INTERNATIONAL MINDSET
No less than 81% of the financial workforce is foreign. When wealth
managers in Luxembourg advise on the launch of a new company
(before, during, after, transfer, and sales) or support with the set up of
a club deal for the acquisition of vintage cars, they have the ability to
truly connect with their clients by speaking the same language.
They understand the client's international background and mindset,
their questions, challenges and ambitions.
“Luxembourg is known for its stability and adaptability. Highly specialised
professionals in Luxembourg are able to deal with nearly all wealth
management, wealth planning and structuring requests from a client.
Cross-border expertise is the skill we consolidate and strengthen on a
permanent basis”, continues Olivier de Jamblinne de Meux.
Today, Luxembourg private banking entities often act as centre of
excellence within their group and serve the group's clientele out
of the Grand Duchy. It is because of their international know-how
and exposure, that they are considered as a key contributor to the
group's global clients value proposition. Also the quality of service
and experience gained in the investment fund industry, has enabled
several private bankers to develop transaction hubs in Luxembourg for
servicing other group entities located elsewhere.
Cross-border expertise | P. 9
Olivier de Jamblinne de Meux
CEO Luxembourg,
KBL European Private Bankers
PRIORITIES
Pierre Etienne, the new head of the Luxembourg Private Banking
Group (PBGL) has identified a series of priorities for private banking in
Luxembourg.
"My priorities will rely on four axes. First of all, I consider that the PBGL
has to play an active role in the promotion of the Luxembourg financial
centre as the leading eurozone hub. We will reinforce our agility and
competences in a cross-border environment and push mutual or
innovative initiatives to cope with the tsunami of new regulations which
are extremely costly and consuming resources. Finally, more generally,
we will develop existing competences and acquire the right talents to
meet the challenges of a changing and very demanding environment.”
Pierre Etienne
Head,
Luxembourg Private Banking Group
A key element of the value proposition in Luxembourg is the
generation of performance in a risk framework that is predefined with
the client. “Asset management, sometimes named "Alpha factory" (or
"performance factory"), provides a lot of know-how or even direct
information to Private Banking such as markets or sectors analysis,
either on macro or micro level. Players that can make both businesses
collaborate, can certainly bring more value to clients”, continues Pierre
Etienne.
Also, non-EU banks use Luxembourg as their hub to support Euro
liquidity, cash pooling and Euro treasury.
“Luxembourg offers all the facilities around the euro: better liquidity,
a later cut off time in the day, borrowing facility from the Central
Bank, access to Eurex, and target 2,... All these set-ups are done from
Luxembourg, supported by a business friendly environment, with the
authorities and various institutions involved in the process”, concludes
Pierre Etienne. LR
Cross-border expertise | P. 10
Cross-border expertise | An international success story
An international
success story
The success story of the Luxembourg
fund industry demonstrates that
Luxembourg has always sought to
expand beyond its borders. With
more than 3.5 tn EUR in net assets
under management, it is the largest
investment fund centre in Europe
and the second largest in the world
after the US.
Having gained unparalleled
international recognition in UCITS,
the country successfully emerged
as the global leader for cross-border
distribution of investment funds,
with more than 67% of UCITS funds
distributed internationally being
domiciled in Luxembourg.
We talked to some of the leading
international asset managers
and administrators about how
Luxembourg's cross-border expertise
serves their business.
Cross-border expertise | P. 11
Leading from the front
Luxembourg has a tendency to lead from the front when it comes
to investment fund directives. As the first country to implement
the UCITS Directive in 1988, Luxembourg gained a clear first starter
advantage which attracted very early on some of the world's biggest
fund promoters that sought to benefit from the international business
development opportunities offered by UCITS.
Based in Luxembourg since 1988, J.P. Morgan Asset Management was
an early adopter of UCITS regulations since its inception and is now
among the largest promoters of Luxembourg-based funds. As of today,
it has 150 different UCITS sub-funds. “UCITS was our largest selling
fund type last year with 16 bn EUR in AuM and this year, it accounted
for almost 4.9 bn EUR in AuM”, says Jon Griffin, Managing Director at
J.P. Morgan Asset Management.
With both its fund management company and fund administration
and custodian operations based in Luxembourg, the Grand Duchy is at
the core of J.P. Morgan's international distribution strategy. The group
has a management company in the UK, which serves only for the
distribution of its domestic fund range, but J.P. Morgan's Luxembourg
Management Company acts as the international fund product
management platform with 25 countries of distribution.
