Chicago-headquartered group will combine two existing offices in Altitude development south-west of Luxembourg City. US bank Northern Trust has agreed to take a substantial new office to the south of Luxembourg city, amid plans to move its European headquarters to the Grand Duchy. The Luxembourg Times can reveal the Chicago-headquartered banking group will combine its two existing offices in Luxembourg into a single location in the Altitude development in Leudelange. The move comes after Northern Trust acquired UBS' fund administration arm in the Grand Duchy in 2017 – almost doubling its headcount to around 300 employees. As part of its preparations for Britain's departure from the European Union, Northern Trust also decided to re-domicile its EU bank from London to Luxembourg. A spokeswoman for the bank confirmed the move to Leudelange would take place next year. "Luxembourg is at the …
Proposed minimum wage increase for Luxembourg, unanimously approved in parliament. The increase of the minimum wage in Luxembourg that takes effect on 1 January next year was unanimously approved on Tuesday in parliament. What that means is a rise of 1.1%, corresponding to about €22 gross more per month. Thanks to this increase, the minimum wage for unskilled workers will rise to €2,071.07 per month and €2,485.29 for skilled workers. This is one of three measures announced by the government to increase the minimum wage progressively, with the goal of reaching a total of €100 net more, with retroactive effect to 1 January. One of these measures involves the creation of the so-called "tax credit", whereby the state and businesses will bear the costs of the remaining amount. However, SMEs will benefit from a tax relief of 1% to partially …
The Edward Steichen Association is committed to perpetuating the cultural legacy of Luxembourg American photographer Edward Steichen by supporting Daniel Wagener and Esther Hovers during their residency at New York’s ISCP.
RSA Group, one of the largest UK commercial insurers, has received regulatory approval to transfer the European insurance business of its UK subsidiary, Royal & Sun Alliance Insurance plc (RSAI), to RSA Luxembourg S.A. (RSAL), its recently established post-Brexit hub.
French asset manager Lyxor, the fully-owned Asset Manager of Société Générale Group, is transferring 19 exchange traded funds with assets of €4.9bn to Luxembourg. Lyxor, Europe’s third-largest ETF provider, is moving €2bn of ETF assets this month, Ignites Europe reports. The transfer follows a first move of €2.9bn last October. The asset manager explains that the transfer is based on client demand. “The rationale has been very much client demand. Many of our investors across Europe tell us Luxembourg is a simple domicile for them to deal with,” says Adam Laird, head of ETF strategy for northern Europe at Lyxor. The French asset manager already redomiciled €1.3bn of ETF assets from France to Luxembourg two years ago. International asset managers such as MFS, T Rowe Price, Aberdeen standard, Columbia Threadneedle and M&G and many other asset managers are in the …
Over 1,300 new companies have set up in Luxembourg since January last year. Luxembourg is home to 35,113 companies, according to the latest data from the Luxembourg National Statistics Institute (STATEC) relating to January 2018. These figures show that new businesses are increasing substantially in the Grand Duchy with 1,380 companies more than the same period last year. Of those figures, 7,867 companies are reported to be in the area of specialized activities. Scientific and technical related businesses was the sector that increased the most at the beginning of this year. In second place the number of companies trading or repairing cars and motorbikes stood at 7,814. The construction sector took third place with 4,133 businesses. The construction industry continues to climb in the Grand Duchy, with 215 new companies opening in the past year. Notably the finance and insurance …
Nicolas Mackel said there had been ‘strong interest’ from US and other non-EU firms assessing their options since June’s referendum. The head of financial development for Luxembourg said a string of overseas banks and fund managers had explored moving London staff to the tiny country since the Brexit vote. Nicolas Mackel said there had been “strong interest” from US and other non-EU firms assessing their options since June’s referendum. Mr Mackel was speaking a little over a week after investment giant M&G announced it would be opening funds in Luxembourg, whose government styles it as “the only country left that still loves bankers”. He said: “They need to come up with contingency plans now; perhaps they should have done it before but were possibly numbed, like so many of us were, into thinking Brexit would never happen. “They are not …
Interview with Rajaa Mekouar-Schneider, Chairwoman of LPEA How can Luxembourg become THE hub for Private Equity? Luxembourg is already the hub for Private Equity funds and investment companies. It has taken a pioneering role over the past 10 years, by offering all kinds of investors a suitable toolbox to domicile, structure and manage their investments. In fact, Luxembourg is home to 95% of the world’s top 20 funds.
Clearstream continues to broaden its global network of domestic market links by adding Colombia on 19 November 2018. The new link is part of our continuous efforts to provide global investors with improved access to Latin America (LatAm) and other emerging markets. Colombia represents Clearstream‘s 58th link and affirms the ICSD’s leading position in terms of global market coverage.