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The future of wealth management

C’est toujours le bon moment pour faire le point

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Un défi philosophique

Le « moment » est fascinant. L’intelligence artificielle peut-elle réellement remplacer le conseiller privé des grandes fortunes, ce professionnel dont le rôle va bien au-delà de la simple gestion d’actifs ? Peut-elle, à défaut, apporter une couche d’hyperpersonnalisation inédite, en affinant l’allocation d’actifs et en anticipant les arbitrages les plus complexes ? Jusqu’où peut-elle prédire et atténuer les effets des hoquets économiques et des trébuchements géopolitiques, alors que l’incertitude devient la seule constante dans un monde en plein bouleversement ?

La tentation technologique est forte. Elle promet des gains de productivité, une rationalisation des décisions d’investissement, une meilleure conformité aux exigences réglementaires, et même une capacité d’analyse supérieure aux meilleurs experts humains. Mais a-t-elle véritablement les moyens de tenir ses promesses, d’allier performance et individualisation tout en garantissant une protection absolue des données personnelles et financières de ses utilisateurs ?

D’autant que la gestion de fortune ne se réduit pas à des algorithmes et des modèles prédictifs. Comment le conseiller peut-il préserver son rôle unique, cette relation de confiance patiemment construite au fil des décennies et parfois transmise sur plusieurs générations ? Son expertise ne repose pas uniquement sur des chiffres, mais sur une capacité à écouter, comprendre, anticiper les non-dits, gérer des situations familiales complexes, souvent bien plus subtiles que ce qu’un algorithme pourrait modéliser.

Please recycle. Vous avez fini de lire ce magazine ? Archivez-le, transmettez-le ou bien faites-le recycler !

écrite délivrée au préalable par l’éditeur. © MM Publishing and Media SA. (Luxembourg) Maison Moderne ™ is used under licence by MM Publishing and Media SA. — ISSN 2354-4619

La nouvelle génération de clients, ces « digital natives », attend une expérience fluide et connectée, mais pas une gestion désincarnée, assurent de nombreux experts du secteur. L’adhésion aux nouvelles technologies reste lente, non par résistance au changement, mais parce que la confiance est l’actif le plus précieux dans ce métier.

Non, le défi ne sera pas technologique. Mais philosophique : jusqu’où laisser l’algorithme décider à la place de l’humain ?

Rédacteur en chef THIERRY LABRO

12 ACTIFS NON COTÉS

Répondre à l’appel des marchés privés

14 CONVERSATION ILARIO ATTASI

“The outlook for ESG investing has changed”

16 FEMALE CLIENTS

How private banks cater to wealthy women

22 MANAGING MONEY IN VOLATILE TIMES

Volatility indicator may exaggerate fear perception

28 ACADEMIC PERSPECTIVE

Sacrificing globalisation

“Balancing AI innovation personalise investment et le défi de la confiance

Why private banks favour passive investments

56 UN SECTEUR EN MUTATION Entre consolidation et adaptation

62 CONVERSATION STÉPHANE PARDINI “Digitalisation plus strong bankers makes for a good model”

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ICT & Télécommunications

Vers une souveraineté numérique

L’arrivée de l’IA rebat aujourd’hui les cartes du monde des télécom et de l’ICT. Face aux défis et enjeux qui s’annoncent, les acteurs du secteur se réinventent, à l’instar de Proximus NXT dont nous avons rencontré le CEO Gérard Hoffmann, et le Chief Enterprise Market Officer Christian Haux.

En octobre 2024, vous avez opéré un rebranding de Telindus vers Proximus NXT. Qu’est-ce qui a motivé ce rebranding ?

GÉRARD HOFFMANN : Vous connaissez le proverbe : « l’union fait la force ». Un groupe est toujours plus fort que ses différentes entités isolées. C’est pourquoi nous avons souhaité opérer ce ralliement de Telindus vers Proximus NXT, de manière progressive mais effective aujourd’hui.

En regroupant sous une enseigne commune les différentes entités présentes au sein du groupe, nous améliorons notre approche du marché, nous consolidons nos services ICT et réaffirmons encore notre orientation Telecom.

CHRISTIAN HAUX : Proximus NXT demeure un acteur au fort ancrage local, mais dont la portée est internationale. C’est donc dans un souci de cohérence, de lisibilité et de compréhension de notre offre par nos clients que ce changement a été motivé. Enfin, comme le disait Gérard, réunis sous une même identité, nous pouvons proposer un accompagnement plus poussé et plus complet à nos clients.

GH : C’était aussi pour nous une façon d’entrer dans une nouvelle ère, celle de la révolution technologique portée par l’intelligence artificielle qui nous fait face aujourd’hui.

Quelles conséquences cette décision a-t-elle entraînées ?

GH : Ce que je retiens surtout, c’est à la fois l’accélération des interactions entre les filiales du groupe et la création de nouvelles solutions, je pense notamment au cloud souverain, mais aussi que cette union a permis aux équipes luxembourgeoises de faire valoir leur expertise à l’étranger. Le Luxembourg se pose aujourd’hui comme un véritable centre de compétences pour le groupe.

CH : Le rebranding a également permis de rapprocher davantage les équipes belges et luxembourgeoises. C’est un effet que nous n’attendions pas forcément.

Chacun se retrouve poussé dans ses spécialités au service d’une identité commune. Ces synergies ont donné de l’élan et du poids à tout le groupe.

Proximus NXT est identifié comme Professionnel du Secteur Financier (PSF), en quoi ce statut renforce-t-il votre expertise ?

CH : Par ce statut, nous sommes assujettis aux mêmes règles que les acteurs de ce secteur : banques, fonds d’investissements... mais aussi considérés sur le même plan. Être PSF nous confère donc une certaine légitimité d’une part, mais inspire aussi de la confiance pour nos clients et nos partenaires, qu’ils soient locaux ou même internationaux.

GH : D’ailleurs, je pense que le développement de ces solutions souveraines, qui opèrent donc dans le cadre de la juridiction luxembourgeoise, a été motivé et rendu possible par ce statut. C’est ce qui nous a permis de conclure un contrat avec Google en 2023, pour utiliser leur technologie de manière souveraine au Luxembourg. Sans ce statut, nous nous serions sans doute contentés du cloud public, comme certains pays frontaliers. Dans le cadre géopolitique actuel, cela nous a donné une certaine avance,

et nous a permis d’anticiper ce besoin de souveraineté qui apparait aujourd’hui de manière évidente.

Aujourd’hui, quels sont les besoins du secteur financier ?

GH : Il faut bien comprendre que la digitalisation a totalement révolutionné le monde des services financiers et bancaires notamment. Aujourd’hui, la quasitotalité de la population mondiale disposant d’un compte bancaire souhaite le gérer depuis son application et ne se rend quasiment plus en agence. Cette révolution est encore en cours et se prolonge maintenant avec l’IA. À cela s’ajoute la baisse des taux d’intérêts ces dernières années qui a imposé aux banques de trouver de nouveaux foyers de revenus, de rationaliser et de réduire les coûts.

CH : En effet, la digitalisation est devenue à la fois un impératif pour les banques qui doivent fournir ces services à leurs clients, mais aussi un défi puis une source de complexité. Il faut embaucher et former le personnel à des tâches permettant cette digitalisation.

C’est une profonde transformation !

Les banques accueillent aujourd’hui une nouvelle génération de talents spécialisés dans le numérique, tels que des data scientists, des développeurs web et des

« Regrouper les différentes entités du groupe sous une même enseigne nous a permis d’offrir un service optimisé et plus lisible pour nos clients.  »

GÉRARD HOFFMANN

« Lorsque le régulateur adopte notre solution de cloud souverain, c’est plutôt un indicateur du sérieux de nos services et de notre solution

CHRISTIAN HAUX

Clarence. »

digital marketeurs, qui contribuent activement à cette transformation. Puis, une fois la digitalisation opérée, il faut ensuite assurer le stockage des données, leur sécurité et leur exploitation. C’est donc une demande permettant une digitalisation performante et sécurisée qu’adressent les banques à des entreprises comme Proximus NXT.

Quelles solutions avez-vous mises en place pour y répondre ?

CH : Avec des infrastructures et des services souverains comme notre cloud Clarence, nos partenaires disposent d’un service pertinent et sécurisé, qui va dans le sens de la dématérialisation que nous évoquions juste avant. Nous mettons également à leur disposition des services de sécurisation et d’exploitation des données, et enfin nous développons des services complémentaires autour de l’IA.

GH : Pour répondre à ces demandes, nous disposons d’une équipe d’experts dédiés à ce sujet. Cela nous permet d’accompagner nos clients sur ces nouveaux territoires, d’abord en analysant les données disponibles, en identifiant des cas d’utilisations puis en leur proposant des

solutions adaptées, où l’IA se déploie au service de leurs collaborateurs.

Demain, à quoi faudra-t-il être attentif ? Que préparez-vous à cet égard ?

GH : Il est clair que la cybersécurité sera une thématique de premier plan et le déploiement de l’IA ne fera qu’accentuer cette tendance en étant utilisée à la fois sur un plan offensif et défensif. Proximus NXT reste très engagé sur ce point, nous veillons constamment à disposer des meilleures solutions de protection, de défense, et d’en faire bénéficier nos clients.

CH : Notre force réside dans notre approche globale : plutôt que d’être un pure player dédié uniquement à la cybersécurité, nous maîtrisons l’ensemble des services et aspects du système d’information, ce qui nous permet d’aller bien plus loin en matière de prévention et de réponse aux menaces. Nous investissons continuellement pour nous entourer des meilleurs experts et former nos collaborateurs, garantissant ainsi une protection optimale. La cybersécurité concerne toutes les entreprises, y compris les plus petites. La vraie question n’est pas de savoir si une attaque surviendra, mais d’être prêt lorsqu’elle se produira.

3 QUESTIONS À GRÉGORY GRUBER

Deputy Director OutSourcing & Cloud Services

Comment l’IA optimise-t-elle le fonctionnement des entreprises ?

L’IA permet d’automatiser les tâches répétitives et certains processus dans quasiment tous les métiers. L’humain peut ainsi se concentrer sur les tâches à réelle valeur ajoutée. Elle améliore également l’analyse des données qualitativement et quantitativement. Cela permet une prise de décision nette et éclairée.

Quels principaux défis et obstacles peuvent freiner son déploiement ?

Ce sont des défis organisationnels et humains. Implémenter et bénéficier de l’IA demande des compétences et des expertises techniques de la part de l’utilisateur. La résistance au changement est aussi un frein qu’il faut lever par l’explication des bénéfices qu’offre cette technologie. Enfin, règlementation et sécurité doivent également encadrer son utilisation.

Comment Proximus NXT accompagne-t-il les entreprises dans cette transformation ?

Nous avons développé un programme d’accompagnement basé sur l’explication et la formation, pour construire un centre d’excellence dédié à l’IA au sein de l’entreprise. Puis, en fonction des besoins, nous mettons en œuvre des solutions pragmatiques qui alimentent tous les départements et offrent un retour sur investissement rapide.

POUR EN SAVOIR PLUS, RENDEZ-VOUS SUR WWW.PROXIMUSNXT.LU

Actifs non cotés

Répondre à l’appel des marchés privés

Private equity, dette privée, infrastructures… Les actifs non cotés suscitent l’intérêt croissant des familles fortunées, désireuses de diversifier leur portefeuille et d’améliorer leur rendement. Pour les gestionnaires de fortune, le défi est de leur faciliter l’accès à ces opportunités tout en les accompagnant dans leurs démarches d’investissement.

« L’investissement dans le private equity implique un engagement ferme sur le long terme. »

JÉRÔME ZAHNEN

Responsable Private Equity Banque de Luxembourg

La place qu’occupent les actifs privés au cœur des stratégies d’investissement adoptées par les familles fortunées s’est considérablement renforcée ces dernières années. La clientèle privée a développé un réel attrait pour les actifs non cotés, s’orientant vers le private equity, la dette privée ou encore les infrastructures. Cet engouement peut s’expliquer par diverses tendances à l’œuvre depuis plusieurs années. Tout d’abord, les marchés privés ont connu un important développement depuis 2008. La dette privée, par exemple, a eu une forte accélération en raison d’une sélectivité accrue des banques dans leur choix de financement d’entreprises.

Le private equity, d’autre part, un fort développement, offrant un nombre croissant d’opportunités d’investissement. « On constate une forte diminution du nombre d’acteurs présents en bourse. Actuellement, plus de 80 % des entrepri ses dont les revenus sont supérieurs à 250 millions d’euros , explique Jérôme Zahnen, responsable Private Equity au sein de la Banque de Luxembourg. Pour les investisseurs, ces entreprises représentent un marché important, qui continue de grandir. »

Le private equity se positionne comme une véritable alternative complémentaire aux actions traditionnelles. D’autant plus que, sur les marchés, on assiste à une concentration de plus en plus importante de la valeur au niveau d’un nombre limité d’acteurs. « Aux États-Unis, environ 30 % de la capitalisation du S&P 500, l’indice qui regroupe les 500 plus grandes capitalisations américaines, est captée par les sept principales valorisations  », poursuit Jérôme Zahnen.

Diversification et rendement Face à ces tendances, les investisseurs ont vu dans les marchés privés un levier de diversification, mais aussi une opportunité d’améliorer les rendements de leurs portefeuilles. «  L’investissement dans le private equity implique un engagement ferme sur le long terme. Il est dès lors associé à une prime d’illiquidité qui soutient le rendement. On peut aussi y ajouter une prime de risque plus élevée, qui varie en fonction des segments dans lesquels on investit », ajoute Jérôme Zahnen. Ce sont d’abord les acteurs institutionnels, les compagnies d’assurances et les grands

Photo Maison Moderne (archives)

Journaliste SÉBASTIEN LAMBOTTE

fonds de pension qui ont ouvert la voie. Les investisseurs privés leur ont progressivement emboîté le pas, développant un intérêt croissant pour ces actifs alternatifs avec la volonté de bénéficier d’un meilleur couple rendement-risque.

Un accès réservé

L’un des défis des banquiers privés et des gestionnaires de fortune a été d’envisager des approches nouvelles pour permettre à leurs clients d’accéder à ces opportunités d’investissement. Le ticket d’entrée pour investir en direct dans un fonds de private equity demeure élevé. S’exposer à cette classe d’actifs nécessite de disposer d’une surface financière de plusieurs millions d’euros.

Afin de répondre aux souhaits des familles fortunées, les acteurs luxembourgeois de la gestion de fortune développent depuis quelques années des solutions qui contribuent à la démocratisation de cette classe d’actifs. Cela se traduit notamment par la mise en place de véhicules mutualisés. « Avec un fonds de fonds, comme celui que nous avons mis en place depuis dix ans, nous pouvons lever des capitaux auprès de plusieurs clients privés. La démarche permet d’atteindre la taille critique nécessaire pour accéder à des fonds flagship de private equity  », explique Jérôme Zahnen. La réglementation luxembourgeoise fixe le seuil d’accès à l’investissement alternatif, en fonction de la résidence principale, à 100.000 euros. Si l’on peut parler de démocratisation, ces solutions restent néanmoins réservées à une clientèle fortunée et avertie.

Faire les bons choix « À partir de ce véhicule, il s’agit ensuite d’opérer une sélection parmi l’offre disponible, poursuit le responsable Private Equity au sein de la Banque de Luxembourg. Il existe aujourd’hui des milliers de fonds, portés par une grande variété de gestionnaires, avec de fortes disparités en matière de performances. Pour bien investir, il faut donc disposer des compétences nécessaires pour mener des analyses précises. » Face à ces opportunités, il est aussi essentiel d’apporter un conseil avisé à cette clientèle attirée par cette classe d’actifs. Il est notamment primordial de s’assurer que

l’investisseur dispose d’une bonne compréhension du fonctionnement de ces produits afin de lui permettre de déterminer comment construire son portefeuille dans la durée. « Pour cela, il faut notamment considérer le profil de risque, la surface patrimoniale et les besoins en liquidité, ajoute Jérôme Zahnen. Les actifs privés sont avant tout un levier de diversification, dont l’allocation ne devrait représenter au maximum que 30 % du portefeuille d’investissement. L’allocation cible devrait s’établir entre 10 et 20 %. »

Accroissement des levées de fonds

Si la clientèle privée considère avec un intérêt croissant l’investissement alternatif, les gestionnaires de fonds, ces dernières années, multiplient les démarches en vue de mobiliser les capitaux des familles fortunées. Les besoins en levée de fonds, au regard des tendances du marché, ont tendance à s’accroître.

Or, les investisseurs institutionnels, présents depuis plusieurs années sur ce segment, ont le plus souvent atteint leur objectif cible en matière de diversification. La clientèle privée, dont le patrimoine global continue de croître, est dès lors de plus en plus sollicitée pour répondre aux besoins du marché.