Jon Griffin
Managing Director,
J.P. Morgan Asset Management
“J.P. Morgan is very connected to Luxembourg. We have sales offices in
the key markets in which we operate with people who can understand
local practices but we use Luxembourg as our product domicile and
fund distribution platform of choice. Luxembourg gained significant
international exposure and increased its share of the European
investment fund market in a relatively short period. UCITS have become
synonymous with global distribution and when you say UCITS, people
say Luxembourg”, explains Jon Griffin.
Today, promoters from 40 different countries have chosen Luxembourg
as their UCITS global distribution hub; the two largest are from the
United States and Germany.
Union Investment Luxembourg is a German asset manager with
around 200 distribution partners, including more than 1000 subdistributors in more than 20 countries. The Luxembourg office is
responsible for the management and control of the cross-border fund
notification of around 500 funds and share classes of the group.
Maria Löwenbrück
Managing Director and Executive
Board Member,
Union Investment Luxembourg S.A.
“In order to provide the German market with innovative investment
fund products and to serve other target markets efficiently, Luxembourg
has proven to be the preferred domiciliation centre”, says Maria
Löwenbrück, Union Investment's CEO.
“A large number of our investment funds are offered to our German
clients but also to a clientele across the European Union. A growing
number of our German institutional clients that are active in other
European countries are requesting to invest from those countries
directly into our Luxembourg funds”, she highlights.
International reach
Due to the “European distribution passport”, UCITS can be easily
sold through the European Union to all types of investors. The fact
that after the approval by the home state regulator a UCITS is no
longer obliged to follow an authorisation process in each market,
has both reduced costs and time to market, as well as increased the
distribution capabilities of asset managers.
“Two years ago, we were the first investment fund manager in
Luxembourg to manage a French UCITS. It was a particular requirement
and we were able to use the management passport we have here
through a very straightforward process”, says Jon Griffin.
Cross-border expertise | P. 12
Initially, UCITS were intended to be marketed in the European Union
only. Now they are distributed in 70 countries worldwide and are
widely sold outside the EU where their high quality and high level
of regulation are valued by international regulatory authorities.
Singapore, Hong Kong and Taiwan were the first non-European
countries to open their doors to UCITS products and were then
followed by Latin American countries such as Chile and Peru where
the local pension funds are keen to invest in UCITS.
Managing complex regulatory environments
In a complex cross-border environment dominated by increasing
regulation, asset managers find a unique source of multi-jurisdictional
expertise in Luxembourg.
According to Maria Löwenbrück, along with compliance with local
regulations and reporting requirements, the handling of operational
risk is a pivotal element. “With the average number of target markets
Cross-border expertise | P. 13
“In order to provide the
German market with
innovative investment
fund products and to
serve other target markets
efficiently, Luxembourg has
proven to be the preferred
domiciliation centre”
Maria Löwenbrück
increasing for each management company, Luxembourg offers a
dedicated cross-border approach to avoid complexity, operational risk
and expand the number of target countries efficiently”, she explains.
“Luxembourg's multi-jurisdictional expertise combined with a realistic
approach to the fund launch timetable, which includes the entire
registration and on-boarding process, is key to Union Investment's
cross-border distribution strategy”.
“For us, having a strong
regulator in the market is
an important factor; it is
part of the quality label."
Jon Griffin
Another important role is played by the Luxembourg regulator.
“The Luxembourg regulator has an in-depth understanding of the
requirements of a cross-border distribution strategy, from the
applicable regulatory environment to the operational aspects”, explains
Maria Löwenbrück.
“For us, having a strong regulator in the market is an important factor; it
is part of the quality label. The CSSF is well regarded as a regulator with
the ability to understand our products”, adds Jon Griffin.
A comprehensive ecosystem
Luxembourg's success is also due to the financial centre's ecosystem.
Today, more than 300 regulated professionals provide operational
support for all EU and non-EU distribution countries.
“Supporting asset managers' cross-border fund distribution strategies is
a core service for clients of Caceis and we have developed an extensive
range of products and services specifically designed to meet the
Cross-border expertise | P. 14
needs of cross-border players in terms of operational support, legal
assistance and reporting requirements. Our Luxembourg office plays
a key role in the Caceis Group's business strategy and this role is set
to increase in importance now that Luxembourg has been designated
as the Group's competence centre for fund distribution support”, says
Etienne Carmon, Group Product Manager – Fund Distribution at
Caceis Luxembourg. Caceis has been a leading custodian and fund
administrator in Luxembourg for almost 20 years.
