Table of Contents Table of Contents
Previous Page  9 / 16 Next Page
Information
Show Menu
Previous Page 9 / 16 Next Page
Page Background

Février 2019

23

AGEFI Luxembourg

Fonds d’investissement

L

uxembourg has once again ran-

ked among the top three EU

financial centres in 2018 ,

having consolidated and streng-

thened its role as the go-to hub

for financial institutions opera-

ting on a cross-border basis in

the Europeanmarket. Last year,

Luxembourg’s regulators granted

80 new licences for banks, mana-

gement companies, alternative

asset managers, insurers and

investment firms. This number

includes several financial institu-

tions to have publicly announced

their decision to relocate some activi-

ties because of Brexit.

To date, the Brexit reloca-

tion plans of 47 financial

institutions involving

Luxembourg have been

made public. Half of

these are asset man-

agers and the other half

areamixofbanks,insur-

ers and payment service

providers. Meanwhile, a

number of firms have chosen to

expand their existing Luxembourg

operationswithout these plans havingbeenmade

public.An important factor inLuxembourg’s abil-

ity to continue to attract new business is its long-

termstability, underpinned by its consistentAAA

credit rating.

Nicolas Mackel

(picture), CEO of Luxembourg

for Finance, said: “Luxembourg’s proposition to

the global financial sector is stronger than ever.We

are known as a cross border focused centre and

this status has only been underscored by Brexit.

Our offer is also constantly evolving to meet the

future needs of finance, which means continuing

to curate a modern, ambitious and outward look-

ing financial centre, that provides clear develop-

ment plans andpractical support. Theprogresswe

have made over the last year in sustainable

finance, digitalisation, and in deepening relation-

shipswithglobal brands andmajor economies like

China is testament to that approach.”

EU hub status reinforced while

seeing impressive growth from

alternatives and non-life insurers

Luxembourg’s continued attractiveness as an EU

hub for international financial institutions was

highlightedby the arrival of Bankof

Singapore and Banco Santander

Brasil in 2018. Currently 136

banks from 28 countries rely on

Luxembourg as their European

or international centre for a

variety of competencies,

including corporate finance,

wealth management, custody

and other fund services.

The country’s status as a global

location for funds was equally

reinforced. As at 31 November

2018, Luxembourg’s fund industry

accounted for EUR 4.19 trillion in

assets under management

(AUM), a year-on-year increase

of 1.37%. With a market

share in Europe of

35.9%

for

UCITS and

26.7%

for

UCITS

and

alternatives com-

bined, according

to figures by the

European Fund and

Asset Management

Association (EFAMA),

Luxembourg ranks as the

continent’s dominant fund centre.

Looking ahead, Luxembourg’s role as a global

fund centre is set to continue growing, buoyed in

part by the intention of 23 leading international

asset managers and private equity firms tomove

or reinforce existing activities to Luxembourg

after Brexit. These include Fidelity, M&G,

Aberdeen Standard Life, Columbia Threadneedle,

Blackstone, T. Rowe Price andWells Fargo.

2018 saw particularly strong growth for

Luxembourg’s alternatives sector, with AUM in

private equity funds increasing by 20%.

According to a recent industry report, a majority

of alternatives managers are reinforcing or plan-

ning to reinforce their presence in Luxembourg.

While Luxembourg has long been a key EU hub

for cross-border life insurance and reinsurance,

the non-life sector has also been significantly bol-

stered by the arrival of 11 global insurers, includ-

ing AIG, Liberty Mutual, Hiscox, Sompo and

Tokyo Marine all choosing to set up their post-

Brexit EU headquarters in Luxembourg. Most of

these insurers have already started operating

with their new licences, which contributed to

growth in premium income in Luxembourg’s

non-life sector of more than 23% over the first

nine months of 2018.