Par ailleurs, l’Union européenne souhaite aussi faciliter la mobilisation des capitaux privés en vue de financer les besoins de l’économie réelle. C’est dans ce contexte qu’elle a mis en place le « Fonds européen d’investissement à long terme (Eltif) », dont la nouvelle mouture est entrée en vigueur depuis janvier 2024. Ce véhicule, s’il s’adresse à des investisseurs avertis, doit contribuer à démocratiser, à travers un assouplissement des règles, l’accès à l’investissement dans des actifs privés.

L’ÉMERGENCE DES FONDS OUVERTS

L’investissement dans des actifs privés, des entreprises non cotées, ou encore dans l’immobilier, s’opère de manière générale à partir de fonds fermés. Ces fonds lèvent un montant fixe de capital pendant leur période de collecte, puis se ferment ensuite à de nouveaux investisseurs, pour opérer durant une durée déterminée, souvent de dix ans. Pendant ce temps, le capital est déployé dans des investissements à long terme, et les rendements sont distribués aux investisseurs à mesure que les actifs sont cédés, généralement vers la fin de la vie du fonds. À côté de ces véhicules, d’autres fonds, appelés « Evergreen », semblent émerger dans le domaine du private equity. Il s’agit de véhicules d’investissement ouverts, qui n’ont pas de date de fin prédéterminée. Avec des engagements initiaux minimaux plus faibles et la possibilité de souscrire au fonds sur une base périodique, ils sont plus accessibles à un groupe plus large d’investisseurs. Ceux-ci bénéficient d’une plus grande flexibilité, avec des possibilités d’entrer et de sortir plus facilement. Les cibles d’investissement de ces fonds sont davantage diversifiées. Avec une croissance à long terme, pouvant conduire à des profits plus élevés au fil du temps. Si la flexibilité des fonds Evergreen est attrayante, elle a ses limites. Il est en effet important de prendre en compte la nature des actifs sous-jacents. Un immeuble est, au demeurant, un actif illiquide. L’investissement réalisé au niveau d’une entreprise n’est pas facilement récupérable. Pour les gestionnaires, le recours à des fonds Evergreen implique de prendre en considération un juste équilibre entre flexibilité et illiquidité, pour fixer des règles claires vis-à-vis des investisseurs.

“The outlook for ESG investing has changed”

lIario Attasi, Quintet Private Bank’s head of investment and client solutions in Luxembourg and group head of client investment specialists, shares his thoughts on ESG appetite and how the bank is helping customers align with their values.

Journalist NATALIE A. GERHARDSTEIN

How robust is the appetite for ESG amongst high-net-worth individuals (HNWIs), and how has it evolved over the past years?

Over the past decade, we have seen a notable increase in the appetite for ESG investing among HNWIs, driven by a desire to align investments with personal values and a growing recognition of the long-term benefits of sustainable practices. That includes not just environmental but also social and governance practices, which are often overlooked.

At the same time, there is no doubt that the outlook for ESG investing has changed since 2022--when the Russian invasion of Ukraine led to a significant spike in oil prices--and to some extent following Donald Trump’s recent return to the White House.

It’s important to put shorter-term trends in perspective, however. Investors are constantly seeking to limit their investment universe by excluding poorly run or excessively risky companies. Incorporating ESG metrics is

an attempt to evaluate and avoid risk--and identify opportunities--based on factors not always associated with investment decisions in the past. These factors are increasingly recognised as important to successful long-term investing.

Millennials in particular look with increasing concern at the world they are inheriting. It’s therefore no surprise that they are putting their money into ESG investments at much higher rates than the average investor. In the context of the largest intergenerational wealth transfer in history--with trillions set to pass from baby boomers to millennials over the coming decade--we can clearly expect this trend to accelerate.

Which areas of ESG are most attractive for these clients?

The most attractive areas of ESG for clients often centre on climate-related investments, but priorities vary significantly. Some clients focus on limiting fossil-fuel exposure by excluding such assets from their portfolios, ensuring they are not contributing to industries they perceive as harmful.

Others take a more proactive approach by seeking investments that drive measurable impact, such as microfinance initiatives supporting sustainable development or direct investments in renewable energy projects. Meanwhile, some investors are drawn to the principles of the circular economy, opting to support companies that align with their ethical and environmental beliefs--such as fashion brands that use recycled materials or innovative production methods to reduce waste.

What are the misconceptions around ESG investing?

The biggest misconception about ESG investing is that it is focused exclusively on renewable energy sources, such as solar and wind, or recycling. In reality, ESG is much broader and encompasses the evaluation of well-managed, high-quality companies that demonstrate a deep understanding of their supply chains and actively work to improve their ESG practices. Such companies are not just mitigating risks but also enhancing operational efficiency, reducing waste and strengthening organisational resilience--all of which can contribute to superior long-term financial performance. That’s why we take a broader view of risks and opportunities: to help our clients build stronger portfolios and foster beneficial change.

The EU is set to cut back ESG reporting rules, while the Trump-Vance administration has made clear its anti-ESG agenda. Are we entering a new era? There has been a lot of speculation about the implications of recent changes to the EU’s Corporate Sustainability Reporting Directive (CSRD), which requires companies to disclose detailed information about what they see as the risks and opportunities arising from social and environmental issues, as well as on the impact of their activities on people and the environment.

The CSRD is a big, important piece of legislation. It also requires companies to make a tremendous investment of time and resources, as I can tell you from firsthand experience at Quintet. In February, the European Commission adopted a package of proposals to simplify rules and

boost competitiveness; the scope of that package included the CSRD. Importantly, sustainability reporting obligations have not changed. What has changed is that smaller companies have been exempted, at least for now. Mario Draghi, the former European Central Bank president, wrote last month in a column in the Financial Times that the EU’s “high internal barriers and regulatory hurdles… are far more damaging for growth than any tariffs the US might impose.”

I see recent changes to CSRD reporting obligations in that light: as a commonsensical decision to ease a significant regulatory burden on smaller companies and boost their competitiveness. I do not expect the EU to drop its commitment to achieving net-zero greenhouse gas emissions by 2050, which is a central component of the European Green Deal and legally binding under the European Climate Law.

How does Quintet work with clients to help them align with their ESG goals and values?

Your question includes a very important word: “values.” We recognise that ESG is often about deeply held beliefs, reflecting the individual values of the families we serve. That’s why we do not impose our values but rather offer our clients a wide range of choices so they can invest in alignment with their values. Depending on a client’s preferences, we offer them an investment approach that’s right for them. That can include--among other ESG solutions--Future+, a sustainable investment mandate we introduced this month in partnership with Blackrock, based on Quintet’s ESG principles and overarching sustainable investment philosophy. Future+ invests in funds that prioritise ESG factors. With a minimum of 75% sustainable investments, it aligns with Article 8 Sustainable Finance Disclosure Regulation (SFDR) requirements, which means that Future+ integrates ESG factors in the investment process. Will every Quintet client choose to invest in Future+ as part of their broader portfolio? No, of course not. Because every client is different and has a different set of values, including as it pertains to ESG.

CORPORATE SUSTAINABILITY JOURNEY

Quintet’s social responsibility involvement in 2023 included supporting over 59 charitable organisations, as well as over 3,873 volunteer hours and more than €225,000 donated to them.

“Every client is different and has a different set of values.”

How private banks cater to wealthy women

Sarah Courtney-Dockett and Olga Bogdanova at Citi share how private bankers and wealth advisors are adapting their strategies to better serve ultra-high-net-worth women, debunking stereotypes about risk, stressing financial education and highlighting the importance of diversity and listening.

Journalist AARON GRUNWALD

The proportion of female ultra-high-networth-individuals (that is to say, multimillionaires and billionaires) globally rose by nearly half between 2010 and 2013 (although they still represent a tiny minority), according to Julius Baer. Naturally, private banks and wealth advisors are increasingly gearing their services towards women.

But implementing a female-friendly strategy is not cut-and-dried. “It’s too simplistic to have a one-size-fits-all approach. You’ve just got to figure out what works to engage that particular client,” said Sarah Courtney-Dockett, managing director and head of women in wealth, Europe, Middle East and Africa at Citi Private Bank, based in London, in an interview. “What’s very important to a female entrepreneur in Turkey might be different to an inheritor in the UK, but there’ll be some commonalities.”

“I do think women tend to ask more questions, which leads some people to think they want to take less risk,” said Courtney-Dockett. “It’s actually just they truly want to be educated and they want to understand. If they don’t understand, they feel uncomfortable. So if you spend the

“I can’t tell you I’ve ever had a question from a man reading the same document.”

SARAH COURTNEY-DOCKETT Managing director, head of women in wealth EMEA, Citi Private Bank

time educating them and creating a kind of safe, warm environment where they can ask questions, you’ll have a much better kind of investment outcome because they very much will take risk. They just want to have been educated to do that.”

“Women are definitely very goal-oriented,” she continued, “and what I mean by that is they take a step back and they think ‘what do I need for liquidity for, say, two or three years? What do I need to live on for the rest of my years? What do I want to do in philanthropy and arts or impact and giving and then what to do with the rest?’ They’re also very focused on making sure that their children have a positive relationship with money. So we spend a lot of time thinking about how we can help them do that.”

Diverse clients, diverse teams

In Citi Private Bank’s Europe, Middle East and Africa business, “broadly speaking, there is an equal mix” of clients who are entrepreneurs and who have inherited wealth. The concept of inherited wealth does not “necessarily mean from parent down to child. There are circumstances

where divorce, for example, [means] all of a sudden this woman has a large sum of money. They’ve never been running the finances.” Perhaps they had “been very busy running their own businesses” or working as a professional. But “their husband, typically because of the culture of society,” had looked after the couple’s financial affairs. “So it is like learning a new language for them, but it’s no different to a male or female entrepreneur suddenly selling their business and having to invest a hundred million.”

The third key constituency are financial professionals, who, Courtney-Dockett said, “may be very sophisticated, but they’re so time-short.”

Reshaping approach

“ Women currently control 30% of the world’s wealth and that’s going to 55% by 2030.” Starting in 2021, “we took a step back and we thought, ‘well, what does that mean for us and what will that mean for women as investors, as they’re going to become incredibly important as decision-makers?’ and there was a couple of things. We did a lot of external research and we did come across some different misinformation about pink-labelling and that women don’t want to take risk and quite frankly that’s not true.”

“What took me by surprise was that in some of the countries that I thought might have more inherited [wealth], actually there was entrepreneurs,” Courtney-Dockett said. “And that quickly led me to think, you know, this isn’t about two or three people from London trying to work out a strategy. This is super important.” Instead, the team has “engaged people on the ground” with an advisory board representing each market that formally launched in 2023. “Our strategy has always been about collaboration and understanding local cultural norms.” Since then, the concept has been reproduced internationally and now “we share best practices” across regions. What has changed? “Things like our website, for example,” Courtney-Dockett said. “I do remember in January 2021 actually clicking through our Europe, Middle East and Africa website and it took me 20 clicks to get to a white woman.” Now the

“Why are you doing this?

What is your commercial interest in this?”

OLGA BOGDANOVA Investment advisor and team head for North & Central Europe Citi Private Bank

site profiles successful female clients and their decision-making processes, and Citi hosts women-oriented networking and community-building events in major cities (though not yet in Luxembourg).

“I would say women definitely like community and talking about these things together,” she commented. “I’m not saying men don’t, but I’m just saying women really value that and we try and make sure we have those communities in place to do that.” Language is key, too. Essentially, “it’s all about listening, really listening to what they want.” When the bank is pitching a potential client, “probably the same material is used for a man or a woman, but it’s how you present it and how you talk about it.”

Financial wellness

“You know all investors’ behaviour is shaped by our cultural experiences,” Courtney-Dockett said. “Your experience and relationship with money has largely been taught to you by the age of 14 by your parents. So that is a key point, which is why we spend a lot of time and a lot of focus speaking [and working] with clients to make sure their children’s relationship with money is kind of a ‘healthy, wealthy and wise’ one.”

Financial wellness is another focus, “because there’s a real misnomer that because you’re uber wealthy, people think you are financially well and actually that’s not true.” Incredibly savvy professionals can be overleveraged or have portfolios that are under-diversified or too concentrated. Sometimes clients are simply underprepared. “You could be caught out if someone dies and the planning isn’t in place.” Courtney-Dockett cited several clients who, following the death of a spouse, did not have a clear overview of their financial and investment situation and sometimes struggled to understand the products in their portfolio. Even worse, spouses sometimes are not listed on bank accounts and the surviving spouse will not be able to access funds or learn about holdings for some time. Some couples have not had effective wills in place, which can block the entire process further during legal proceedings. “That would not be a conversation I would want any of our

43,457

compared to 9% in 2010.

bankers or investment advisors to be having because we’ve not thought through [the clients’ situation at a holistic level]”.

“Fundamentally, we’ve got to think about relationships rather than transactions and I think that has been the shift in banking.” Sometimes that involves diversifying a portfolio with a selection of simpler products or distilling client reporting so that both spouses have a firm handle on their financial affairs.

Women are not more risk-averse The stereotype is that women are more risk-averse investors. But Citi executives categorically claimed that this perception is incorrect. There was some “early research” which has resonated through the industry, Courtney-Dockett explained. More fundamentally, “if you’re in financial services, it is all about, at the end of the day, converting to revenue and sales.” If clients are peppering advisors with a barrage of questions, “people go for the easy answer, with an easier product.”

“I have a lot of female clients or the heads of family offices who want to take risk, who want to be, very much, innovative with the investment products that they utilise in their portfolio,” said Luxembourg-based Olga Bogdanova, managing director and team head for North and Central Europe at Citi Private Bank. “They want to be innovative and use new forms of financial instruments, new types of funds and direct investing. They are not risk-averse fundamentally. But they will ask a lot of questions, which might initially create a feeling like they’re not comfortable, but what they’re not comfortable with is not understanding the nuances and how that capital allocation decision will potentially impact their entire allocation.”

The best team is expected

Women clients do not necessarily prefer to have a female advisor. “They just want the best team,” said Courtney-Dockett. “They want to know that there is diversity within the business, but they want the best advisor. And actually, when we’ve interviewed our female clients, what’s interesting to see is that it’s not just male advisors but also female advisors that can misunderstand the [client’s] questions and

think they’re more risk averse.” About “50% of my clients are female-led,” but “most of them are very happy having a mixed team.” At the same time, “when Jane Fraser got appointed as the first [female] CEO” of Citigroup, in 2021, “I definitely had quite a few emails saying, ‘we know we picked the right bank.’”

“In general, we do all want to be represented by a diverse team, in one way or another,” Bogdanova said. “I want to have a diverse team backing me at work because they bring different ideas, different perspectives. Even male clients. When we’ve come to the deal table with male entrepreneurs, one of the comments that the Citi team has elicited was, ‘Wow, you guys are diverse. You guys are really bringing different languages, different perspectives, different backgrounds, both professional and cultural.’ I think that resonates across the board. But I guess statistically we do have some evidence that women, who’ve historically felt a bit underrepresented, want to see that commitment to diversity by the firm that services them. It doesn’t mean that you need to have someone looking like them. It means that you need to show a general commitment to some diversity in your organisation. It’s probably more intellectually deeper than just like-for-like, if it’s well-thought-out and thinking about the perspectives and differences of opinion that someone brings to the table.”

“Citi Private Bank only works with ultra-high-net-worth-individuals and therefore these are very complex relationships,” Bogdanova explained. Their clients “have substantial wealth. This is not €1m plus or €500,000 plus. Our relationships are €50m plus, typically, with the growing wealth of entrepreneurs. So it’s a complex coverage and therefore we do tend to have deal teams or coverage teams as opposed to a single advisor facing each client and that’s where the team is important,” she stated. “We do not have teams that specialise in female clients. We cover clients by country.”

“This is about bringing everyone to the table,” Courtney-Dockett noted. “We train all bankers, all investment advisors” how to best work with female and male clients.

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Generation gap

Age can be a major difference, but not always. “What I’ve definitely noticed with the younger cohorts is that, because of society nowadays, they want to be active,” Courtney-Dockett said. “They want to know everything. They want to be making their own decisions. They will vote with their feet, and they have opinions. And then they really want to be involved. Whereas probably if you have been a partner for 20-30 years, and haven’t actively been involved in finances, then it’s quite difficult to change a habit of a lifetime.”

“But then there have been older clients who have really grabbed the bull by the horn,” she continued. “They may have got the money either through a divorce or a death and been unprepared, but they’re like, ‘This is what I want to do. This is the strategy I want to do, and this is who I want to work with.’”

Referring to a client who had recently got divorced when she met her, Courtney-Dockett said: “money was a burden. And we just talked about safety. She now runs three banks and is very wellversed in everything. You know, she’s brilliant. She wanted to diversify and she’s an incredible story of what someone can accomplish in three or four years.”

“The main point that I think about when I face a female client,” Bogdanova said, is “making sure that I have a lot of time for a lot of questions. And they are typically very insightful questions.”