While Caceis group employs a total of around 3,300 employees, one
third of the staff of the whole group is based in Luxembourg.
“To illustrate the key role we play in the distribution space, Caceis often
acts as a facilitator between the asset manager and the distributors in
the target market”, adds Etienne Carmon. “Our clients' investors come
from around 150 countries worldwide. 7 out of 10 are European and the
remainder come mainly from Asia including Taiwan, so we're operating
in a truly international environment . UCITS have managed to strike an
effective balance between product efficiency and investor protection
which meet the requirements of an international investor base. UCITS
have a well-earned reputation as stable, high-quality, well-regulated
investment products", he added.
Alternative Investment Funds
In addition to its globally acknowledged expertise in the UCITS
arena, Luxembourg has been developing significant expertise in the
alternative space. Today, alternative assets represent over 20% of the
centre's investment fund assets.
“We have a number of non-EU AIFs for which Luxembourg has acted as a
hub for handling the registration process”, explains Jon Griffin.
AIFMD represents an exciting opportunity for Luxembourg to create a
new international quality label brand for the alternative fund market
– Luxembourg AIFMD funds, similar to the brand it has created with
Luxembourg UCITS. However, Luxembourg's alternative investment
sector will take time to catch up with its successful UCITS sector as
well as the rival jurisdiction and leading European alternatives centre,
Dublin.
“The creation of the 'Luxembourg AIFMD' brand will undoubtably take
some time, since it took around 30 years for the UCITS brand to obtain
the international recognition it enjoys today”, says Ms Löwenbrück.
“However, we are convinced that the strong recognition of the
Luxembourg UCITS brand as the vehicle of choice for a global fund
distribution strategy will contribute to the success of the AIFMD brand
going forward”. OB
Cross-border expertise | P. 15
Etienne Carmon
Group Product Manager – Fund
Distribution,
Caceis Luxembourg
Cross-border expertise | Luxembourg life insurance
Luxembourg life
insurance – the ideal
cross-border wealth
management tool
Major insurance companies
from around the world have
chosen Luxembourg as a base
for launching their products
throughout Europe under the EU
freedom of services provision. The
sector works with internationally
mobile clients who can benefit
from Luxembourg's unique level of
investor protection and expertise
in wealth and estate planning.
Luxembourg insurance companies
do more than 90% of their
business outside the country, the
bulk of which is in life assurance.
LFF spoke with Marc Lauer,
Chairman of the Luxembourg
Association of Insurance
Companies (ACA) and CEO
of the Foyer Group, and with
Claude Marx, CEO of Lombard
International Assurance, and
to find out how cross-border
expertise is enabling the sector to
expand into new markets.
Cross-border expertise | P. 16
With a small domestic insurance marketplace, Luxembourg specialises
in providing life insurance solutions under the EU Freedom to Provide
Services. It's life assurance contracts offer some distinct advantages
including flexibility in contract design and asset allocation, fiscal neutrality
and a unique level of investor protection. Luxembourg law provides life
assurance policyholders with full asset protection as Marc Lauer, Chairman
of ACA and CEO of the Foyer group explains.
“Luxembourg's laws and regulations aim to ensure maximum protection of
policy-holders on several different levels. The cornerstone of Luxembourg's
investor protection regime is the legal requirement that all clients'
assets must be held by an independent Custodian Bank approved by the
Luxembourg state regulator, the Commissariat aux Assurances (CAA)".
These features make life assurance one of the best asset management
and estate planning tools designed for sophisticated European – and
international clients.
"A typical client we work with is the internationally mobile high-net-worth
individual. For example, a businessman living and working abroad for
most of his professional life who wishes to ensure his retirement protection
when he returns to his country of residence", points out Lauer. "What is so
unique in Luxembourg is that we offer tailor-made solutions within an open
architecture. So in an insurance contract you have a wide range of assets
within the contract that you can invest in. The insurance company appoints
in most cases an investment manager, who invests the assets underlying the
insurance contract along the investment guidelines defined by the client".
