|
By Pierre-Marie BOUL, Partner, Asset Servicing Leader Marie-Sophie DERVIEU, Partner, Tax, EY Luxembourg
Asset Servicing in Luxembourg is mainly driven by Professionals of the Financial Sector (PFSs), a continuously growing market. Although for the past couple of years the number of PFSs has remained relatively unchanged, at the end of January 2022 there was a 41% increase in their provisional net profits (reaching 49 million euros) and an 8 million euro increase in their total balance sheet(1) (in comparison to January 2021). This is a clear indication that the market demand for such service providers has not gone down.
This continuous growth can be attributed to the dynamism of the market. The sector has had to continuously and rapidly...
|