Very different questions

Do women often ask different types of questions? “You would be surprised,” said Courtney-Dockett. For example, she recently spoke with a client “that wanted to leverage against their portfolio, so a Lombard loan. They read the collateral details in detail and asked specific questions on that, which I think is absolutely the right thing to do. And I can’t tell you I’ve ever had a question from a man reading the same document. Sometimes they sign it there and then, [even if I ask] ‘don’t you want to take it back and read it?’ So actually that attention to detail I thought was a real strength of character, to ask those questions.”

Bogdanova observed that female clients and colleagues “who are at the top of their profession... we tend to want to role-play or analyse different outcomes for different business decisions, which is pretty similar to when someone takes an investment decision, right? Where am I going to allocate capital? What are the risks? What is

Female investors

Assets under management in Western Europe by male- or female-headed households and single or divorced men and women, based on a survey of 5,000 investors with at least €100,000 in personal financial assets and forecast. Source: McKinsey

the desired outcome? And then what is the worst-case scenario? And I completely agree that women tend to go much further into the details. I don’t know where that comes from. That’s probably a very deep question, but it is something I definitely see both in my client base and in my talent pool across the business.”

“The other question we get asked more by women--and certain types of male clients, those that have kind of entrepreneurial roots--is ‘how are you making money?’” Bogdanova added. “I get asked that a lot, but in very detailed terms, like ‘why are you doing this? What is your commercial interest in this?’ And then going into the details. That’s a cost and charges kind of question. They want to see that values are aligned, right? They’re happy to pay a fair price, but they don’t want to feel they’re paying a disproportionate price.”

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Volatility indicator may exaggerate fear perception

The tariff strategy may backfire against the US as the continuous enlargement of the Brics organisation--which currently stands at ten countries versus the original five--is a source of friction for the Trump administration. It may get worse should Europe decide to align with the emerging bloc.

“The biggest challenge for [private clients] to understand at the moment is what the Trump administration and the relationship with Europe is going to be, particularly with the Russia-Ukraine developments,” Mozamil Afzal, global CIO and CEO at EFG Asset Management, said during an interview. He thinks that his clients wonder what geopolitical role Europe will play between China and the US. Despite such an uncertain environment, he believes that there is a “quiet optimism” among European investors as domestic equities may have reached a “tipping point” whereby money invested in US equities and the US dollar is being repatriated back home. Moreover, a move to the centre-right in Germany and other political developments in Europe may support deregulation given the pressure coming from president Trump and Elon Musk. “Those trends will continue… because otherwise Europe can’t be competitive.”

Impact

of US tariffs on the US

In its marketing material, EFG estimated that the impact of tariffs would amount to only 0.10% of EU GDP. Afzal remarked that some countries such as Germany

(0.22%) and France (0.15%) may suffer more than other European countries.

Importantly, EFG expects the impact of US tariffs will be greater on itself (-0.65%).

“Tariffs will hurt America more than other countries… with a weaker economy and higher inflation… if it goes to the full extent.” Indeed, Afzal believes that the ongoing tariff uncertainty will be responsible for a slowdown in capex in 1H2025 for industrial companies, resulting in slower overall economic activity in the US. It has already started to have an economic impact.

“Managers simply do not know what to do.” These developments should support a 50bps Fed rates cut by year end.

He expects capex to recover in the back half of the year as the clouds may clear on tariffs. “Trump cannot continue at this furious pace forever.” Besides, should he succeed in getting corporate tax cuts adopted, Afzal thinks that it will make the return on investment “much more reasonable.”

Turning geopolitical tension into opportunities

He believes that president Putin’s wishes may be summarised in three elements:

maintaining recently gained land, Ukraine never joining Nato and the lifting of sanctions. Afzal argued that the opportunities lie with the third condition.

“The opportunity is that Russian gas, oil, commodities start to come back on the market.” Consequently, he would expect the pressure to soften on European economies. The industrial base would be a clear beneficiary thanks to cheaper gas. “What Trump’s trying to do with minerals and rare earths in Ukraine… is just him being opportunistic, because Greenland wouldn’t go to them.”

Changing world order

Now with 10 members, with Saudi Arabia and Turkey about to join the club, Afzal argues that the Brics organisation (Brazil, Russia, India, China and South Africa) should be an economic powerhouse to reckon with as they account for half of the world’s population and world GDP.

“Trump hates the Brics because it is the only and the real danger for the US,” said Afzal during a press conference. He thinks that an aggressive tariff policy against China may result in the BTO, or Brics Trade Organisation, that will promote free trade amongst its members. It makes Afzal wonder where Europe will stand between both blocs as it exports more to the Brics than to the US. “It reduces the bargaining power that Trump has.”

Chinese equities showing signs of life

Afzal observed in an interview that China applies “a lot of tariffs on American-made goods” imported into the country. In a recent trip to Hong Kong, he noted that several investment banks and authorities expected a 20% tariff on Chinese exports to the US. The initial 10% was therefore seen as a positive surprise by the market. Yet one day after the interview with Afzal, Trump announced an additional 10% levy, news that was followed the day after by a decline of 3.6% of the Hang Seng China enterprises market index. The index was still up 18.7% as of 28 February 2025.

Otherwise, the recent Chinese stock rally has come from large IT players such as Tencent and Alibaba on AI agreements with Deepseek, among other AI firms. More importantly, Chinese banks have

outperformed the market in the last six to seven months. “You don’t normally see a market that is about to correct when banks are outperforming.”

Market

volatility

“Volatility for 2025 will be similar to 2024.” Afzal expects the benign volatility observed on “Google search trends,” with words such as inflation, recession and dollar, as well as on the Vix--a market fear gauge--will continue. “We kind of know where rates are going to go.” The “biggest shock” would then be if the Fed suddenly turned around and started to raise rates. “Then clearly, all bets are off.” He would not be surprised to see stocks down by 10% to 20%, “very quickly.” He added: “it’s very hard for a central bank to go from a cutting cycle to a raising cycle, all in one year.”

He believes that such a predictability explains why the volatility “is not so high right now.” He admitted though that a similar correction may apply on a miss in high earnings growth expectations for the top 10 companies in the S&P 500 given their high valuation.

Compared to history, Afzal explained that the Vix calculation also accounts for one-day options which, at times, have had distorted impacts. “One-day options are really messing around with implied volatility quite a lot.” As per EFG research, the Vix level reached absurdly high levels back in August 2024 when the Nikkei index dropped by 7% in a day.

Asset allocation in 2025

EFG keeps an “underweight” allocation on US equities given their high valuation and the strong US dollar. It has led EFG to maintain an “overweight” on European equities. “We just took a little bit of equity off the table.” Afzal told Paperjam that it reduced its ongoing equity “overweight” in Europe and Asia and moved it into cash given the strong start so far this year.

A DIVERSIFIED FOCUS ON WEALTH BUSINESSES

Paperjam sat down for an interview with Mozamil Afzal, global CIO and CEO at EFG Asset Management, after the company’s press conference on 26 February in Luxembourg.

“We have private clients, the high-net-worth client base of EFG,” Afzal stated. “We have our funds business, which also sell to B2B. Then, of course, [we run] fund administration for family offices.”

Afzal described Luxembourg as its professional market with a “skew” towards B2B, family office and fund administration services.

EFG is neutral in fixed-income but with a “skew” towards high-yield bonds. “If bond yields go lower, we’ll probably move to ‘underweight’ in fixed income.”

A reasonable strategy given that EFG expects 10-year yields to be about 100bps higher by year-end.

“ It’s very hard for a central bank to go from a cutting cycle to a raising cycle, all in one year. “

MOZAMIL AFZAL

Global CIO and CEO EFG Asset Management

Wealth Management

Investir dans un monde plus complexe

Dans le contexte économique actuel, caractérisé par une concentration de la création de valeur autour d’un nombre restreint d’acteurs aux modèles complexes, la gestion d’actifs doit recourir à des approches de plus en plus pointues. Explications avec Nikola Krstic et Matthieu Brino de Midas Wealth Management.

Nikola Krstic, Chief Investment Officer, et Matthieu Brino, Head of Portfolio Management au sein de Midas Wealth Management, évoquent la manière dont l’économie se transforme et les impacts de ces évolutions sur la gestion de portefeuille.

Le paysage économique des dernières années n’a rien de comparable avec celui qui prévalait il y a quelques décennies. Investir dans des entreprises, au travers de la gestion d’un portefeuille, implique une compréhension plus fine de l’univers des investissements et de son évolution.

Concentration de la valeur

« Ces dernières années, on a assisté à une forte concentration géographique des marchés. Aujourd’hui, les États-Unis pèsent pour plus de 60 % des indices mondiaux. Et si l’on pousse l’analyse un peu plus loin, on se rend compte que près de la moitié de la valeur du S&P 500, l’indice des 500 plus grosses entreprises américaines, est portée par les vingt plus importantes d’entre elles. Des sociétés comme Apple ou Nvidia affichent des valorisations supérieures à l’ensemble des actions du CAC40 », commente Nikola Krstic, Chief Investment Officer de Midas Wealth Management, société de gestion détenue par l’institution suisse Les Fils Dreyfus & Cie SA, Banquiers. Pour le CIO, ce mouvement de concentration nécessite d’adapter les stratégies d’investissement. L’exposition aux indices globaux implique une concentration des investissements sur des grands acteurs de plus en plus complexes. La réussite passe désormais par une compréhension pointue de ces entreprises qui tirent véritablement la croissance de leur secteur.

« Pour l’année 2025, les prévisions tablent sur une croissance de 13 % des bénéfices par action aux États-Unis, avec une large contribution des secteurs des technologies et de la santé, poursuit Nikola Krstic. Les acteurs de ces deux segments se distinguent par leur capacité d’innovation et par les avantages concurrentiels dont ils peuvent se prévaloir. Cependant, malgré ces atouts leur permettant d’asseoir leur position dominante, ces activités sont aussi plus difficiles à appréhender. »

Des modèles plus complexes Il y a 30 ans, les entreprises les plus importantes du S&P 500 étaient Exxon Mobil, Coca-Cola, McDonald’s, PepsiCo et Walmart. Les modèles d’affaires, les éléments permettant d’évaluer leur rentabilité, étaient relativement simples à expliquer. Les éléments considérés étaient les chiffres de vente, la marge associée

« Pour investir, il faut procéder à des analyses bien plus approfondies. »

NIKOLA KRSTIC Chief Investment Officer, Midas Wealth Management

aux produits, le développement des points de vente… « Depuis lors, le paysage économique s’est considérablement transformé. Les nouvelles entreprises dominantes opèrent des business models bien plus complexes et techniques. Pour bien investir, il faut pouvoir les comprendre, être en capacité d’analyser l’ensemble des leviers de création de valeur au départ desquels se développent ces acteurs. Pour cela, il faut mobiliser une expertise approfondie, propre à chaque domaine dans lequel on souhaite investir », poursuit le Chief Investment Officer de Midas Wealth Management.

Aller au-delà des évidences

Cette transformation du paysage économique ne se limite pas aux acteurs technologiques ou de la santé. Le secteur du monde automobile a vu émerger des acteurs qui bouleversent l’industrie.

De son côté, le monde financier est également bousculé. Les grandes banques traditionnelles dominaient autrefois avec des services d’investissement classiques. Aujourd’hui, des fintechs comme PayPal, Stripe ou Revolut repensent la finance grâce aux paiements numériques, aux cryptomonnaies et à l’intelligence artificielle.

Dans le commerce, ce sont les acteurs qui ont révolutionné la distribution et redéfini la relation entre les marques et le consommateur, comme Temu, Shopify ou Shein, qui dominent le marché. Dans le monde du divertissement, en quelques années, les plateformes de streaming ont transformé la manière dont nous consommons les contenus.

Les entreprises d’aujourd’hui ne se contentent plus de vendre un produit ou un service. Leur modèle d’affaires se construit sur des écosystèmes technologiques et financiers sophistiqués, rendant leur analyse bien plus exigeante qu’auparavant.

« En outre, on se trompe si l’on croit que la rentabilité d’Amazon est due à son immense marketplace. En réalité, c’est son activité cloud qui génère la majorité de son résultat opérationnel. On constate que, dans beaucoup d’industries, les véritables moteurs de croissance sont souvent moins évidents qu’ils n’y paraissent. Il faut donc procéder à des analyses, qui ne s’arrêtent pas aux seuls chiffres », ajoute Nikola Krstic.

Anticiper, s’adapter, innover

La concentration des capitalisations, en outre, induit une volatilité plus grande dans la valorisation des portefeuilles. Récemment, Nvidia a vu sa capitalisation boursière chuter de 600 milliards en une seule journée en raison d’une polémique liée à un aspect technique. « Cela équivaut à sept fois le PIB du Luxembourg, commente Matthieu Brino, Head of Portfolio Management au sein de Midas Wealth Management. Dès lors, dans un monde financier confronté à des mutations rapides, où l’innovation redessine les règles du jeu, la gestion de portefeuille ne se contente plus d’optimiser des rendements. Plus que jamais, nous devons anticiper, adapter nos approches et innover. »

La gestion doit tenir compte de cet effet de concentration des marchés et de la complexification des modèles économiques. « Les technologies mises en œuvre, les stratégies nouvelles déployées rendent l’évaluation des acteurs plus pointue que

jamais. Nous devons développer une compréhension fine des enjeux et des transformations à l’œuvre dans un contexte qui évolue toujours plus rapidement. »

Démocratisation des actifs privés Pour aller chercher de la performance et tempérer la volatilité des marchés traditionnels, l’enjeu est aussi d’élargir l’univers d’investissement. « Des classes d’actifs autrefois réservées à quelques initiés, comme le Private Equity et la Dette Privée, se démocratisent, offrant de nouvelles perspectives aux acteurs de la gestion et à leurs clients, poursuit Matthieu Brino. À titre d’exemple, les actifs sous gestion dans le Private Equity étaient de $6.49 trilliards en 2023 alors qu’ils n’étaient que de $4 trilliards en 2020.»

Dans ce contexte, la gestion d’actifs ne peut plus être passive. Elle implique de faire appel à des compétences techniques avancées et spécialisées pour appréhender ces opportunités d’investissement tout en veillant à une juste maîtrise du risque.

« Pour cela, nous nous appuyons sur des équipes d’experts pluridisciplinaires et complémentaires. Adopter une approche flexible et éclairée est essentiel pour transformer les défis liés à ses changements en opportunités, en privilégiant la maîtrise du risque et en opérant une sélection rigoureuse », conclut Matthieu Brino.

3 QUESTIONS À ANTONELLA

MICHELINO

Chief Executive Officer, Midas Wealth Management SA

Pouvez-vous nous présenter Midas Wealth Management en quelques mots ?

La société de gestion a été créée en 2010 au Luxembourg pour accompagner des clients fortunés dans la gestion de leur patrimoine. Au fil des années, la société a beaucoup évolué tout en gardant son core business : la clientèle HNW (High Net Worth). Nous gérons actuellement 2,5 milliards EUR et avons 25 collaborateurs.

Le Grand-Duché de Luxembourg est la place idéale pour exercer notre activité, car son approche internationale permet de répondre aux besoins de familles réparties sur plusieurs juridictions.

Quels sont les besoins de ce type de clientèle ?

Ce type de clients désire une gestion de patrimoine tailor-made et une équipe de professionnels capable de répondre à ces besoins. Nous les accompagnons dans la gestion de leurs actifs, dans la structuration de leur patrimoine, dans leurs investissements dans l’économie réelle ainsi que dans leurs engagements philanthropiques.

Quelle est votre position au sein du groupe Les Fils Dreyfus & Cie SA, Banquiers ?

Le groupe est entré au capital de notre société de gestion en 2020. La banque suisse, par cette opération, a pu développer sa présence dans l’Union européenne et accéder à ce marché depuis le Luxembourg. Midas, de son côté, bénéficie de l’expertise du groupe Les Fils Dreyfus & Cie SA, Banquiers, avec qui nous partageons les mêmes valeurs et développons de nouvelles synergies, tout en nous projetant dans le futur.

Sacrificing globalisation might not be enough to save democracy

What are the patterns of populism, from the methods of populist leaders to the knock-on economic effects of their policies? Eugenio Peluso, a researcher in this area, helps clarify and contextualise the political winds of our current global situation.

“There is no Trump exceptionalism, but rather a new and consolidating geopolitical order,” say Eugenio Peluso and Massimo Morelli, researchers at the Luxembourg Institute of Socio-Economic Research (Liser) in a policy brief from February 2025.

What is this new order, exactly? The researchers have found that the populist nation-states currently arising are, contrary to what theorists previously thought likely, able to simultaneously undermine global economic integration and liberal democracy.

The consequences of populism

There are three mechanisms deployed by populist leaders, says Peluso, stipulating that many of the concepts come from publications by Morelli. First is their tendency to fight bureaucracy, such as claims to “drain the swamp” or cut through so-called red tape. “One of the simplest messages populists use,” the researcher says, “is that there is an ‘elite’ that is using certain economic mechanisms to their own advantage and against the ‘pure’ people, who are sacrificed to this elite. And that this elite uses bureaucracy to create confusion and spends public money to simply sustain themselves.” But what actually happens

“If there is no agreement, we can expect an increase in local conflict.”