Portable and efficient solutions
Insurance companies in Luxembourg have built up significant legal and
wealth management expertise. The industry works with an increasing
number of internationally mobile families facing challenges related to
different tax regimes and inheritance rules, with family members spread
across multiple jurisdictions. "Clients are more mobile, and we have to be
able to provide solutions that not only work in one jurisdiction, but solutions
that are portable, and that the client can take with him from one jurisdiction
into another jurisdiction, whilst still addressing his two basic needs that
are estate planning and wealth planning", explains Claude Marx, CEO of
Lombard International Assurance. "Luxembourg's life insurance products
can be adapted to the new tax and legal framework making them extremely
portable and efficient. Our solution can accommodate future relocation
without the need to restructure assets or realise profits at an inappropriate
time making it very desirable for the HNWI".
Marc Lauer
Chairman,
Luxembourg Association
of Insurance Companies (ACA)
Such solutions require international expertise with access to highly
specialised training.
"The main expertise we require is wealth planning and succession planning.
We often recruit talent from the markets we work across. So, for example,
if we need a Spanish wealth planner, we will first look at the talent pool in
Luxembourg, but if we do not find that necessary expertise we will recruit from
Spain", points out Lauer. "The insurance sector has developed training courses
with the IFBL training institute and the University of Luxembourg, ensuring that
our sector remains highly skilled and one step ahead of our competitors".
Last year Blackstone, the largest alternative investment house in the world
invested half a bn USD into Lombard International Assurance, a great sign of
confidence in the future of Luxembourg life insurance solutions. It also proved
to be a record year for Luxembourg's insurance sector, with annual results
up 20% to reach 401,42 mn EUR. The sector is embracing new emerging
markets in Asia and South America, and figures show a buoyant start to 2015.
"The Luxembourg life insurance industry particularly thrives to be thought
leaders in this space", points out Marx. "We are constantly looking for more
sophisticated solutions in the countries where we operate and to constantly
add new jurisdictions in and outside of Europe". GM
Cross-border expertise | P. 17
Claude Marx
CEO,
Lombard International Assurance
Cross-border expertise | Supporting investors
Supporting investors
at the Luxembourg
Stock Exchange
The Luxembourg Stock Exchange
(LuxSE) is today the uncontested
leader in international securities
listing with a global market share
of 20% and a European market
share of 40% of all internationally
listed securities. More than
40'000 securities from issuers
more than 100 countries and
55 currencies are listed on the
Luxembourg Stock Exchange.
LFF spoke with Robert Scharfe,
the CEO of the LuxSE to find
out more about its cross-border
strategy and-and its solutions in
terms of flexibility and market
exposure.
Cross-border expertise | P. 18
LFF: The listing of the world's first Eurobond
at LuxSE was key to the development of crossborder expertise in Luxembourg. How has your
international cross-border offering developed
over the years?
RS: Indeed, the LuxSE really became international with the first listing
of a Eurobond in 1963. Since then we have been at the forefront of
new developments in the international capital markets and today the
LuxSE is a synonym for innovation and transparency. Over the years,
the LuxSE has listed a wide range of products ranging from plain
vanilla bonds to Asset-Backed Securities (ABS). The latest development
worth mentioning are products with a different ethical code, like
sukuk and green bonds, as well as securities denominated in various
restricted currencies, such as Dim Sum (CNY) and Masala (INR) bonds.
LFF: What cross-border expertise is the LuxSE
able to offer to international clients and what
differentiates this expertise from what is on offer
in other jurisdictions? How do you reduce crossborder complexity?
RS: With more than 90% of the 40.000 securities listed by issuers
not domiciled in Luxembourg, LuxSE is serving truly international
clients. In this respect, the Luxembourg Stock Exchange takes a
leading position for the listing of international securities, based on
a competitive, efficient and client-oriented business model, making
"Listing in Luxembourg" a globally recognised label. We are also
supporting further standardisation with the aim of simplifying the
listing process and making it more predictable.
LFF: How do the cross-border ecosystem and
marketplace in Luxembourg support companies
as they list on the LuxSE?
S: A well-oiled ecosystem is very important to enable issuers to tap
R
the international capital markets. That's why LuxSE maintains close links
with all the financial intermediaries involved in the listing and trading
of securities, both here in Luxembourg and abroad. This national and
international network is formed by a mix of listing agents, law firms,
custodians, clearing and settlement entities, regulators and consulting
firms.
To illustrate this diverse network of participants, it would not
be uncommon that a security listed on the LuxSE can be a truly
international operation with a corporate issuer from South Africa, law
firms from London and New York, an adviser from Luxembourg and a
syndicate of banks from Germany, the US and Turkey and targeting
investors in the Middle East.
LFF: Can you give a recent case study of a new
company listing shares on LuxSE?
