OV E RV I E W
Adapting and responding to change By A. Paris
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ncertainty remains the order of the day as the world heads into a period of slow recovery which risks being scuppered by a variety of factors including the US elections, trade tensions and the prolonged impact of the Covid-19 pandemic. Financial services practitioners in Luxembourg, like their peers in other jurisdictions, have had to navigate this volatile environment while continuing to provide a seamless service to clients. “The crisis has been a strong accelerator of change by spotlighting our resilience, as well as our ability to adapt. While organisations are considering how to accommodate working from home to a greater extent, the reduction of face-to-face contact may in turn have a detrimental impact on collaboration, connectedness and productivity. To that end, the need for support in this profound cultural change should not be minimised,” details a report published by the Digital Banking and FinTech 4
Innovation Cluster of the Luxembourg Bankers’ Association (ABBL) and KPMG Luxembourg. Although much in the world has obviously changed, ALFI chair Corinne Lamesch told delegates at the organisation’s virtual conference that following the initial Covid shock in February and March, total assets under management in Luxembourg rebounded to EUR4.6 trillion at the end of July, approaching the all-time peak set in January. “At least for now, Luxembourg’s role as the world’s leading cross-border fund centre remains unchallenged,” she said. Luxembourg’s regulator, the Commission de Surveillance du Secteur Financier (CSSF) has played a significant role in supporting the funds industry through the crisis. For example, certain deadlines were extended and new measures were brought in to permit firms to hold shareholder and management body meetings of exclusively in digital form. LUXEMBOURG FUND SERVICES IN FOCUS | Oct 2020