EUGENIO PELUSO

Researcher Liser

when a populist gets into power, Peluso continues, is something else: they do get rid of bureaucrats, but the effect isn’t that it makes processes smoother. Just the opposite: it reduces efficiency. This is true at local and national levels.

The second mechanism has to do with inequality. Specifically, the loss of efficiency from cutting out bureaucrats leads to inequality, except the populist leader doesn’t acknowledge that. Instead, they explain it by inventing other sources, often immigrants, competition from cheap foreign labour markets and globalisation more generally. “This gives the first input for a protectionist policy or message,” Peluso explains.

The third mechanism is thus a turn towards ‘commitment policies.’ Unlike the more general objectives favoured by non-populist governments--objectives like reducing inequality, saving the environment, promoting growth, etc.--commitment policies are more specific and attainable. For example: keeping out immigrants by building a wall or using tariffs to reduce foreign market competition. “It’s not a long-term social or economic objective; it’s a simple commitment to the public.”

Photo Liser

Journalist JEFF PALMS

Collapsing Rodrik’s Trilemma

In 2000, economist Dani Rodrik theorised that, at any given time, we may only have two of the following three things: democracy; a fluid global economy; and strong nation-states. Rodrik initially predicted that it will be nation-states that eventually disappear in favour of “global federalism.”

Peluso explains: if you want strong nation-states and a fluid global economy, then you’ll need laws to enable an easy international flow of goods and capital and people, but these laws will be at odds with local democracy--democracy taken here to mean simply policymakers’ respect of local people. If you want the nation-state but also democracy, however, it’s globalisation that must suffer, because your laws will be looking inward towards taking care of the population, and thus not outward towards maintaining global economic channels.

The final case, of course, is democracy paired with a fluid global economy, at the cost of the nation-state. This is the model of the United States: a federal government ensures an easy flow of capital, goods and people across state borders; states are able to prioritise the political wishes of their own residents; but the states don’t have national sovereignty.

Now, 25 years after Rodrik’s theory, Peluso and Morelli are suggesting that sacrificing globalisation alone might not be enough to save democracy. In other words, today’s populist leaders are strengthening

A VICIOUS CIRCLE

There is a dynamic relationship between right-wing populism and the skill composition of immigrants, according to research by Frédéric Docquier, deputy executive director of Liser, and Hillel Rapoport, economics professor at the Paris School of Economics.

In a Liser policy brief from March 2025, Docquier and Rapoport explain: “Recent research in political science and economics shows that the skill composition of immigration

the nation-state--the typical basis of their movement (per slogans like “America first”)-by curbing globalisation via protectionist measures such as tariffs and border closings, while disengaging from shared global goals to combat pollution, poverty and conflicts.

According to Rodrik’s Trilemma, pushing away from globalisation would, in this case, save democracy (“democracy and national determination should trump hyperglobalisation,” he has argued more recently). Except this time democracy is being threatened too: maybe Trump’s tariffs will help local manufacturers, at least for now, but Trump is also attacking bureaucrats and judges and making them out to be part of a malicious ‘elite.’ This amounts to threats to checks and balances, the protection of rights and the separation of powers.

“What we stress in this article,” says Peluso, referring to Liser’s February policy brief, “is that this is not unique to Trump. It’s the same phenomenon we’re observing in other countries, like Italy.”

Economic effects

Some of the economic effects of populism, at least the short-term ones, are obvious: tariffs will stifle international trade (though may indeed boost business inside the populist country), while opportunistic capitalists whose companies are already embedded internationally (Bezos, Musk, etc.) might benefit from this new geopolitical order.

flows plays a pivotal role in shaping attitudes towards immigration, which translate into more votes for the populists. In turn, populist parties and leaders can affect the size and skill composition of immigration.”

Indeed, according to a 2024 paper by Docquier and Vasilakis, if a right-wing populist party gets 10% more of the vote share, this can lower the inflow of highly skilled immigrants by as much as 27%.

Peluso also points to something else that can be counted on when the cost of international trade rises: greater inequality in certain countries. The economic effect of tariffs on poorer countries has been clearly documented. “Very often, in these countries, there is more heterogeneity and risk of conflict,” he explains. As such, hampering global trade networks can have only two consequences. “If [people in such a country] find, to some extent, an agreement in accepting and spreading internally the cost of tariffs, then there will be a loser within the country,” he says. In poor countries with diverse groups, the loser--the one whose slice of the pie is going to be smaller--is often the minority group. “You create more inequality,” Peluso observes. On the other hand, if the population doesn’t find a way to absorb the tariffs, then there’s only one other option: “if there is no agreement, we can expect an increase in local conflict,” at least in countries that are highly diverse in terms of ethnicity and religion and which are exposed to international trade.

As for further knock-on effects, Peluso says… that’s for economists to guess at.

“Balancing AI innovation with trust in private banking”

Artificial intelligence (AI) is reshaping private banking by balancing technological innovation with human-centric wealth management, according to Steeve Gresse, group digital banking lead and innovation manager at Indosuez Wealth Management.

Journalist KANGKAN HALDER

What is your overall view on the impact of AI on private banking and wealth management so far?

Artificial intelligence holds immense potential in transforming private banking and wealth management. AI offers innovative solutions for personalised financial advice, risk assessment and portfolio management, which can significantly enhance efficiency and decision-making processes. However, due to the unique nature of private banking, where human relationships and personalised service are paramount, the integration of AI has been gradual and cautious. Many projects are exploring AI applications, but only a few initiatives have successfully made it to production. This careful approach ensures that AI complements rather than replaces the essential human touch in private banking. Maintaining the high level of personalised service that clients expect is crucial, as it is the foundation of trust and long-term relationships in this industry. By thoughtfully

integrating AI, private banks can leverage its benefits while preserving the valuable human element that defines their service.

In your opinion, is AI’s development happening too quickly or expanding too broadly?

Since the public launch of ChatGPT, we have witnessed a significant acceleration in AI capabilities and adoption. For instance, other large language models emerged in the first half of 2023, and many more have followed, enhancing our ability to process and analyse vast amounts of data more efficiently. These developments have reshaped the landscape, making it easier for organisations to achieve high-quality results with AI technology.

Whilst this growth aligns with the increasing complexity and demands of the financial sector, it is crucial to ensure that AI is deployed responsibly. The broad expansion of AI technologies is necessary to meet evolving client expectations and

Photo Indosuez Wealth Management

market dynamics. However, the key is to balance this innovation with robust governance and ethical considerations. We must continuously evaluate and adapt our strategies to maintain trust and integrity while leveraging AI’s potential to enhance private banking and wealth management services. Responsible deployment will ensure that AI complements the human touch that is central to private banking.

AI has been increasingly used in wealth management for process automation, client insights and personalisation. What are the key benefits AI brings to both financial advisers and clients?

AI, especially GenAI, is an amazing tool that empowers analysts, advisors and bankers in wealth management. While we are still in the early stages of using AI in this sector, its benefits are already evident. For financial advisers, AI enhances efficiency by automating routine processes, analysing large datasets and providing valuable client insights. This allows advisors to focus on more complex and strategic tasks, ultimately improving their productivity and decision-making. For clients, the combination of AI and human expertise could result in highly accurate and timely advice. The efficiency and precision enabled by AI significantly enhance client satisfaction and loyalty, as their needs are met quickly and effectively. Despite these advancements, human interaction remains key in wealth management. AI will continue to serve as a supportive tool in the background, helping bankers do their jobs more efficiently, while the final decisions will always involve human judgement.

Do you think a fully automated and personalised AI could ever replace the touch wealth managers provide? While AI brings immense value through automation and personalisation, it cannot replace the human touch that wealth managers provide. The nuanced understanding and emotional intelligence that human advisers bring to client relationships are irreplaceable. AI should be seen as a complementary tool that enhances the capabilities of wealth managers rather than a replacement. It supports wealth managers by providing data-driven insights and effi-

ciency, allowing them to focus on building deeper, more meaningful client relationships. The combination of AI’s analytical power with human empathy and expertise creates a more holistic and effective wealth management approach, ensuring clients receive the best of both worlds.

Are there any systemic risks associated with relying on AI for financial decision-making? How do you mitigate these risks?

Yes, there are systemic risks associated with relying on AI for financial decision-making, reflecting broader philosophical questions about technology and human agency. As AI systems become more integrated into wealth management, we must consider the implications of algorithmic biases, data security and the potential erosion of human judgement.

Algorithmic bias can cause AI systems to make unfair decisions based on biased data, challenging our ideas of fairness and equality. This raises ethical questions about who is responsible for fixing these biases. Data security concerns remind us that, as technology advances, we must protect sensitive information to maintain privacy, prompting us to rethink how we safeguard data.

The lack of transparency in AI decision-making processes can lead to a ‘black box’ phenomenon, where decisions are made without clear understanding or accountability, challenging our trust in technology. Over-reliance on AI risks diminishing the human touch central to wealth management, reducing empathy and intuition in client relationships.

To manage AI risks, we need to combine AI with human expertise. This includes thoroughly testing AI systems, protecting data quality and securing sensitive information. AI should clearly explain its decisions, and we must follow legal and ethical guidelines to ensure responsible use.

Ultimately, while AI can enhance efficiency and provide valuable insights, human judgement, empathy and ethical considerations will always be crucial. By integrating AI responsibly, we can leverage its benefits while preserving the values that define our industry.

“ To manage AI risks, we need to combine AI with human expertise.”

“Revolut uses AI to personalise investment advice”

Antoine Le Nel, chief growth and marketing officer and partner at the digital-only neobank Revolut, which serves over 75,000 customers in Luxembourg, shares insights into how the company is reshaping banking for affluent clients.

Journalist KANGKAN HALDER

Revolut started as a challenger bank focussed on everyday banking and payments. How has the company evolved to attract private banking clients, and what unique value does it offer this segment? Revolut doesn’t offer pure private banking services--yet--but we’re already attracting high-net-worth clients with our premium financial services, and this is possibly revealing a broader opportunity for the future. Our platform provides seamless access to wealth management tools, trading (stocks, exchange traded funds (ETFs), commodities and obligations), savings, and insurance, all with competitive fees and rates. Revolut Ultra, our elite offering, is designed for those who seek next-level luxury in banking, wealth and trading, and lifestyle services while maintaining full control and independence over their finances.

How does Revolut differentiate itself from traditional private banks in terms of wealth management and personalised financial services?

Unlike traditional banks that manage your portfolio and charge hefty fees, Revolut puts you fully in control. We democratise

access to complex financial products, such as money market funds (MMFs), that were once reserved for traditional private banking clients. We believe everyone should have the opportunity to make the most of their money. Our products are simple, easy to understand and designed to help you build financial confidence every day. Plus, with artificial intelligence-driven insights, budgeting tools and a robo-advisor, we empower you to manage your wealth independently.

Many high-net-worth individuals still prefer traditional private banking relationships. How is Revolut using technology to overcome this preference and build trust among affluent clients? While traditional banks are built around the needs of the institution, Revolut is built around the actual needs of our clients. By focusing on their real concerns and day-to-day needs, we prioritise a topnotch, 100% digital user experience, enhanced security features and greater transparency. Our technology allows us to offer better control, lower fees and time-saving solutions, which helps build trust among affluent clients who seek more than traditional private banking.

Revolut’s core strength is its digital-first model. How does this translate into delivering high-quality banking services without physical branches?

In today’s world, none of the services banks offer require physical branches. In fact, physical branches come with long queues, limited hours and sales-driven incentives pushing their sales teams to sell the wrong products for their clients. A fully digital approach allows us to offer 24/7 client support for both urgent and basic inquiries, driving down costs for Revolut--and ultimately lowering fees for our customers. Overall, this approach ensures global accessibility, faster service and cost efficiency, making high-level financial services more inclusive and convenient.

Private banks typically charge high fees for wealth management. How does Revolut’s low-cost structure allow it to provide competitive investment and advisory services without compromising quality?

Revolut’s low-cost structure relies on its fully digital platform, eliminating overhead costs from outdated systems, physical branches and traditional relationship managers. This means we don’t need to translate these costs to customers through hidden fees or additional products they don’t really need or want. Instead, we can leverage a freemium model, allowing clients to pick and choose the services that work best for them at any given moment, without compromising on quality.

Revolut has been investing heavily in AI and automation. How is AI being used to personalise investment advice for wealthier clients?

Revolut uses AI to personalise investment advice for wealthier clients by analysing their spending habits, investment history and financial goals to offer tailored portfolio recommendations. The AI assistant provides real-time insights, such as market trends and risk assessments, while blending human expertise to ensure the best and safest outcomes. AI is leveraged across various areas, including the robo-advisor, fraud detection and customer support, to provide a seamless, comprehensive service.

“We democratise access to complex financial products.”

Many fintech firms offer robo-advisory services. How does Revolut’s approach stand out, and do you see it replacing traditional human advisors for private banking clients?

Revolut’s robo-advisory approach stands out by combining AI-driven insights with real-time data, offering personalised investment strategies directly through its app. We have over 50m clients and therefore that’s more data for us to analyse and learn from. Revolut doesn’t aim to fully replace human advisors for private banking clients but rather complements their expertise, catering to those who prefer tech-enabled solutions alongside personalised support for more complex financial decisions.

What wealth management and investment products has Revolut introduced to appeal to affluent customers, and are there plans to expand into more complex financial instruments?

We already offer the following: stocks, ETFs (and ETF investment plans), commodities, obligations, robo-advisor, contracts for differences (CFDs), money market funds, savings… and yes there’s more to come, soon!

High-net-worth clients are particularly concerned about security and regulatory compliance. What measures has Revolut put in place to ensure the highest levels of protection for their assets and data?

In Europe we operate under the direct supervision of the European Central Bank as any major traditional bank and work very closely with every local regulator. Revolut prioritises security and regulatory compliance by using advanced technologies to protect client data and transactions, alongside biometric authentication and real-time fraud detection systems.

NEW BANKING AREAS

“Revolut plans to expand its offerings by introducing innovative services, including mortgages which is one of our big 2025 bets, giving customers seamless access to home financing directly through our digital platform. We may also consider offering standalone private banking services in the future.”

L’âge du capitaine et le défi

UNE RECOMPOSITION À SUIVRE

Selon le rapport annuel de Capgemini, les family offices exigent la sophistication des produits et des services, et les entreprises de wealth management y répondent en fournissant des offres ciblées pour répondre à leurs besoins. Exemples.

• HSBC offre à la clientèle d’élite un accès direct aux marchés mondiaux et aux services bancaires d’investissement, cimentant les partenariats stratégiques avec les UHNWI et les family offices

• Citi Private Bank se concentre sur le transfert de richesse intergénérationnel par le biais de son programme Citi Latitude, qui dessert 1.500 family offices

• Global Assets+ de Lombard Odier offre des capacités opérationnelles, d’investissement et bancaires à plus de 200 clients dans des bureaux simples et multifamiliaux tout en fournissant des services directement aux UHNWI.

• La suite technologique de Northern Trust (GFO) offre la plateforme Wealth Passport pour fournir une consolidation et une plus grande sophistication à plus de 500 clients dans des bureaux unifamiliaux tout en fournissant des services directement aux UHNWI.

qui veut avoir un conseil humain a augmenté de 29 % en 2018 à 52 % en 2023. Plus de quatre sur cinq seraient prêts à payer ce service humain 50 points de base (contre 10 actuellement). Et même près d’un sur trois accepterait de payer 100 points de base ou plus, ce qui s’accentue encore pour les patrimoines supérieurs à un million de dollars !

Une nouvelle composition d’équipe L’étude suggère une alternative hybride au « tout-digital », la constitution d’équipes « techniques » autour d’un conseiller à l’expertise connue et reconnue : des juniors comme des « rabatteurs » aux nouvelles techniques de marketing et de networking, des ambassadeurs pour qualifier les profils repérés par les premiers, des négociateurs pour finir de convaincre les profils qualifiés par les deuxièmes, et des techniciens au service du conseiller pour embarquer de la technologie et assurer un top niveau de qualification. Dans ce schéma, la productivité pourrait s’améliorer de 8 % à 22 %, dont 7 % à 15 % pour la technologie (dans la préparation des rencontres avec le client, dans la création de plans financiers, dans la gestion quotidienne des clients et dans la conduite de

Répartition géographique de l’enquête HNWI

recherches approfondies sur les tendances et les idées émergentes).

Une autre étude, menée par Capgemini, suggère des collaborations plus poussées entre family offices, wealth managers et banques privées pour prendre le meilleur des différents mondes (lire les exemples par ailleurs).

« La digitalisation est désormais la pierre angulaire du succès, le puissant outil qui non seulement construit des ponts qui manquaient, mais donne accès et dirige un avantage compétitif », confirme la deuxième étude de l’Association des banques et banquiers Luxembourg (ABBL) avec KPMG, parue en janvier, cinq ans après la première. C’est le cas de deux personnes interrogées sur trois au premier semestre 2024, qui reconnaissent aussi que peu de banques privées ont nommé un head of digital transformation et qu’elles n’ont pas de stratégie de transformation digitale claire, tandis qu’elles consacrent beaucoup de ressources à se mettre en conformité avec Dora (sur la cybersécurité et la résilience) ou avec la directive européenne sur les paiements instantanés.