Deepening relationships with China

Luxembourg and China are long standing part-

ners in the financial sector and the Grand Duchy

today provides the EU hubs for seven of China’s

largest banks. In 2018, Luxembourg consolidated

its role as global market leader for funds investing

into China, with a global market share of 29.3%of

all funds investing in China, and 78.1% of all

European funds investing into China. The

Luxembourg StockExchange has alsobecome the

world leading listing place for Dim Sum bonds,

with a global market share of 23%. Bond listings

increased by 34% year-on-year.

Digitalising Luxembourg:

FinTech and RegTech on the rise

Over the last year, Luxembourg’s ambition to

become a digital leader in financial services took

further meaningful steps forward. The national

FinTech platform, the Luxembourg House of

Financial Technology, better known as LHoFT,

whichonly launched in2017, sawanear doubling

in company occupants, from 26 to 47 businesses,

and it grew totalmembership to 100. LHoFT aims

to host the most innovative companies so that it

can provide the country’s existing financial

ecosystem with the best resources and solutions

needed to operate in the digital era.

Together with its industry partners, LHoFT has

been working on several initiatives that will help

the financial sector streamline processes and

reduce costs, including a certification lab to pre-

test RegTech solutions, which will make financial

institutions’ procurement processes faster.

Luxembourg is increasingly recognised as a cen-

tre for RegTech, with three Luxembourg based

Fintech companies named among the prestigious

global RegTech 100 in 2018. Similarly, the coun-

try’s status as a destination of choice for payments

was underpinned by several major brands choos-

ing to establish operations in Luxembourg as a

result of Brexit, including Revolut andAlipay.

Building a world leading platform

for sustainable finance

2018 was a particularly busy year for

Luxembourg’s sustainable finance ecosystem.

Global issuance of sustainable debt products

surged by 26% to reach USD 247 billion last year,

the lion’s share being green bonds amounting to

USD 182 billion. The Luxembourg Stock

Exchange remained the world’s largest listing

venue for green bonds, with a volume of USD

121 billion displayed on its dedicated green

exchange, LGX.

In 2018, the Luxembourg Stock Exchange also

launched a dedicated window for green, social

and sustainable funds, and strengthened its role

as a bridge betweenChina and internationalmar-

kets by settingupaGreenBondChannelwith the

Shanghai Stock Exchange.

The Channel displays information in English on

green bonds in China for the benefit of interna-

tional investors. In addition, last year

Luxembourg introduced the world’s first legal

framework for green covered bonds. The new

instrument is exclusively dedicated to financing

facilities that generate renewable energy.

Luxembourg is today home to 1 in 3 responsible

investment funds and 2 in 3 impact funds in

Europe. To continue supporting andgrowing this

community, the International Climate Finance

Accelerator was launched in the Grand Duchy,

which aims to foster a new generation of innova-

tive asset managers who are focused on climate

change mitigation and adaptation.

To ensure Luxembourg continues to develop its

role as an international centre of expertise for sus-

tainable finance, a national sustainable finance

roadmap was officially launched, in partnership

with the United Nations Environment

Programme (UNEP). The publicly available

roadmap is intended to help make sustainable

finance a mainstream proposition across

Luxembourg’s entire financial sector.

A stable outlook for

Luxembourg’s financial sector

The Grand Duchy’s outlook is further enhanced

by the newly elected Government’s coalition

agreement, which confirmed its clear commit-

ment to continue developing the country’s finan-

cial centre, with emphasis on sustainable finance

and the digitalisation of financial services.

Source: LuxembourgforFinance

Luxembourg licenses 80 new financial services companies in 2018

A

u 31 décembre 2018, le patrimoine

global net des organismes de place-

ment collectif, comprenant les OPC

soumis à la Loi de 2010, les fonds d’inves-

tissement spécialisés et les SICAR, s’est

élevé à EUR 4.064,644milliards contre EUR

4.192,332milliards au 30 novembre 2018,

soit une diminution de 3,05%sur unmois.

Considéré sur la période des douze der-

niersmois écoulés, le volume des actifs

nets est en diminution de 2,28%.