S: Edify is a good example. It is a branch of the French company
R
Somfy and is a private equity company specialised in the investment
of non-listed SMEs located in France, Switzerland, Luxembourg and
Belgium. The shares were listed at the LuxSE on the 19th of December
2014.
LFF: Why has this company chosen Luxembourg as
opposed to other jurisdictions?
S: Luxembourg is one of the natural places for the domiciliation of
R
a private equity structure. That's why an international investment
company like Edify chose to list on the LuxSE and not in Paris, which
is their home market.
LFF: How does the LuxSE keep on diversifying by
responding to new market needs such as Coco
bonds, Dim Sum bonds, Indexed bonds, Tier one
issues and Loan participation notes, Sukuk (Islamic
bonds)?
S: The LuxSE has been handling new and innovative products for more
R
than 50 years building up a high level of know-how. This enables us to
benefit from a reliable expertise that we share with our clients. As both
a market-leader and an innovator, the Luxembourg Stock Exchange is
committed to continuous development and improvement, and looks
for the opportunity to embrace new products, like the first "Schengen
Bond" denominated in CNY last year.
Cross-border expertise | P. 19
Robert Scharfe
CEO,
Luxembourg Stock Exchange (LuxSE)
"A well-oiled ecosystem
is very important to
enable issuers to tap
the international capital
markets."
LFF: Capital markets keep evolving at a fast pace and
are subject to structural changes that require
forward-looking ideas and solutions. How has
LuxSE sought out new ways to help develop capital
markets?
S: We have always been close to the international floor, interacting
R
on a regular base with various actors in this market. In this respect, the
LuxSE is participating in a number of national and international working
groups within the Ministry of Finance, ABBL, ALFI, FESE and WFE and
is actively involved on hot topics like CMU (Capital Market Union) or
crypto currencies. Furthermore, through our subsidiary Fundsquare,
we manage to keep in touch with the newest evolutions in the fund
industry and we are ready to react quickly to the continuously changing
environment of today's markets.
LFF: How has the LuxSE been attracting RMB business
and what is the potential for RMB in capital
markets?
S: The LuxSE is very successful in terms of RMB business, as we have
R
already listed more than 110 RMB-denominated bonds and investment
funds since the first listing of an RMB security in 2011. Our current
market share amounts to over 50% of listings outside Asia, which ranks
Luxembourg as the 3rd largest listing venue for RMB-denominated
bonds after Hong Kong and Singapore.
LuxembourgforFinance
What are the challenges
ahead for the LuxSE and
how are you positioning
yourself for the future?
Robert Scharfe
Competition between exchanges
is present more than ever. However, the
LuxSE is well prepared for the future, as
our business model is built on innovation,
while respecting the needs of our clients.
In order to keep up with the fast evolving
international capital markets, the LuxSE is
modernising its infrastructure, its product
range and investing heavily into continuous
staff training. GM
Cross-border expertise | P. 20
One driver of this success resides in the fact that the LuxSE has
again been the first to list such a product in Europe. This firstmover advantage should not be a surprise as the LuxSE lists bonds
denominated in 55 other currencies, including some restricted
currencies. Also, strong relationships with Chinese banks, both with
their local establishments in Luxembourg and with their headquarters
and other branches globally as well as partnerships with other Chinese
exchanges, including Shanghai, Shenzhen, Hong Kong and Taipei, are
very important, as they open up doors to their domestic market. These
efforts have already led to new listings of Chinese issues from ICBC,
Bank of China and China Construction Bank on the LuxSE.
Luxembourg's track record as a nimble first mover encourages it to
proactively develop additional services and new ways to help grow fastchanging capital markets.
LFF: Who are the emerging new clients and why are
they coming to list on the LuxSE?
S: We are constantly observing the international markets and we are
R
present in emerging regions all over the world. Besides the Asian and
Islamic markets, South America is developing well. In this particular
region of the world, we are experiencing a great deal of support and
long lasting relations with US law firms for the listing at LuxSE. Besides
that the label "listed in Luxembourg" is a well-recognised assurance of
quality, both with issuers and with investors all over the world.
Cross-border expertise | the new chair of ALFI
Denise Voss
Chair,
ALFI
Introducing Denise
Voss, the new chair
of ALFI
Newly appointed Chairman of
the Luxembourg fund industry
Association (ALFI) Denise Voss
has seen the Luxembourg fund
industry grow into the largest
investment fund center in Europe
and the second largest fund
centre in the world.