48 % des banques privées n’ont pas assez de compétences en interne pour mener ces projets de transformation, ce

qui explique que près de trois sur quatre ont signé au moins un contrat avec une fintech ces trois dernières années – pour la plupart installées clairement au Luxembourg… ce qui n’est pas sans poser d’autres problèmes autour de la confidentialité ou de l’intégration de nouvelles technologies.

Plus de deux tiers des sondés n’ont aucune intention de changer de core banking system, préférant viser à l’unanimité une amélioration de son efficacité (96 %) et 78 % une réduction des coûts.

L’hyperautomatisation n’a pas du tout la cote : moins de un sur dix utilise une solution en ce sens, soit deux fois moins que ceux qui pensent qu’elle n’a aucune valeur ajoutée.

Peu de nouveaux business models

Autre aspect : la technologie aide majoritairement à rafraîchir l’existant plutôt qu’à créer un nouveau digital business model (22 %) ou même pour lancer de nouveaux produits et services digitaux (48 %). Est-ce que l’envie manque ? Ou est-ce que c’est dû au pouvoir de décision, très majoritairement en dehors du Luxembourg ? 22 % ont une autonomie totale pour des projets de transformation digitale, 26 % pour les

initiatives au coût supérieur à 50.000 euros, 13 % pour de petites initiatives et 13 % n’ont même aucun pouvoir de décision. La situation n’est en apparence pas très positive pour le pays… sauf que près des trois quarts (73 %) disent avoir recours aux possibilités fournies par le groupe. 73 %, c’est aussi le pourcentage de ceux qui sont ouverts à des collaborations.

« Les clients luxembourgeois privilégient également les interactions virtuelles avec leurs conseillers (72 %) par rapport aux clients européens (49 %) lorsqu’il s’agit de recevoir des conseils financiers. Seuls 13 % des clients luxembourgeois privilégient les rencontres en personne, contre 36 % en Europe. Les gestionnaires de patrimoine qui utilisent efficacement les outils numériques sont donc plus susceptibles de nouer des relations durables et enrichissantes avec leurs clients », disait EY dans son rapport de 2023 sur le wealth management, fait qui s’explique peut-être autrement que dans la relation à la technologie : le Luxembourg s’est imposé dans les clients ultra-riches (UHNWI), pas forcément au Luxembourg, et qui passent par ce canal pour profiter de l’expertise luxembourgeoise. Marché

Conversation Anna Zakrzewski

“The

deployment of AI remains in the beta phase”

Paperjam sat down with Anna

Zakrzewski

, group chief operating officer of Quintet Private Bank, to talk about streamlining processes and new technologies.

Journalist JEFF PALMS

What challenges do you face in terms of streamlining processes?

Quintet, founded in Luxembourg 75 years ago and operating in more than 30 cities across Europe and the UK, was primarily built on the acquisition of historically important wealth managers with a rich local heritage. With most of our historical growth being inorganic and built on M&A, we inherited a legacy of different processes across all our markets.

Our core belief is that we can strongly benefit from the agility that comes with a bank of our size by cutting through organisational complexity and increasing efficiency so we can devote more time to our clients and the pursuit of their best interests. That’s why we are so focused on standardising, simplifying and accelerating the automation of our processes, especially those that have the greatest impact on client experience, such as onboarding.

The implementation of such standardised and streamlined processes can be

challenging. It requires effective change management and the alignment of complex IT systems. Harmonising controls, managing operational risk throughout implementation and ensuring employee ownership also require significant time and investment.

What challenges do you face in terms of client onboarding in particular?

The main challenge is the overwhelming amount of paperwork due to the number of signatures required, which complicates the process. At the same time, balancing digital efficiency with personalised service and human interaction is crucial, including as it pertains to the onboarding process. At Quintet, we recognise that the online experience can and should complement but will never replace the human one.

How are you tackling these challenges? Simplifying processes with a holistic approach--designed across the full value

Photo Eva Krins

chain, from front to back--and increasing digital signatures are key strategies. Mapping out alternative onboarding journeys--including online, offline and hybrid--and continuously refining them based on client and colleague feedback help enhance client experience.

If you could create one digital tool to ease one process, what would it be?

An AI tool to resolve data quality issues and ensure accurate data deployment would be ideal. Integrating this into a client portal could streamline workflows and improve service quality. Combining digital efficiency with highly personalised service can significantly enhance the onboarding experience for everyone involved.

What’s something that most people don’t realise about client onboarding for firms like Quintet?

Onboarding is not simply ‘opening an account’ but is far more complex. We operate in a highly regulated industry, and this complexity reflects the need for thorough client due diligence, and investment profile and risk assessment.

At the same time, as I said earlier, we are focused on standardising, simplifying and automating our processes so we can devote more time to our clients. In this area, like so many others, it is a therefore a balancing act.

What is Quintet using AI for at the moment and how do you see that changing?

We now work with secure AI tools such as Microsoft Copilot to enhance meeting management and draft/review certain kinds of documents. We are piloting AI in this way across a range of departments to identify various use cases and potential benefits.

Our focus right now is on building a secure, stable foundation--reflecting regulatory requirements and our own very high risk-management standards--so that in future we can combine traditional machine learning and newer generative AI methods to enhance productivity and data management. We are also selectively applying AI in our current process standardisation effort.

“ We operate in a highly regulated industry, and this complexity reflects the need for thorough client due diligence, and investment profile and risk assessment. ”

Again, this is about combining digital efficiency and highly personalised service so we can devote more time to our clients and the pursuit of their best interests.

Are AI tools all they’re cracked up to be?

AI has transformative potential, including for organisations that deploy AI to gain a competitive edge. Healthcare diagnostics, circular-economy supply chains and infrastructure such as data centres and next-generation power grids are just a few examples of how long-term innovation will be driven by AI.

At Quintet, the deployment of AI remains in the beta phase as we operate in a highly regulated industry. As mentioned earlier, we see longer-term opportunities to integrate and leverage AI to enhance productivity and data management as well as in the investment management space, to cite just a few examples.

At the University of Luxembourg, law researchers and computer scientists are collaborating on a handful of new regtech tools for the financial sector.

The “Robocomp” project is about automatising due diligence processes for banks. Researchers are assessing, from a legal perspective, the use of AI tools for AML/KYC compliance. Under study are how information is gathered and how AI can improve those techniques.

The “Regcheck” project, meanwhile, seeks to automate data protection compliance using AI. It’s specifically for firms that process personal data as part of their software offering.

Finally, “Iccofido” is about the process of checking revisions of documents that have already been checked. Its aim is to have AI catch updates to investment fund prospectuses and to flag any subsequent compliance issues.

AI TOOLS

Luxembourg, l’eldorado de l’asset management

Mettre en place des produits financiers adaptés aux attentes des clients grâce à des équipes expérimentées est l’ambition affichée depuis 25 ans par DNCA Investments, y compris au Luxembourg.

L’ÉVOLUTION DE

DNCA / LES DATES CLÉS DE DNCA

2000

Création de DNCA Investments, société d’asset management

2003

L’entreprise atteint le milliard d’euros d’encours après 3 ans d’existence

DNCA. Derrière cet acronyme se trouvent trois associés, Xavier Delaye, Charles Nouailhetas et Joseph Châtel. Ces derniers ont uni leurs forces pour créer la société d’asset management en août 2000. Ils ont été rejoints en 2002 par deux gérants qui ont permis à DNCA de se développer. En trois ans, l’encours géré par la société est passé de 150 millions € à un milliard. « Nous avons débuté avec quelques clients privés avant de développer le marché français des CGPI (Conseillers en gestion de patrimoine). Nous avons alors rapidement été référencés dans les plateformes bancaires et compagnies d’assurance », se souvient Thomas Péan, Directeur du développement Belux chez DNCA Investments. Avec l’introduction d’un nouvel actionnaire en 2006, le groupe bancaire Banca Leonardo, l’entreprise décide de distribuer ses fonds en dehors de la France. « Avant cela, nous nous concentrions exclusivement sur l’Hexagone. L’ambition du groupe Leonardo était de toucher d’autres pays comme l’Italie, la Belgique ou encore le Luxembourg. Le choix s’est porté sur le Luxembourg pour une question de proximité. Nous y avons ouvert notre structure qui s’appelait Leonardo Asset Management ». En 2013, l’entité a changé de nom pour se nommer DNCA Finance Luxembourg. Elle compte au sein de sa SICAV 25 compartiments et détient aujourd’hui un actif de 25 milliards.

Répondre aux attentes des clients En 25 ans d’existence, le groupe DNCA a connu des développements successifs. Au niveau de son actionnariat notamment. En 2011, le groupe Banca Leonardo a cédé sa place au groupe de Private Equity américain TA Associates et ensuite

2006

Création de Leonardo Asset Management (rebaptisée en 2013 DNCA Finance Luxembourg)

2014

Éric Franc est nommé CEO de la société

François Collet Deputy CIO

« Le succés commercial à l’international des stratégies de DNCA Investments est en partie dû à l’intégration des compartiments dans la SICAV luxembourgeoise DNCA Invest. »

à Natixis Investment Managers dont DNCA est à présent un affilié. « Des changements ont aussi été opérés autour des produits. Nous avons en effet démarré avec la gestion privée et deux fonds flexibles : Eurose et Évolutif qui continuent de surperformer. Ce qui fait notre force, c’est d’avoir été à l’écoute des clients et de leurs attentes. Nous avons su trouver des idées, des classes d’actifs et surtout les talents pour les gérer. Ainsi, fin 2017, nous avons lancé le fonds Alpha Bonds, notre flagship. En 2018, l’arrivée de Léa Dunand-Chatellet nous permet de créer un pôle ESG ».

Au Luxembourg, l’équipe s’est également étoffée et est à présent composée de sept personnes autour de trois activités : la distribution, la compliance et le service comptable.

« Ce qui nous a permis de perdurer depuis 25 ans en France et 15 ans au Luxembourg, c’est notre belle gamme de produits et notre volonté de satisfaire le client en lui trouvant les meilleures équipes. Même si nous avons considérablement grandi, nous avons su conserver notre réactivité afin de prendre rapidement des décisions ». Pour le Directeur du développement Belux, le plus important est de conserver cet esprit boutique propre au métier de service que représente l’asset management.

Des ambitions fortes pour l’avenir

Le groupe DNCA comme la structure luxembourgeoise entendent poursuivre leur croissance dans les 25 années à venir. « Au Grand-Duché, nous souh aitons continuer à faire croître notre SICAV et avoisiner les 30 milliards € d’actifs d’ici la fin de l’année grâce à l’intégration de nouveaux supports et fonds comme celui que nous venons de créer : DNCA Invest Financial Credit. Nous avons aussi mis en place le fonds Strategic Resources, car nous sommes convaincus que, dans le cadre de la transition énergétique, les matières premières (cuivre, zinc, aluminium, argent, etc.) seront indispensables, notamment pour l’électrification. Ces deux fonds seront donc des supports forts pour la valorisation des actifs et pour la diversification des portefeuilles des clients ».

DNCA souhaite aussi équilibrer les encours et la distribution de ses produits à l’international, car nul n’est à l’abri d’une contre performance. « Dans nos métiers, nous devons rester humbles, car les marchés financiers sont incertains et peuvent nous surprendre ! », conclut Thomas Péan.

2015

L’entreprise rejoint le groupe Natixis qui distribue ses fonds dans certains pays comme la Suisse ou l’Allemagne ainsi qu’en Asie

2018

DNCA Investments crée un pôle ESG dirigé par Léa Dunand-Chatellet

2025

L’entreprise célèbre ses 25 ans et continue à créer de nouveaux produits pour renforcer sa croissance

Thomas Péan, Directeur du développement Belux de DNCA Investments.

“ We’re really in unprecedented times”

What’s the market situation for Luxembourg and Europe in a world beset with conflicts and tariff tensions?

Philippe Heisbourg is a partner at BHB and Partners, a corporate finance advisory firm. He was willing to share with Paperjam his broad views about the economy. “We’re really in unprecedented times,” says Heisbourg, asked about the economic outlook in general. “The geopolitical tensions and the reshaping of global economic stability are definitely an issue.”

Global uncertainty

The tensions he is referring to are well known: the war in Ukraine, conflicts in the Middle East, US–China tensions and current US politics more generally. In a recent interview on CBS, Warren Buffet even called Trump’s tariffs an “act of war, to some degree,” and indeed punches have been thrown on both sides: following the introduction of US tariffs on $28bn of EU exports, the EU announced in March that it would implement countermeasures worth €26bn.

Europe’s particular challenge, Heisbourg suggests, will be to navigate troubling geopolitical waters without its usual ally to the west.

There is the question of inflation as well. Trends like inflation often travel

“We should definitely try to strengthen our financial sector by being super attractive in Europe, but we should also diversity our sources of revenue.”

PHILIPPE HEISBOURG Partner BHB and Partners

eastwards across the Atlantic, and in the US rates have been rising every month since September 2024, from 2.4% to its present (as of January 2025) 3%. “Europe could face some inflationary pressure,” Heisbourg comments.

“The era of expansive monetary stimulus--characterised by significant liquidity injections--appears to be coming to an end,” he adds, explaining that there will probably be less money and that money will be more expensive.

What will these tensions mean for the markets? Certainly more volatility, which is something that affects investment strategies. “For the moment, I would say market sentiment is cautious,” says Heisbourg. “Investors are definitely worried about economic slowdowns.”

For his part, Guy Wagner, chief investment officer of Banque de Luxembourg Investments, doesn’t think the mood of caution, at least in the US, will last: “the continuing rise in household incomes [in the US] suggests… that the slightly more cautious behaviour of the American consumer is unlikely to become a new trend destined to intensify,” he says in the BLI’s monthly market report on 5 March 2025.

Journalist JEFF PALMS

As far as the markets go, Europe is of course in a particular situation: its economy tends not to experience the dynamic growth arcs of its counterparts in North America and Asia. Heisbourg suggests that issues like energy security or supply chain problems might hit Europe hard.

Pressures from without and within Luxembourg’s financial sector is clearly the meat-and-potatoes of the country’s wealth, but it also presents what Heisbourg calls a “structural weakness.”

In other words, having an economy so oriented towards service export exposes the country to external factors beyond its control, like global shocks and slowdowns.

Financial services differs from other industries too in that it’s comparatively mobile, continues the corporate finance expert. It may not be simple to uproot a bank and move it across a border, but it’s far harder to relocate something like the steel industry. And there are countries like Ireland, the Netherlands and France who have competing financial sectors.

The way to address this structural weakness is diversification, says Heisbourg. “We should definitely try to strengthen our financial sector by being super attractive in Europe, but we should also diversity our sources of revenue.”

But Luxembourg’s “true pain point,” for Heisbourg, is real estate, the high price of which is an obstacle for people who might otherwise wish to move to the grand duchy to work. “I believe the state could activate some levers to accelerate [solutions to this problem].” He points out that the state and the communes together constitute the biggest landowner in the country, and suggests that they could build housing to rent out at controlled prices. This would be meant for foreign workers: “nowadays, talent attraction is really one of the key issues.”

“All this being said,” he adds, “I’m still positive about Luxembourg and happy to do business and contribute to the economic ecosystem here. We’re the crossroads between two of Europe’s strongest economies (France and Germany), we have a multilingual workforce, we are an EU capital between Brussels and Strasbourg, we have short decision-making chains.”

Growth opportunities

If interest rates go up, it will directly affect deal financing, Heisbourg says, which would give a strategic advantage to cash-rich companies.

“Industries with geopolitical tailwinds, like cybersecurity and energy security but also defence, might see increased investor interest,” he adds, stipulating that these are broad observations based on the geopolitical tensions of the moment.

The general mood of uncertainty might lead to a slowdown in deals, he says, but will also create opportunities. Some companies will suffer from increasing interest rates, which creates the potential for distressed acquisitions.

Wagner, from Banque de Luxembourg Investments, comments that European equities are also a positive point. “Despite Wall Street’s weakness,” he says, “European equities maintained their favourable trend of the beginning of the year on hopes that the probable abandonment of fiscal orthodoxy in the eurozone to rearm the old continent might trigger a more notable economic recovery.”

On a global level, the economy is expected to grow by 3.3% both in 2025 and 2026, according to an IMF report from February 2025. China’s GDP is projected to grow by 4.6% this year, the US’s by 2.7% and Europe’s (not including the UK) by 1%.

WORLD CONTEXT

The IMF reported, in February 2025, that the world economy was “holding steady,” although when you drill down into the numbers not everything is even: the US had faster-thanexpected growth (during the previous quarter) while Asia and Europe were slower.

The story in Europe, said the IMF, was “continued weakness in manufacturing and goods exports even as consumption picked up in line with the recovery in real incomes.”

