Think local: Michael Delano
American
“ ORIGINALLY WE WERE HERE ON A TWO-YEAR SECONDMENT” Michael Delano: the US is multicultural, while Luxembourg has different cultures
Each month we ask an established non-Luxembourg resident for their insight into working and living in the Grand Duchy. We begin, auspiciously enough, with PwC’s Michael Delano. Interview: Aaron Grunwald — Photo: David Laurent/Wide
The newly appointed PwC Luxembourg audit partner has lived in the Grand Duchy since moving from New York in 2007. His firm employs about 2,000 people from 54 countries, making PwC one of the largest--and most diverse--employers in the Grand Duchy. Delano counsels several major Luxembourg investment funds, across the UCITS, hedge and fund-of-funds spaces. AG: Why did you decide to move to the Grand Duchy? MD: My wife and I both work in the funds industry. We wanted to live outside the US for a few years, in a place with a large funds market. There were only a few options, but Luxembourg was an easy choice. AG: What was the biggest surprise when you arrived in Luxembourg? MD: We arrived in August and it was a bit strange. No one warned us that August was vacation month in Europe. We thought, ‘where did everyone go??’ Once vacation ended, we were re-assured that people actually lived here.
40 - delano - February 2011
AG: What are the big cultural differences you have seen? MD: The US is very, very multicultural, with people from so many different backgrounds, but there’s still an overarching sense of Americanism. Here in Luxembourg... you are working with different cultures. We work very well together, but it’s also interesting to figure out how to work with French, British, Swiss, German clients. Also, the US fund industry generally focuses on the US fund market, and you don’t know much about fund markets outside the US. I like having the opportunity to always learn more about the international funds markets. AG: What have been some of the biggest integration challenges you have had? MD: Neither my wife nor I speak French very well, and that is something I need to work on. The language definitely helps you integrate into the community, both personally and in business. We have so many Francophone friends and professional contacts, and I don’t feel as integrated and informed when everyone has to change the conversation
from French to English so that you can be included. Fortunately we only speak with our nanny in French! AG: What amusing misconceptions about Luxembourg that you have heard? MD: A lot of Americans think it’s in Germany. It is a small country, but very well developed. I think the infrastructure is better than neighbouring countries. AG: Why did you decide to settle permanently in the Grand Duchy? MD: Originally we were here on a two-year year secondment. It’s a common story in Luxembourg! There’s a nice work-life balance that’s very different from New York. You can have a challenging career here and still see your children at the end of the day. AG: What do you think about this magazine’s name, and are you related to the same family? MD: I think it’s neat there’s a Delano magazine, although obviously it has nothing to do with me. I am related to the Philippe de la Noye who went to Boston, although not to the Roosevelt branch. It’s also interesting because now I’m back in Luxembourg.