An American-native settled for
almost 25 years in Luxembourg; she
was previously Vice Chairman for
International Affairs of ALFI since
2011 and has played a key role in
the association for many years. She
is the first woman and the second
American to take the Chair of ALFI.
We sat down with her to discuss
her priorities for the next two
years of her term.
Cross-border
FinTech dossier
expertise
| P. 21
| P. 21
LFF: What are your priorities as new ALFI chairman?
DV: Financial education has always been particularly close to my
heart. Changing demographics, especially the so-called “greying” of
the population, mean that individuals need to take more responsibility
for their own financial goals and future. We have to help investors
to understand the “whys” of investing and how to invest in funds in
particular. But we should not only address the financial education and
goals of adults. Given that today even children can buy goods online,
we are committed to offering young people an appropriate level of
financial education so that they can make wise decisions in financial
matters.
In this context, it is also important to make our members aware of
the challenges and opportunities that come with rapidly evolving
digital and communication technologies. If we want to stay at the
forefront of innovation, we also have to make sure to attract, train
and retain qualified staff.
And last but not least, communicating about and promoting the
Luxembourg fund centre remains a key ongoing priority.
LFF: What do you see as the most important
challenges facing the investment fund industry
now?
DV: Many of the challenges we will have to face in the near future
are challenges we are already facing today: Navigating an increasingly
complex regulatory agenda at not only local but at global levels,
continuing to develop the potential for an AIF and an AIFM brand,
entering new markets, supporting regulatory initiatives to enhance the
global distribution of funds, attracting and retaining a qualified labour
force...
Board of ALFI
Additional challenges arise from consumer trends, others from
demographics and technology. We have to deal amongst others with
evolving investment strategies such as the growth of passive investing
and responsible investing and with the impact of these on product
and distribution strategies.
On the other hand, I see many opportunities, including the planned
Capital Markets Union and the European long-term investment
funds (ELTIFs), which will allow the fund industry to become a major
provider of funding for Europe's companies.
LFF: Innovation and technology are key aspects of
the future of investment funds. What solutions
will the industry have to develop in order to meet
the needs of the future “digital” generation of
investors?
DV: Technology and “big data” will fundamentally change the
way investors interact with service providers. Investing via mobile
devices will become common practice sooner than we all expect.
The regulation of fees is leading to a disintermediation of traditional
banking products and in the UK and in Switzerland the first online
robot investment advisers have emerged, replacing the traditional
financial advisers. The asset management industry needs to be highly
innovative to keep pace with rapid technological evolution. Our local
investment fund industry is well placed to access new technologies
allowing it to innovate in service delivery and to enhance the
customer experience, especially for the next generation of investors.
LFF: There are still a number of directives and
regulations in the pipeline, with impact upon the
fund industry. What impact do you think these
regulations will have on Luxembourg?
DV: Let me focus on two major areas: Firstly, the European Long Term
Investment Fund (ELTIF) which is a new vehicle to facilitate retail
and institutional investors' investment in projects that require longterm capital such as infrastructure & real assets & SMEs – including
transport, energy, etc. The ELTIF Regulation will enter into force and be
available to investors as from 9 December 2015.
Secondly, Solvency II will require, as from 1 January 2016, that (re)
insurance companies provide in-depth reporting of information on
Cross-border expertise | P. 22
their underlying investments, to calculate their “Solvency Capital
Ratios”. The investment fund world has already been impacted,
as 2015 has already seen asset managers being asked to provide
Solvency II reporting to their (re)insurance investors with a level
of granularity the industry has not experienced previously with
(re)insurance investors. We are in the phase of getting ready and
Solvency II rules in respect of reporting still raise questions on
confidentiality and disclosure policies, timeliness along with data
and royalty aspects. The asset management industry is tackling
these as we speak.
Finally, one topic that is not subject to any new law, which nevertheless
we see reappearing across the investment fund industry is the issue
of “liquidity”.
LFF: There have been numerous developments
between Asia and Luxembourg. What opportunities
does it offer and what are the opportunities
arising from RMB internationalisation?
DV: The transformation and the significant growth of the Chinese
economy and financial markets we have seen over the last couple
of years are remarkable. Initiatives like the recent granting of a
50 bn RMB RQFII quota to Luxembourg by the People's Bank of
China or the Shanghai-Hong Kong Stock Connect program are
important developments for foreign investors wishing to access
the Chinese market. This is all the more interesting as the Chinese
equity market has grown to become the second largest equity
market in the world after the US. From a Luxembourg point of
view, the RQFII scheme is particularly useful for fund managers
who use Luxembourg as a platform for cross-border distribution.