Global growth may be steady but also “lacklustre,” with forecasts for 2025 and 2026 being 3.3%, below the average of 3.7% observed during 2000-2019.

Future of wealth: make way for the Next Gen

The transition of financial assets from one generation to the next is no longer just about legal structures and investment strategies; it is about education, family governance and long-term value preservation. Institutions like Banque de Luxembourg and Pictet Wealth Management are at the forefront, ensuring that heirs are well-equipped

The essence of successful wealth transfer lies not in dividing assets, but in uniting the family. As Bernard Goffaux, head of estate planning at Banque de Luxembourg, puts it: “a good asset transfer should bring the family together, not divide it.” Unlike traditional financial planning, which focusses solely on numbers, the bank adopts a holistic approach, addressing family dynamics, open communication and generational preparedness.

One of the most notable changes in the dynamics of wealth transfer is the increasing age of heirs. Contrary to the traditional image of young inheritors, the average age of heirs in Europe has risen to around 50. This shift is largely due to increased life expectancy, which has delayed the transfer of wealth as baby boomers live longer and retain control of their assets well into their later years. This phenomenon, often referred to as “Prince Charles Syndrome,” highlights the unique challenges faced by heirs who are often in their mid-adulthood, with established careers and families of their own.

Honora Ducatillon, head of family advisory at Pictet Wealth Management,

explains: “a common myth is that heirs are always young. In reality, many heirs are in their 50s or older, which changes the dynamics of wealth transfer significantly.” This demographic shift necessitates a more nuanced approach to estate planning, one that considers the specific needs and circumstances of older heirs who may already have substantial financial responsibilities and commitments.

Holistic approaches to estate planning

Private banks like Banque de Luxembourg are at the forefront of developing holistic approaches to wealth transfer, focussing on family unity and comprehensive financial education. Goffaux advocates for regular family meetings to discuss estate plans, ensuring that they evolve in line with changing family dynamics and regulatory frameworks. “Estate planning must be flexible and adaptable,” he explains. “It’s not a one-time event but an ongoing process that requires constant review and adjustment.” By fostering open communication and involving all family members, private banks aim to create a cohesive environment where wealth

Photo Pictet Wealth Management

Average age of heirs

transfer is seen as a collective responsibility rather than an individual burden.

Educating the next generation

Financial education is a cornerstone of successful wealth transfer. Many inheritors, particularly those who did not grow up managing wealth, lack the knowledge needed to make informed financial decisions. To address this gap, Banque de Luxembourg has introduced programmes like the “Summer Academy” and the “Family Business Junior Executive Programme,” designed to equip young inheritors with essential financial management skills.

Stephanie Baldinucci, Luxembourg market coordinator at Banque de Luxembourg, underscores the importance of early involvement: “including next

“My advice would be to start early, communicate openly and clearly define each person’s roles and expectations.”

HONORA DUCATILLON Head of family advisory Pictet Wealth Management

generations in heritage discussions helps to strengthen their understanding of the strategic choices that will structure their future.” Through these initiatives, the bank aims to ensure that inheritors are not just recipients of wealth but stewards capable of sustaining and growing it.

Baldinucci further elaborates on the bank’s commitment to financial education: “faced with the growing complexity of heritage issues, financial education is essential to enable the next generation to navigate with confidence.” To this end, Banque de Luxembourg has launched its first masterclass, “Boost your investing skills,” aimed at providing young inheritors with the tools and knowledge they need to succeed in wealth management.

Managing family dynamics and conflicts Intergenerational wealth transfer is fraught with complex family dynamics, which can lead to conflicts if not managed properly. Ducatillon advises families to establish clear operating principles and encourage open communication. “It is crucial to define what success means for the family and ensure that all members are aligned with this vision,” she says. By setting clear expectations and fostering a shared understanding of roles and responsibilities, families can minimise conflicts and create an environment conducive to successful wealth transfer.

Conflict resolution is another critical aspect of wealth transfer. Ducatillon emphasises the importance of normalising disagreements and viewing them as part of an iterative process. “Families must be willing to adjust their plans based on feedback and evolving circumstances,” she explains. By embracing a flexible and adaptive approach, families can navigate the complexities of wealth transfer more effectively.

The role of governance and transparency

In an era of increased transparency, strong governance structures are essential for managing wealth transfer professionally and discreetly. High-profile families, in particular, must navigate the risks associated with public disputes, which can affect both their reputations

THE GREAT WEALTH TRANSFER

The Great Wealth Transfer is the largest intergenerational shift of wealth in history, as baby boomers (born 1946-1964) pass down their assets to younger generations. Over the next 20 to 30 years, an estimated $30trn to $84trn will be inherited by Gen X, Millennials, and Gen Z in the US alone.

Baby boomers have accumulated significant wealth through homeownership, stocks, retirement accounts and businesses. As they age, this wealth will transfer to heirs, charities and institutions. However, this shift is not evenly distributed: while wealthier families will inherit substantial assets, many lower-income boomers have little to pass down.

This massive transfer will reshape financial markets, real estate and philanthropy. Many Millennials and Gen Zers may use inherited funds to buy homes, invest in sustainable industries or pay off debts. However, wealth concentration may continue, as high-net-worth families receive the largest inheritances. Additionally, estate taxes, healthcare costs and financial mismanagement could reduce the amount heirs actually receive. Proper estate planning is crucial to ensure wealth is passed efficiently.

Younger generations must prioritise financial literacy to manage and grow inherited wealth wisely. Estate planning tools such as trusts, wills and tax-efficient strategies will be essential for boomers to secure their legacy. The Great Wealth Transfer is not just a financial event, it’s a societal transformation that will shape economies for decades.

What is the Great Wealth Transfer?

Source

Citizens, Wakefield Research, March 2024

and businesses. Establishing robust governance frameworks ensures that succession planning is handled with minimal disruption, preserving family legacies and business continuity.

Globalisation further complicates wealth management, as families must contend with diverse regulatory and cultural landscapes. By adopting a proactive approach to risk management and ensuring that heirs are equipped with the necessary skills, families can position themselves to thrive in an increasingly interconnected world.

Preparing for the future: best practices for wealth transfer

As families prepare for the Great Wealth Transfer, experts recommend starting early, fostering open communication and defining clear roles and expectations. “I would suggest starting early, communicating openly and clearly defining each person’s roles and expectations,” Ducatillon advises. By involving all family members in the planning process and encouraging open dialogue, families can create a solid foundation for successful wealth transfer.

Marie-Gaëlle Lefebvre, a wealth management advisor based in London, echoes

this sentiment, emphasising the importance of proactive planning. “By the time you reach your 40s, you should already be thinking about estate planning,” she says. “Planning ahead allows for better anticipation and helps avoid problems.” Lefebvre also stresses the importance of asking the right questions and addressing concerns openly. “All my clients start their first meeting by saying, ‘I don’t know anything about this.’ So, we sit down, lay everything out on the table and conduct a financial review. But the most important thing is that there are no stupid questions.”

The importance of financial literacy Financial literacy plays a crucial role in ensuring that wealth is managed effectively across generations. Educated heirs are more likely to approach wealth management with confidence and a sense of responsibility, minimising uncertainty and potential disagreements. By providing comprehensive financial education, private banks and wealth advisors empower inheritors to make informed decisions and navigate the complexities of wealth management with ease.

Cultural and legal differences play a significant role in wealth transfer dynamics.

In some countries, heirs have specific legal rights, while in others there is greater freedom in distributing wealth. Additionally, the wealth creation cycle in a given country can influence how families approach wealth transfer. For instance, in Asia, where wealth is often more recently acquired, families may seek benchmarks and guidance to navigate the complexities of wealth management.

Globalisation presents both opportunities and challenges for families engaged in wealth transfer. On one hand, it offers the potential for diversified investments and exposure to new markets. On the other hand, it requires families to navigate different regulatory and cultural environments, as well as manage the risks associated with geographic diversification. By adopting a proactive approach to risk management and ensuring that heirs are equipped with the necessary skills, families can position themselves to thrive in an increasingly interconnected world.

The role of external advisors

External advisors play a crucial role in guiding families through the complexities of wealth transfer. They offer an objective perspective and provide legal, financial and strategic advice tailored to each family’s needs. Advisors can also facilitate family discussions, help resolve conflicts constructively and assist in establishing strong governance structures. By leveraging the expertise of external advisors, families can navigate the challenges of wealth transfer more effectively and ensure that their wealth is preserved and grows over time.

In today’s digital age, technology plays an increasingly important role in wealth management. Financial institutions are leveraging advanced analytics, artificial intelligence and digital platforms to provide more personalised and efficient services. These technological advancements not only streamline wealth management processes but also offer new tools for financial education and risk management. By embracing innovation, families can stay ahead of the curve and adapt to the evolving landscape of wealth management.

As younger generations take the reins of family wealth, there is a growing

LESSONS FROM FICTION

As families and advisors navigate the complex landscape of succession, the popular TV show Succession offers a dramatic, tale of what can go wrong when succession planning is mishandled. In the realm of wealth management, education is paramount. Advisors emphasise the importance of equipping inheritors with the necessary skills to manage their future responsibilities effectively. This includes not only technical

financial knowledge but also soft skills like communication and decision-making.

In contrast, Succession portrays a family where the lack of structured education and preparation leads to chaos. The Roy family’s struggles highlight the importance of a well-thought-out plan that includes clear communication and a shared understanding of roles and responsibilities.

A study by the Central Bank of Luxembourg found that almost onethird of Luxembourg’s households have received substantial private sums, such as inheritances or donations, in living memory. Notably, 90% of these respondees own their own home, and 16% received their home either as a gift from family or as part of an inheritance.

emphasis on sustainable investing and impact philanthropy. Millennials and Gen Z inheritors are increasingly interested in aligning their investments with their values, focusing on environmental, social and governance (ESG) criteria. This shift towards responsible investing not only reflects the changing priorities of younger generations but also presents an opportunity for families to create a lasting positive impact through their wealth.

The psychological aspect of wealth transfer

Beyond the financial and legal considerations, wealth transfer also involves significant psychological and emotional dimensions. The process can bring up complex feelings about identity, responsibility and family legacy. Advisors often work with families to address these emotional aspects, helping them navigate the psychological challenges that can arise during wealth transfer. This holistic approach ensures that families are not only financially prepared but also emotionally equipped to handle the responsibilities that come with inheriting wealth.

The Great Wealth Transfer represents a historic shift that will reshape financial

markets, real estate and philanthropy. As families prepare for this transition, it is essential to start early, communicate openly and establish strong governance structures. By integrating financial education, structured governance and intergenerational dialogue, private banks and wealth advisors are ensuring that wealth is preserved and continues to create value for generations to come.

As the baby boomer generation passes the torch to their heirs, families and advisors must remain proactive, adaptable and committed to fostering a culture of financial stewardship. Those who navigate this transition thoughtfully will be best positioned to benefit from this historic shift, ensuring that wealth not only transfers but endures.

Maintaining the family name

Having recently taken on the role of CEO of Domaine Sunnen-Hoffmann, next-gener Marie Kox shares her thoughts on the responsibilities of continuing a six-generation family legacy.

60,000 -

65,000

Marie Kox has fond memories of growing up with a family in the wine business. Although she says she had some distance from it, she was present for some of the harvests and events at Domaine Sunnen-Hoffmann, which back then was run by her mother, Corinne Sunnen, and her winemaking uncle, Yves Sunnen, who has since retired.

Marie says that neither of them, nor her father--Luxembourg engineer and politician and former housing and internal security minister, Henri Kox--pressured her to go into the family business. Marie recalls it was a bit later that she thought, “Why not study winemaking?” Her older sister, meanwhile, had decided to take a different career path.

So Marie decided to start her formal studies in viticulture, oenology and wine commerce at the University of Natural Resources and Life Sciences in Vienna, Austria, and then earned her related master’s degree at L’Institut Agro Montpellier in France. It was during her studies, she admits, that her passion for wine really took hold, as she jumped into discovering wine production methods and different

ways of working through her internships. “There are so many things you can discover in the wine world,” she adds. “Pretty much anywhere in the world now you can find wine production. The wine world is big, and it’s always interesting to discover something new.”

Passion for organic viticulture

In May 2024, Marie took over the role of CEO of Domaine Sunnen-Hoffmann. At the time of writing, she was just shy of turning 32.

In her new role, she has been focusing on some of the challenges facing the wine industry at the moment. First is related to certain alcohol-free trends, people not drinking as much wine anymore. In light of this, Marie says, “You really need to tell your story, the philosophy behind your production, to show it’s still worth it to drink a good glass of crémant or wine, even if it’s not that much in quantity. It should be really important that everything is based on quality.”

Additionally, there’s the impact of climate change. As Marie explains, weather conditions can be fast-changing, and

Photo Lora Wagener Co.

extreme rainfall, for instance, can have a heavy impact on production. “It makes the work with nature even more problematic, but that’s why it’s so important to work with nature,” she explains.

For over 20 years, Domaine Sunnen-Hoffmann has been working in organic viticulture--a legacy Marie is passionate about continuing. “That’s really important, also to work with the soil, so it’s healthy and has a lot of life in it and also can take up the water when it rains,” she explains, adding that the team is working as well to “push a little bit the immune system of the plant,” so it can be more resistant to potential fungi.

Investments for the future

Over the years, there have been major investments in products and facilities. In 2002, for instance, older vats were replaced with new stainless-steel vats with 300- to 2,000-litre tanks, while in 2006 a new cooling system was installed to help better preserve flavours. In 2013, the tasting room got a complete renovation as well.

Marie says there’s a big investment plan currently underway as well. “Young winemakers do get a lot of help from the government… so we’re planning to invest a little more in our buildings and machines,” she explains.

“I can choose the path of more responsibility.”

MARIE KOX CEO Domaine Sunnen-Hoffmann

The cellar already had a bit of a transformation before last year’s harvest, and works have recently started on a new roof to help ease the summer heat that can affect the cellar’s temperatures. There are two buildings--one already had a solar panel on top, the other will now be getting one. New plans are also underway to remove and replace some of the outdated tanks.

Privilege and responsibility

Running a family business, Marie says, can be a challenge because it’s not a 9-to-5 job. But Marie gets satisfaction in her role, also in how she’s able to leave her own mark as she continues the family legacy. “It’s quite interesting to express myself, in the products we [make]. You can really show your personality in the products and tell the stories of the different wines and crémants,” she says.

For instance, she has been putting a lot of efforts into the production of Pinot noir because “I do think we have a lot of potential here in Luxembourg to produce really fine red wines as well.”

Additionally, she feels a certain sense of privilege and responsibility in her role. “As I work with nature, I have the possibility to do something good for nature,” she says. “I do have a choice: I can choose the path of more responsibility” when it comes to climate change.

“We need to try to keep the vineyards healthy and alive as long as possible, so that that it’s still possible for the next generation to take them over.”

A LONG

HISTORY

Founded in 1872, Domaine Sunnen-Hoffmann has been a family winery for over six generations and operates with the philosophy of “producing wines in harmony with nature, so that they always reflect the characteristics of the terroir and the varietal.”

ECOLOGICAL IMPACT

One step was taken around 25 years ago, when Domaine SunnenHoffmann became the first winery along Luxembourg’s Moselle region to grow vines organically using “Bio-Lëtzebuerg” criteria, first by experimenting within a two-plot area of 0.35ha, later extending to its entire cultivation.

The company uses neither herbicides nor chemical fertilisers, and only organic compost and fertiliser is permitted. In the case that plants face disease, natural products are used. Leaf-removal is performed in a bid to enhance air circulation--important for preventing damp conditions that could potentially allow unwanted fungi to grow.

In 2009, Domaine SunnenHoffmann received an honourable mention at the Bio-Agrar-Präis awards by the ministry of agriculture, viticulture and rural development.

EDUCATIONAL FARMING

Since 2005, the company has been a member of the Luxembourg Association of Open and Educational Farms, through which primary schools can opt in for educational farming activities.

These generally include a three-hour tour, where youngsters can learn more about the work of winemakers, walk through the vineyards and play an educational game. Kids also get to take home a free bottle of grape juice.

The Future of Wealth Insurance Insurance

Innovation is no longer a luxury but a necessity for insurers. At Wealins, this applies to services, solutions and internal organization, with the creation of an innovation unit.

In the insurance sector under the Freedom to Provide Services (FoS) regime, innovation has always been crucial. The very creation of FoS in life insurance illustrates this innovation “It all started with lawmakers who transformed this opportunity into a wealth insurance business whose expertise and know-how are now recognized internationally. Insurance companies began developing specialized products and new markets emerged across Europe and beyond. At Wealins, we are currently operating in ten countries,” says Luc Rasschaert, CEO of Wealins. Innovation goes beyond products and also focuses on Wealth Planning solutions. The digitalization of the offer has significantly improved efficiency for both distributors (brokers, family offices, private banks,...) and Wealins. “We’ve seen a tsunami of regulations putting pressure on the margins of both distributors and insurance companies. Thanks to digital solutions, intermediaries can now significantly reduce the time spent on administrative tasks, while clients can modify their contracts directly from their smartphones.” Whether due to economic realities, regulatory inflation, or ever more specific client needs, innovation has never been

Luc Rasschaert (on the left) and Marcelo Mailos (on the right) make innovation one of Wealins priorities.