L’industrie des OPC luxembourgeois a donc enre-

gistré aumois de décembre une variationnégative

se chiffrant à EUR 127,688milliards. Cette diminu-

tion représente le solde des émissions nettes néga-

tivesàconcurrenced’EUR12,860milliards(-0,31%)

etdel’évolutiondéfavorabledesmarchésfinanciers

à concurrence d’EUR114,828milliards (-2,74%).

Le nombre des organismes de placement collectif

(OPC)prisenconsidérationestde3.908parrapport

à 3.936 le mois précédent. 2.536 entités ont adopté

une structure à compartiments multiples ce qui

représente 13.526 compartiments. En y ajoutant les

1.372 entités à structure classique, au total 14.898

unités sont actives sur la place financière.

Concernant d’unepart l’impact desmarchés finan-

ciers sur les principales catégories des organismes

de placement collectif et d’autre part l’investisse-

ment net en capital dans ces mêmes OPC, les faits

suivants sont à relever pour lemois de décembre :

Les catégories d’OPC à actions ont toutes connu

un développement négatif pour le mois sous

revue, sous l’effet notamment de craintes portant

sur un ralentissement de la conjoncturemondiale.

Au niveau des pays développés, la catégorie

d’OPC à actions européennes a réalisé dans ce

contexteuneperformance fortement négative, sur

fonds de chiffres de croissance décevants en

Europe et d’incertitudes politiques persistantes.

Les signes de décélération de l’économie améri-

caine et laquatrième remontéedes tauxdirecteurs

de laRéserve fédéraleaméricainepour cetteannée

expliquent le recul de la catégoried’OPCà actions

américaines. Sur base d’indicateurs économiques

moins bons au Japon et de la conjoncture globale

peu favorable, la catégorie d’OPC à actions japo-

naises a également fini en territoire négatif.

Au niveau des pays émergents, les catégories

d’OPCà actions de l’Europede l’Est, d’Amérique

latine et d’Asie ont suivi la tendance globale à la

baisse dans un contexte d’un environnement

conjoncturel global moins favorable, malgré un

accord commercial temporaire entre la Chine et

les États-Unis et les mesures de stabilisation de la

croissance prises par les autorités chinoises. Au

cours dumois dedécembre, les catégories d’OPC

à actions ont globalement affiché un investisse-

ment net en capital négatif.

En Europe, les volatilités sur les marchés d’ac-

tions, les inquiétudes sur la conjoncture globale et

les incertitudes politiques ont entraîné à lahausse

les prix des d’obligations d’État à haute notation

qui furent recherchéespar les investisseurs en tant

que valeur refuge alors les primes de risque ont

globalement augmenté dans le segment des obli-

gations privées. En somme, la catégorie d’OPC à

obligations libellées en EUR a réalisé de légers

gains de cours.

Aux États-Unis, les obligations d’État libellées en

USDfurent recherchées par les investisseurs sous

l’impulsion de la forte correction des marchés

d’actions américaines dans un contexte d’indica-

teurs économiques moins favorables et du relè-

vement des taux directeurs par la Banque centra-

le américaine, de sorte que la catégorie d’OPC à

obligations libellées en USD a terminé le mois en

territoire positif.

La catégorie d’OPC à obligations des pays émer-

gents a en somme peu changé sous l’effet d’une

part de fondamentaux solides et du recul des ren-

dements obligataires américains et d’autre part de

l’évolution négative de certaines devises émer-

gentes et de la faiblesse des marchés des matières

premières.Aucoursdumoisdedécembre,lescaté-

goriesd’OPCà revenu fixeont globalement affiché

un investissement net en capital positif.

Source : Commission de Surveillance du Secteur Financier (CSSF)

Situation globale des OPC

Your business is unique.

Your

tax advice

should be too.

Tailor-made and practical

solutions from our dedicated

team of experts.

www.atoz.lu

Founder & Member of the world’s

largest independent tax network