The internationalisation of the RMB will further broaden the
Luxembourg funds' potential investor base.
"Technology and “big data”
will fundamentally change
the way investors interact
with service providers.
Investing via mobile devices
will become common
practice sooner than we all
expect."
Denise VOSS
LFF: Where do you see the fund industry five years
from now?
V: Answering this question is tantamount to trying to predict how
D
the stock markets will perform over the next five years. Indeed,
the investment fund industry is largely driven by rising stock prices
that motivate people to invest. So an environment that is positive
for the stock market – like low interest rates and rising company
profits – is supporting the fund industry as well. Since the US Federal
Reserve Bank is expected to progressively raise interest rates in the
near future, the general environment will be slightly less positive.
However, as the Luxembourg funds are both investing and distributing
their shares globally, I remain optimistic that our fund industry will
continue to grow for many years to come. OB
ALFI conference
Cross-border expertise | P. 23
Picking up the baton at the
Luxembourg Philharmonie
Luxembourg Philharmonie is
celebrating its 10-year
anniversary by appointing
internationally renowned
conductor, Gustavo Gimeno
as new musical director of its
acclaimed orchestra.
Ahead of his first concert in
the city's world-class concert
hall, Gimeno met with LFF to
set out his musical vision for
this top class symphony
orchestra.
Gustavo Gimeno | P. 24
Spanish-born Gustavo Gimeno is one
of the most watched conductors of his
generation. The charismatic 37-year-old
has attracted international attention in
recent months with performances that
have included sensational debuts at the
Royal Concertgebouw Orchestra, the
Munich Philharmonic, and the Orchestre
Philharmonique du Luxembourg (OPL).
Gimeno takes up this coveted post in time
for the 2015/16 season, picking up the
baton from the well-respected Emmanuel
Krivine. "To lead a 21st-century orchestra
is an enormous responsibility. A good
director needs to live his passion for music
and to be honest with himself", enthuses
Gimeno, who believes that working with
an orchestra is all about team work.
Gimeno began his international conducting
career as an assistant to the well-known
Mariss Jansons. "I have always been very
curious to analyse and experience how some
genius composers entered their symphonic
world, how they found their own 'voice'
at their time", explains Gimeno who later
acquired further experience under the
supervision of Bernard Haitink and Claudio
Abbado, at the Orchestra Mozart, Bologna,
and the Luzern Festival Orchestra.
Gimeno's independent conducting
career was launched in spring 2014
with the Dutch Royal Concertgebouw
Orchestra, performing so exceptionally
that he became an international star and
was soon approached by many leading
international orchestras.
Philharmonie's Aesthetics and
Acoustics
It was both the potential to work
with the highly regarded OPL and the
opportunity to perform in one of the
world's most beguiling concert halls that
enticed Gimeno to take up the post in
Luxembourg.
"The Philharmonie is a world class venue
and known by musicians around the world",
proclaims Gimeno. Opened in 2005, the
concert hall, located on the Kirchberg
plateau in Luxembourg city, now plays
host to 400 performances each year. This
exquisite venue was designed by Christian
de Portzamparc, who built the Pritze
Prize winning City of Music in Paris, and
allows guests to forget their surroundings,
becoming one with the music played
in the differently designed halls. “The
acoustic design by Chinese-born Albert
Yaying is cutting edge and can be adapted
to different musical demands", points out
Gimeno. "The quality of the hall and the
charm of the building is second to none,
but let's not forget it is also a world-class
venue in terms of programming, from family
concerts and education to great soloists and
orchestras".
Conducting in the 21st
Century
Being a conductor in the 21st century
takes a lot of responsibility as one has to
keep in mind multiple aspects according
to Gimeno; the orchestra, the institution
and the cultural life (in Luxembourg). As
society is changing so is music. He states,
"we need to reflect daily about our function
and duty as musicians". In other words
protecting spiritual and artistic values.
As a young conductor, a challenge he will
face is the 'conservative listener'. Gimeno
wants to encourage audiences to "get in
contact with new musical experiences". He
wants to share his love of music and "to
listen to different pieces of music which are
not necessarily related at all in terms of style
and period", with people of all ages.
city and people of Luxembourg, while at the
same time gaining a broader international
reputation".