Photos Eva Krins (Maison Moderne), Super8

more necessary. “Companies within our sector that fail to innovate risk to eventually disappear in the face of competition. Without innovation, catching up on service offerings and process optimization is incredibly difficult,” notes Marcelo Mailos, Innovation and Project Manager.

Anticipating Partners & Clients Expectations

Naturally, Wealins has placed partners and clients expectations at the heart of its innovation and digital transformation strategy. “There are two ways to address these needs: either by relying on the feedback provided by intermediaries or by anticipating them and monitoring technological market trends. In a constantly evolving environment, we rely on collaboration between the different stakeholders of the ecosystem to stay one step ahead,” explains Marcelo Mailos. The company, leveraging the expertise and knowledge of FOYER GROUP to which it belongs, has a long-standing habit of collaborating with other industry players. It participates in workshops and events on innovation and artificial intelligence. “We work hand in hand with AI-driven startups to implement new solutions. We maintain close relationships with our brokers to assess their needs and develop APIs that enhance efficiency and the user experience.”

A Collaborative Approach

Data management and AI are also essential for improving the customer experience and internal operations. However, AI cannot function effectively with unstructured data. “We migrated our ten data processing systems to a single Software as a Service (SaaS) model. At the time, it was a bold decision that gave us a competitive edge by enabling structured data extraction for our partners and regulators. Investing in this infrastructure has allowed us to build the necessary foundation to integrate AI. We are currently collaborating with a start-up (Legalfly) which is helping us to develop use cases aimed at improving our legal efficiency,” says Luc Rasschaert. At the same time, the company has actively involved its employees in its ongoing innovation strategy. Two years ago, Wealins invited its staff to identify

organizational processes that could be improved. “Both management and a group of volunteers independently established their priorities, and they aligned perfectly. We then asked them to draft proposals, which ultimately led to meaningful changes within the company.” This process led to the creation of the innovation unit, designed to facilitate and promote innovation. Marcelo Mailos joined this unit a few months ago. “We are implementing initiatives that will become new skills, ways of working, services, and even markets. Innovation is an everyday endeavor, and we aim to stay ahead to remain competitive.” Automation, simplification, digitalization, and AI are the key drivers of this innovation—both internally and for partners and clients.

Attracting the Talent of Tomorrow

Wealins intends to capitalize on innovation and its Luxembourgish identity to attract future talent. “What convinced me was this imperative to innovate. We are constantly questioning the status quo. What makes this exciting is that we see the future evolving, and everything is possible. We strive to improve our performance day after day, and we have full support from management to do so,” says Marcelo Mailos.

For Luc Rasschaert, this approach explains the company’s strong performance in 2024. “Our culture of innovation enables us to offer high value-added services to our partners and their clients.”

3 QUESTIONS TO BENOIT VAN LERBERGHE

Chief Innovation & Transformation Officer.

How is AI transforming the Wealth Insurance sector?

The adoption of AI and automation is enabling the Wealth Insurance sector to enhance the user experience, optimise risk management and improve our operational efficiency.

How do you integrate AI into your day-to-day business?

On a day-to-day basis, we integrate AI to optimise the management of operations, and we are also looking to develop solutions in the fields of compliance (KYC), complex investments and legal to optimise our processes.

What role does human expertise still play?

AI is not intended to replace human expertise, but to complement it. Our teams are therefore involved in defining and implementing new solutions. The value chain is also being rethought to enable our teams to focus on their business expertise and on supporting our partners and their clients.

Conversation Hélie de Cornois and Stéphane Pardini

“The role has professionalised”

Paperjam discussed the role of relationship manager and how it’s changing with two wealth management professionals: Stéphane Pardini, head of wealth management at Quintet Luxembourg; and Hélie de Cornois, partner and head of family office in Luxembourg at Stonehage Fleming.

Journalist JEFF PALMS

What’s your philosophy when it comes to relationship management?

STÉPHANE PARDINI (S. P.) We look for client advisors (which is how we refer to ‘relationship managers’ at Quintet, reflecting the advisory nature of the role) who possess strong technical skills and expertise, knowledge of relevant regulations and sustainability topics, and familiarity with digital tools and trends. It is a complex profession--far more than in the past--so there is a baseline skillset they need to have or to show the appetite to acquire through training. At Quintet Luxembourg, that includes familiarity with our asset servicing and financial intermediaries business line. While the technical requirements are demanding, interpersonal skills are even more important. At Quintet, we look for people with a collaborative mindset, who embrace teamwork and recognise that we can only do the right thing for our clients by serving them as a team. Client advisors must be active,

empathetic listeners. They must be able to communicate clearly and simply--cutting through complex concepts and technical jargon to address the individual needs of the clients we have the opportunity to serve. They must be honest and transparent, and have an almost indefinable quality that allows them to earn the role of trusted advisor.

HÉLIE DE CORNOIS (H. D. C.) The firm’s philosophy is to put the family at the core of our business, whereas wealth managers focus primarily or solely on a family’s assets. What is important for us is supporting a family in maintaining and building their legacy over the long term. We approach this by focusing equal attention on preserving a family’s cultural, social and intellectual capital alongside their financial capital. We work with several generations of a family at once, as required, to ensure all perspectives are heard and as smooth a transition as possible to the next generation is implemented.

Photos Stonehage Fleming, Nader Ghavami

THE GREAT WEALTH TRANSFER

The so-called great wealth transfer is underway. In the United States, it’s estimated that baby boomers will, between 2020 and 2045, bequeath as much as $84.4trn to their children. About 42% of the money being passed down, or $35.8trn, will be given by the richest 1.5% of Americans.

Perhaps because of the age of baby boomers, inheritance is growing in popularity. The research firm Hearts and Wallets found, in a survey done in 2022, that about 3,600 households out of 6,000 (60%) had executed or planned to execute a wealth transfer, a rate that was only 46% in 2015.

The trend isn’t just for the ultra-rich, with over half (54%) of households with under $100,000 in assets also participating in a wealth transfer, according to the Hearts and Wallets study.

ing in Luxembourg, especially for senior roles. This stems partly from historical changes in the grand duchy, notably the end

our relationship managers need to support their clients effectively.

Navigating the complexities of multi-banking

High-net-worth individuals (HNWIs) and institutional investors are drawn to the diversity of the thriving Luxembourg financial ecosystem, often choosing to work with multiple financial providers to diversify their assets and maximise returns. While this approach provides greater access to expertise and risk mitigation, it also presents a complex

€5.5trn

“Private banks face the challenge of adapting to the needs of new clients with increasingly complex and global financial needs,” , director and head of Belgium and Luxembourg at Utmost Wealth Solutions. “In a multi-banked environment, collaboration with other financial providers is essential to delivering a seamless and effective client experience.” Clients in Luxembourg typically engage multiple financial institutions to tap into a broader range of services and products. A single client might have private banking services with one institution, investment portfolios managed by different asset managers, and tax or fiduciary advice from separate entities. This fragmentation makes it difficult to maintain a consistent and holistic financial strategy. One of the biggest hurdles is data fragmentation. Financial information is often scattered across various institutions, complicating consolidation, reconciliation

Regulatory compliance adds another layer of complexity. Luxembourg’s

financial institutions operate under stringent anti-money laundering (AML) and know-your-customer (KYC) regulations, alongside broader EU directives like Mifid II. Each institution follows its own compliance protocols, making it challenging to align strategies across different providers. Cash and liquidity management is also more complicated in a multi-banking environment. Without real-time visibility across institutions, clients may struggle to optimise working capital, reduce idle cash and allocate funds efficiently. As a result, operational costs may increase and financial goals could be missed.

To manage these challenges, financial professionals need to prioritise communication, alignment and centralised oversight. Steve Hauman , partner in technology advisory at KPMG Luxembourg, emphasises the importance of creating a detailed financial plan with the client at the outset, defining their goals, risk tolerance and investment horizons. This serves as a framework, ensuring that

all financial providers are working toward the same strategic objectives. “Next, centralised communication is key,” Hauman explains. “Advisors should maintain regular contact with all financial institutions involved, ensuring that each one understands the client’s overall strategy.” This helps align investment decisions and prevent conflicting advice.

Data consolidation tools are becoming increasingly valuable in this environment. Platforms that aggregate financial data from multiple institutions give advisors a unified view of the client’s entire financial landscape. This not only helps identify gaps or redundancies but also makes it easier to adjust strategies as market conditions change. Alignment across different institutions is essential to avoid conflicting strategies. “The client’s risk profile and asset allocation should remain consistent across all financial institutions,” Hauman says. Regular reviews and adjustments ensure that the financial strategy remains on track and responsive to market developments.

Luxembourg’s regulatory framework actively supports collaboration between financial providers. The country’s clear and consistent regulations foster trust and stability, making it easier for financial institutions to partner and share data securely. Open banking regulations under the EU’s PSD2 have been instrumental in encouraging this collaboration. By requiring banks to share customer data through standardised APIs, PSD2 has enabled greater integration among banks, fintechs and third-party providers. PSD3 is expected to build on this foundation, further enhancing data security and consumer protection in digital payments.

Managing conflicts of interest

When multiple financial providers are involved, conflicts of interest are almost inevitable. To prevent these from disrupting client relationships, financial professionals need to establish clear roles and responsibilities among different providers. “Transparency regarding fee structures and service scopes is essential to maintaining trust,” says Demarest. Independent advisory mechanisms and open dialogue about strategies can help prevent bias and ensure

that investment decisions remain client-focussed. Unit-linked life insurance is a good example of successful interprofessional collaboration. These products often involve multiple stakeholders, such as the insurer, a private bank and asset managers, working together to deliver a seamless wealth management solution. For financial professionals, the key to navigating multi-banking complexities is becoming the client’s primary advisor. Offering comprehensive services that cover wealth structuring, estate planning and tax optimisation positions the advisor as the central figure in the client’s financial strategy.

Intergenerational wealth transfer is a growing area of focus. Many HNWIs are preparing to pass on their wealth, making early engagement essential. By helping families establish governance structures and succession plans that accommodate multiple banking relationships, advisors can secure long-term client loyalty. “Many clients are preparing to pass on their wealth, so establishing a long-term value proposition is essential,” says Hauman. “Positioning the bank as the central hub for wealth structuring across generations is a strategic advantage.”

The path forward

Luxembourg’s financial sector will continue to evolve, shaped by digitalisation, regulatory developments and shifting client expectations. Financial professionals who embrace collaboration, leverage technology and align strategies across institutions will be well-positioned to deliver consistent, integrated and forward-looking financial solutions. “As private banks become more accessible, more digital and more sustainable, collaboration with other financial providers will be essential,” concludes Demarest. “A centralised approach to investment management, administration and reporting can improve efficiency and transparency across multiple banking relationships.”

Luxembourg’s future as a leading financial hub will depend on this spirit of collaboration, ensuring that clients benefit from a seamless, integrated wealth management experience.

REAL-TIME DATA SHARING

The Financial Data Access (Fida) Regulation, currently under discussion, represents a pivotal step towards creating a standardised and secure framework for sharing data between banks and fintech companies. If implemented, Fida would enhance Luxembourg’s position as a global leader in open finance and data security.

Luxembourg’s banking ecosystem has already experienced significant progress in adopting API-based solutions and forging fintech partnerships. This shift has enabled real-time data sharing and improved financial management through AI-powered tools. According to Steve Hauman from KPMG, AI-driven predictive analytics and automated portfolio monitoring are transforming how financial professionals manage multi-bank relationships. By leveraging real-time insights, financial institutions can anticipate client needs and offer tailored investment strategies, enhancing both customer satisfaction and business performance.

AI’s role in managing multi-bank relationships is particularly impactful. Predictive analytics can identify market trends and client behaviours, allowing banks to proactively adjust strategies and offer personalised advice. AI-driven client segmentation further enhances this capability by categorising clients based on their goals and risk profiles, enabling hyper-personalised engagement. This level of customisation strengthens client relationships and increases client retention.

The introduction of Fida would provide a secure and standardised foundation for this technological evolution, encouraging broader adoption of AI and data-sharing practices across Luxembourg’s financial sector. By facilitating seamless and secure data exchange, Fida could unlock new opportunities for innovation and efficiency.

Why private banks favour passive investments

In recent years, Luxembourg’s private banking sector has witnessed a notable shift towards passive investments, reflecting a broader global trend. This movement is driven by several factors, including cost efficiency, regulatory developments, changing investor preferences and the overall evolution of the financial landscape.

Journalist AUDREY SOMNARD

As private banks increasingly adopt passive investment strategies, the market for exchange-traded funds (ETFs) is poised for unprecedented growth, with projections indicating that global ETF assets under management (AUM) could reach a staggering $30trn by 2029. Passive investments, such as ETFs and index funds, have gained popularity due to their cost efficiency, transparency and ability to offer broad market exposure with minimal fees. This trend is evident in Luxembourg, where private bankers are increasingly incorporating ETFs into their portfolios to meet evolving client demands. Adrià Beso, head of distribution, Europe at Wisdomtree, notes, “Exchange-traded fund (ETF) adoption among European private banks is accelerating, driven by cost efficiency, flex ibility, and the ability to provide diversified and targeted exposures at scale. Historically reliant on active funds, private banks are now integrating ETFs into discretionary portfolios and advisory solutions, enhanc ing portfolio flexibility while meeting evolving client demands.”

The shift towards passive investments is not limited to Luxembourg. Globally, investors are seeking more cost-effective

“Historically reliant on active funds, private banks are now integrating ETFs into discretionary portfolios and advisory solutions.”

ADRIÀ BESO Head of distribution Europe Wisdomtree

solutions, with 92% of new investments in the UK flowing into passive funds. In contrast, Luxembourg saw 89% of new investments directed towards activelymanaged funds during the same period, highlighting the varying pace of adoption across regions. This discrepancy is largely due to different regulatory frameworks and fee structures, but Luxembourg is slowly catching up as both institutional and individual investors push for more cost-effective solutions.

Changing investor preferences are also driving the rise of passive investments. Modern investors are more informed, tech-savvy and cost-conscious than ever before. The demand for straightforward, transparent and efficient investment options has led to the growing popularity of ETFs. Private banking clients in Luxembourg are no longer solely focused on traditional actively-managed funds, seeking instead a diversified approach that includes passive investments alongside alternative assets such as private equity, real estate and sustainable finance. The increased availability of digital investment platforms and robo-advisors has further popularised passive investing,

Photo Wisdomtree

2010 Distribution of active and passive investment funds in the US

allowing investors to create and manage diversified portfolios with ETFs and index funds at a fraction of the cost of traditional wealth management services.

Luxembourg’s role in the ETF market

Luxembourg has long been a leading domicile for investment funds, managing over €5trn in net assets. ETFs are playing an increasingly significant role in the country’s private banking sector, offering investors the benefits of diversification, liquidity and lower costs.

The country’s potential as a key player in the passive investment space is further strengthened by the rise of ESG (environmental, social and governance) investing. Luxembourg is emerging as a hub for sustainable ETFs, attracting major global asset managers who recognise the country’s potential in this growing market.

Beso highlights the increasing appeal of specialised ETFs, noting, “Beyond broad market exposure, European private banks are increasingly allocating to thematic ETFs and cryptocurrency exchange-traded products (ETPs) to capture high-growth trends and alternative return drivers. Thematic ETFs, covering areas such as AI and cybersecurity, align with growing client interest in structural megatrends.”

Global ETF market poised for growth

The global ETF market is on a path to reach $30trn by 2029, according to a recent PWC survey. Nearly three out of ten executives around the world anticipate this growth, representing a compound annual growth rate (CAGR) of more than 18.4% over the next five years. In 2024, global ETF AUM grew by a record 27% to reach $14.6trn, with significant inflows in various regions, including the US, Europe, Asia-Pacific and Canada.

Marie Coady, PWC global leader for ETFs, commented, “ETFs are fast becoming the investment funds of choice as asset and wealth managers seek to develop innovative products capable of appealing to an increasingly diverse and demanding array of investors, now and into the future.” Recent regulatory developments are accelerating innovation in the ETF market, with growing diversification into active, alternative and digital investments. Active ETFs, in particular, are showing significant potential, with global active ETF AUM expected to reach $3trn or more by 2029. The surge in demand for active ETFs is reflected in record inflows, with Europe seeing $19.7bn in 2024.

The future of ETFs is also being shaped by disruptive technologies such as AI, blockchain and tokenisation.