In terms of creative ambition Gimeno is
targeting a broader repertoire, "from the
baroque music to new pieces especially
composed for the OPL". Also, Gimeno
would like to have flexibility along with
open-mindedness within the orchestra as
they are both "needed for every kind of
repertoire, French, Classical, big Germanic
repertoire, contemporary…".
Creative Ambition
Through all these previous experiences,
Gimeno has forged a clear philosophy and
passion for innovation. "My ambition is to
preserve the qualities of the OPL and further
develop it in two parallel ways: developing
even more presence and importance for the
The concert hall has hosted many
important artists, orchestras and groups.
John Malkovich, Woody Allen, Lang Lang,
Deedee Bridgewater and Sir Simon Rattle
have all performed at the Philharmonie.
Later this season Anne-Sophie Mutter
will be performing as well as the London
Symphony Orchestra and Diana Krall, a
well-known Jazz artist.
Orchestre Philharmonique du Luxembourg (OPL)
Gustavo Gimeno | P. 25
The New Program
With these ambitions and thoughts, the
new program at the Philharmonie has
been created. In Gimeno's first season, the
Orchestra will be performing various first
symphonies, such as Beethoven, Schuman,
Shostakovich, Bruckner and Mahler. He
has done this as "there is a connecting
line related with the idea of 'beginning'
or 'starting something'". Gimeno is
also working with some of the most
outstanding soloists… "Leonidas Kavakos,
Frank Peter Zimmermann, Isabelle Faust…
the great Mikhail Pletnev" and many more.
incorporating a new theme, "a clear
geographical idea", called "Aventure +"
which will include a series of concerts,
"combining compositions of different styles
and periods", such as, "Roma-Milano" and
"Hollywood-Manhattan".
“One of the highlights of this upcoming
season will be the performance of Verdi's
"Messa da Requiem" with the Wiener
Singverein including an excellent cast of
soloists”, concludes Gimeno with his
charismatic smile. GM
There will be performances related to
contemporary music as well as pieces that
are commissioned by the Luxembourgish
orchestra such as the horn concerto by
Wolfgang Rihm. In addition he will be
Gustavo Gimeno
MakingGustavo
the engine
roar| |P.P.26
26
Gimeno
UPCOMING LFF eventS
DIARY
FINANCIAL MISSION TO CHINA
21 – 25 September 2015
Luxembourg for Finance will organise a financial mission to China in September.
Valuable insights into various aspects of Luxembourg's financial centre will be given at LFF seminars
held in Beijing (Monday 21 September 2015), Shanghai (Wednesday 23 September 2015) and
Shenzhen (Friday 25 September 2015).
Be part of our delegation showcasing the expertise Luxembourg´s financial centre has to offer.
FINANCIAL SEMINAR IN PARIS
20 October 2015
Luxembourg for Finance will head to Paris with a financial delegation, led by HE Pierre Gramegna,
Minister of Finance.
Join our financial seminar in Paris on Tuesday 20 October 2015, which includes presentations and
workshops on investment funds, private equity, asset management and life insurance. The event will
be held at the Palais Brongniart, Paris from 9:00 – 12:30.
By scanning the QR code below,
view the full events programme.
ISLAMIC FINANCE WORKSHOP (Luxembourg)
24 November 2015
Luxembourg for Finance will hold an Islamic finance workshop at The Da Vinci Forum in
Luxembourg on 24 November 2015. Join our workshop to get an insight into the latest trends
in Islamic finance and learn more about why Luxembourg is one of the leading Islamic finance
centres in Europe.
THE WORLD ISLAMIC BANKING CONFERENCE, BAHRAIN
1 – 3 December 2015
Luxembourg for Finance will be present at the WIBC Bahrain, to be held on 2 and 3 December
at the Gulf Hotel, Kingdom of Bahrain. Come and visit our booth and get an insight into why
Luxembourg is the leading European centre for Islamic finance and Middle Eastern investments.
2016 Asian Financial Forum, Hong Kong
18-19 January 2016
The Asian Financial Forum 2016 will take place in Hong Kong on 18-19 January 2016. Pierre
Gramegna, Minister of Finance, will be speaking at the conference and Luxembourg for Finance
will be present with a promotional booth. The conference will bring together some of the most
influential members of the global financial and business community to discuss developments and
trends in the dynamic markets of Asia.
Impressum
Editor: Luxembourg
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Responsible for publication: Nicolas Mackel. Editorial Team: Elisabeth
Ophélie Binet
Adams
(OB),
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Gustavo Gimeno
Nouveau directeur musical OPL
Saison 2015/16
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