Actively managed mutual funds and ETFs

Index ETFs

Index mutual funds

These technologies have the potential to make ETFs more accessible and affordable to a broader range of investors, extending global reach and lowering investment thresholds. Digital capabilities are essential for tailored solutions and cost reduction, with robo-advisors, online platforms and apps expected to have the most impact on the ETF sector. “The importance of digital capabilities can only grow as ETF managers look to offer increasingly tailored solutions, while reducing costs across today’s ever more complex and diversified portfolios. The direction of travel is further underlined in the findings from our global asset and wealth management revolution 2024 report: more than seven out of ten global asset and wealth managers taking part (72%) believe that disruptive tech will lead to a shift in customer preferences towards tech-enabled solutions,” Coady explains.

As the financial landscape continues to evolve, Luxembourg’s private banking sector is well-positioned to benefit from the global shift towards passive investments. Luxembourg is set to play a pivotal role in the future of wealth management, leveraging both active and passive strategies to meet the diverse needs of modern investors.

Source Investment Company Institute

Entre consolidation et adaptation

Le wealth management luxembourgeois évolue entre concurrence accrue et mutations profondes. Face aux défis réglementaires et technologiques, grandes banques et boutiques spécialisées adaptent leurs stratégies. Tandis que la consolidation du marché reste en question, le Luxembourg mise sur sa stabilité et son attractivité internationale.

«  Le marché luxembourgeois du wealth management se distingue par une multitude d’acteurs, allant des grandes banques internationales aux boutiques spécialisées », constate d’emblée Guillaume Brateau, CEO de BNP Paribas Wealth Management Luxembourg. Arrivé au Grand-Duché il y a un an, l’homme se réfère aux chiffres. « Selon les dernières données de l’ABBL, le secteur rassemblait 628 milliards d’actifs sous gestion fin 2023. Notre institution gère pour sa part 37 milliards pour la partie wealth management international, auxquels il faut ajouter environ 6 milliards pour la partie domestique. Cela témoigne bien d’un marché très atomisé, composé d’une grande variété d’opérateurs de toutes tailles. »

Cette configuration du marché est sou tenue par l’Association des banques et ban quiers Luxembourg, qui tient à défendre l’avenir des petites structures. «  banques privées ont encore un avenir. Leur succès repose sur leur capacité à se différen cier, que ce soit en ciblant un segment de clientèle spécifique, une zone géographique ou un service de niche », expliquait récem ment à Paperjam Sandrine De Vuyst,

« On peut travailler sur des concepts ou des produits très complexes, mais l’exécution se doit d’être simple. »

GUILLAUME BRATEAU CEO

BNP

Paribas Wealth Management Luxembourg

vice-présidente du groupe Private Banking à l’ABBL et membre du comité de direction de la Banque Raiffeisen.

La taille, un atout majeur

Dans cet univers concurrentiel, la question de la consolidation du secteur se pose avec acuité. La pression réglementaire croissante, les investissements massifs nécessaires en matière de technologie et de conformité, ainsi que les attentes évolutives des clients, notamment en matière de digitalisation, pourraient favoriser une concentration du marché.

« Va-t-on assister à une consolidation accrue du secteur dans les années à venir au Luxembourg ? Les chiffres ne l’indiquent , commente Guillaume Brateau. Je peux constater l’avantage que constitue le fait d’être adossé à un grand groupe, que ce soit en termes de taille, de géographie, mais aussi de métiers et de segments de clients. Cette taille nous permet notamment de servir l’ensemble des clients de la banque priwealth management avec une offre la plus complète possible et de profiter pleinement des expertises que nous avons à disposition, ici au Luxembourg ou

Photo

Journaliste MICHAËL PEIFFER

ailleurs dans le monde. Cette capacité à mobiliser des expertises variées, y compris celles de la banque d’investissement (CIB), est particulièrement précieuse pour traiter des problématiques patrimoniales com plexes, comme celles que rencontrent nos clients internationaux aujourd’hui.

Une puissance d’investissement

Outre la largeur de l’offre et la profondeur de l’expertise, la taille du Groupe BNP Paribas offre un autre avantage non négli geable : la capacité d’investir massivement dans les domaines-clés que sont la régle mentation, la conformité, la technologie et la sécurité. «  différents domaines ne cessent de s’accroître poursuit Guillaume Brateau. notamment à une évolution réglementaire incroyable et pas seulement au niveau local, mais européen voire mondial, qui nécessite des investissements importants. La chance d’être un grand groupe, c’est qu’on est capable de mutualiser de manière plus large. Les plus petits acteurs peuvent sans doute miser sur d’autres atouts comme leur agilité ou une vitesse d’exécution plus grande, mais il faut bien reconnaître que nous disposons d’une puissance d’investissement que d’autres n’ont pas.

La transformation digitale représente un autre défi majeur pour les acteurs du wealth management bas comme d’autres grandes institutions, l’investissement dans le numérique se tra duit par le développement de solutions de web banking clients, ainsi que par une simplification des processus et une amélioration de la rapidité d’exécution. «  dire que le temps de nos clients est compté. Leur faire gagner du temps passe par l’éli mination de processus peu fluides ou contraignants

On peut travailler sur des concepts ou des produits très complexes, mais l’exécution se doit d’être simple, et nous continuons d’investir en ce sens, notamment au travers de l’intelligence artificielle

Offrir un horizon stable

Malgré les défis à relever, le secteur du wealth management ficie de plusieurs atouts. En premier lieu, la place financière luxembourgeoise offre

COLLABORER EN BONNE ENTENTE

Pour le CEO de BNP Paribas Wealth Management au Luxembourg, l’atout des grandes institutions réside dans leur capacité à apporter une expertise complète à leurs clients internationaux, quel que soit l’endroit où ils se trouvent et la problématique à aborder. « Nous avons l’habitude de travailler au quotidien en bonne entente avec des tiers gérants et des family offices. Nous cultivons, au Luxembourg, cet esprit de collaboration avec des acteurs de plus petite taille, cette capacité à les servir, tout en profitant de ce que d’autres parties du Groupe BNP Paribas sont capables de proposer, ainsi que des expertises locales », souligne Guillaume Brateau.

L’EXEMPLE DU PRIVATE EQUITY

« Si l’on prend l’exemple du private equity, notre filiale Global General Partner (GGP) structure des fonds nourriciers (‘Feeders’) sur des fonds maîtres (‘Masters’) sélectionnés en s’appuyant sur les compétences du métier wealth management basées à Paris, et collabore d’autre part avec IQ-EQ au Luxembourg sur tous les aspects liés à la gestion administrative des feeders. »

LA DURABILITÉ À L’ÉPREUVE En matière d’investissement responsable, BNP Paribas met à disposition de ses clients fortunés une large palette de solutions. « Nous constatons toutefois que plus les clients disposent d’un patrimoine important, plus ces questions liées à l’investissement responsable sortent du cadre des discussions avec leur wealth manager. Ils ont bien sûr des causes qui leur tiennent à cœur, mais ils traitent de ces questions au travers de la philanthropie ou en créant une fondation dédiée. À la demande de nos clients, nous pouvons les aider à définir leurs objectifs et à mettre en œuvre leur projet philanthropique », conclut notre interlocuteur.

Banque privée

Offrir aux clients une expérience personnalisée

Au-delà de la performance financière, les clients de banque privée recherchent un service personnalisé, une écoute attentive et un accès direct aux experts. ING mise au Luxembourg sur l’excellence et l’innovation pour répondre à ces attentes.

Photo Eva Krins (Maison Moderne)

Boldo

et Wouter Gesquière

entendent privilégier une relation de proximité avec les clients.

Christophe

(à gauche)

(à droite)

Quel est le premier critère de satisfaction des clients de banque privée ? Selon la dernière enquête de satisfaction Private Banking menée par ING Luxembourg, la clientèle est sensible à la proximité avec le Private Banker, mais aussi à sa disponibilité, son écoute ou encore sa réactivité. « Il s’agit d’un élément qui surpasse la performance du portefeuille et l’offre de produits. Cette proximité crée un lien de confiance avec la banque », précise Christophe Boldo, Head of Private Bankers Belgium French speaking and Luxembourg Market.

Si cette tendance se confirme au fil des ans, un autre élément a aussi toute son importance : l’accessibilité aux spécialistes. Comme l’explique Wouter Gesquière, Head of Private Banking Luxembourg, « La clientèle de banque privée désire avoir accès à des experts en planification patrimoniale et à des gestionnaires de portefeuille. Chez ING Luxembourg, nous disposons de ces profils multilingues, ce qui renforce notre capacité à accompagner une clientèle internationale et à enrichir la discussion privilégiée entre le Private Banker et son client ».

Plus ces clients bénéficient d’un accompagnement personnalisé, plus leur satisfaction augmente. Selon l’enquête, le pourcentage de clients extrêmement satisfaits est plus élevé chez ceux qui choisissent une délégation complète de la gestion de leur portefeuille d’investissement (+10 %) ou qui s’inscrivent dans un mandat de gestion conseil (+20 %) que chez les particuliers qui gèrent eux-mêmes leur portefeuille. « Cette approche permet de créer davantage de valeur ajoutée. Nous cherchons à établir une relation privilégiée avec nos clients. Plus que la fréquence, c’est la qualité des contacts qui importe. Cette interactivité est complétée par des outils digitaux pour échanger de façon plus fréquente », déclare Wouter Gesquière.

Enfin, le souhait des clients est d’être écoutés, d’être compris et que leur interlocuteur parle leur langage. Plus que jamais l’approche financière et l’approche humaine sont indissociables.

Gagner la confiance des clients Avec leur scoring triple A et double A, le Luxembourg et ING apparaissent comme des interlocuteurs solides. « Cette solidité se traduit dans l’offre de nos services.

« Plus que la fréquence, c’est la qualité des contacts qui importe. »

WOUTER GESQUIÈRE Head of Private Banking Luxembourg

Nous les accompagnons à travers la gestion d’actifs et répondons à leurs besoins spécifiques en termes de financement. Le fait d’appartenir à un groupe nous aide dans la création de produits et de solutions et l’expertise construite au Luxembourg est une force sur laquelle nous nous appuyons au quotidien », commente Wouter Gesquière. Pour ce faire, ING défend des valeurs telles que la prudence, la responsabilité et l’honnêteté, dont les équipes sont les ambassadrices. «  L’intégration de ces valeurs dans la gestion des portefeuilles et l’engagement du Private Banker ont un impact significatif sur la satisfaction client. De même, lorsque les clients perçoivent que leurs propres valeurs sont respectées et intégrées dans la gestion de leurs investi ssements, ils développent une plus grande confiance envers leur conseiller. La com mu nication ouverte et honnête sur les décisions de gestion renforce la transparence, ce qui est essentiel pour la satisfaction client. », ajoute Christophe Boldo.

Le groupe ING est présent dans plus de 40 pays en Europe, en Amérique et en Asie.

Pour renforcer la satisfaction client, ING continuera à s’appuyer sur les solutions établies au sein du groupe afin d’enrichir localement son offre de produits et services destinés aux clients fortunés. « La transformation d’ING Luxembourg est aussi un exemple de nos ambitions. Proposer des services de Private Banking et de gestion de patrimoine va être notre moteur pour demain afin de nous concentrer sur une clientèle aux besoins particuliers », conclut Christophe Boldo.

Profitez d’un mandat d’investissement sans frais de gestion.

Chez ING Private Banking, nous élaborons des stratégies d’investissement sur mesure pour atteindre vos objectifs financiers et viser la croissance de votre patrimoine.

Essayez nos mandats d’investissement dès aujourd’hui et bénéficiez de la gratuité des frais de gestion jusqu’au 31 octobre 2025.

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ing.lu/mandat

Conversation Stéphane Pardini

“Digitalisation plus strong bankers makes for a good model”

Stéphane Pardini, who was named head of wealth management at Quintet Luxembourg in November 2024, sat down with Paperjam to talk about his ambitions, digitalisation and what the next generation is expecting from their wealth management advisors.

“At the end of the day, private banking is a people business.”

You were named head of wealth management at Quintet Luxembourg in November 2024. Could you share a little bit about your background and how you ended up at Quintet?

I have been a private banking manager for a while--roughly 15 years now--and was contacted last year by Quintet to potentially participate in the bank’s growth. I already knew a lot of people at the bank. So for me, it was a great opportunity to join Quintet: because of the growth ambitions and because I knew some of my future colleagues. And as you know, we are in a people business.

You’ve also worked in Lyon, Marseille and Paris. What would you say makes Luxembourg special from the private banking and wealth management perspective??

We’re talking about very different markets. Luxembourg is an international market; Marseille and Lyon, by comparison, are part of the French domestic market. So clearly, it’s a very different approach. For example, in Luxembourg, I have already managed some relationships where you have a client in Switzerland, a son in France, a daughter in Switzerland and Luxembourg. So we have to interact with several jurisdictions, several regulators. Compare that with an example from Marseille: we worked with an entrepreneur who sold his company, and we only had to interact with local lawyers and family members.

It’s clearly different. You don’t use the same tools. In Luxembourg, we have the chance to be able to draw upon our fund expertise; in France, tools are more local. So it is a different approach in different markets.

It’s been just over three months since your arrival at Quintet. How has your experience been so far and how does it differ from your previous roles?

First, we are headquartered in Luxembourg, which is different from most of our competitors. We have the capability to decide locally, and faster, as the group decision-centre.

Second, I am impressed by the commitment of Quinet’s people. On average, our employees in Luxembourg have been with

the bank for over 14 years so they are really committed. They trust the brand and they’re very open to new ideas.

Group CEO Chris Allen during an interview last year highlighted the importance of efficiency, standardisation and “process harmonisation” as part of Quintet’s strategy refresh. Could you tell me about your agenda and priorities as head of wealth management? It’s clearly growth, growth and growth. It’s a nice priority, to be frank with you, because not all banks in Luxembourg have the same opportunities to focus on growth. We have strong ambitions to further develop our business.

The first point concerns growth in Luxembourg, which is one of my priorities. We will hire teams to grow in Luxembourg. The second point is to continue our growth in Europe. We are looking this year at opportunities to expand our geographic presence in Europe.

How do you view the role of new technology in wealth management? Are there any examples of tools in place at Quintet that you could share with us?

Internally, for example, we have introduced the use of Microsoft Copilot [a generative artificial intelligence chatbot, editor’s note] for several things. That includes client data management. If you can collect more precise information, you can better propose the right things to the right clients, which-again--frees up time and enhances our value proposition. But data is clearly one of the most sensitive things in a bank, so we need to be very cautious.

Tools can also be used to speed up onboarding, for example. Clients are very demanding when it comes to opening an account. They expect that to be done efficiently, and new technology is an enabler of that.

What would say are some of the challenges facing the private banking and wealth management sector? How about the major opportunities that lie ahead? Regulatory requirements are becoming more and more important. And it costs more and more to meet them. I remember when I spoke a couple of years ago with a

DIGITAL BANKING

A survey conducted by KPMG and the Luxembourg Bankers’ Association (ABBL) found that Luxembourg banks have shown “mixed progress” when it comes to digitalisation, with 57% of respondents saying they prioritise digital transformation in their strategies. What about Quintet’s strategy? For Pardini, “to be frank with you, banks in Luxembourg are a bit late compared with a domestic market like France, where all the banks are clearly very involved in this project. So we have to invest. For Quintet, this is already the case. There are several reasons to invest in digitalisation. First of all, to free up time for our bankers for client onboarding and lending, for example, and to meet regulatory requirements more efficiently. These tasks take more and more time. A second reason is to enhance the value proposition for the client. At the end of the day, private banking is a people business, so bankers will never be replaced by digital tools. A client needs to have a human being to explain and provide answers. It’s very important. Digitalisation plus strong bankers makes for a good model.”

consulting firm, they told me: “Stéphane, when you are a booking centre, you need to have a threshold of assets under management of €10bn.” Now the threshold to be profitable as a booking centre has increased to about €15-20bn. It’s one of the main issues for all banks. All banks have to grow. But in general, it’s also an opportunity. Not all banks or family offices will be able to grow sufficiently. I think there will be more mergers and consolidation in the future.

The second opportunity is that clients are younger, so they transfer their wealth at a younger age. It represents a huge opportunity for banks; you have more and more opportunities to take care of the next generation. Let me give you an example. I remember a client: he was 40, he sold his company for €50m and his project was to transfer a part of his wealth to his children, aged five and ten. It’s different from the previous generation. The mindset is changing a lot.

Europe will see its biggest-ever generational wealth transfer in the coming years. What do you think the next generation is expecting from their wealth management advisors?

It’s very interesting. New clients talk more about social impact, environmental impact, than about performance--although performance of course remains important. They need to understand the impact that their wealth will have, so they want to have bankers and banks that will be able to advise them in their projects.

It’s also very important for banks to organise training for the next generation on topics like financial literacy, wealth planning, real estate and philanthropy. I remember another client: he sold his company, and immediately wanted to launch a philanthropic fund to support the development of schools in emerging countries. It’s a big difference from previous generations. In the past, a client rarely asked or talked about philanthropy or impact. I’ll give you another example: we tried to explain to a client that it would be a good idea to invest in a certain company, and he said, “I don’t care about profitability. I don’t want to invest in this company for this reason and that reason.” He was thinking about social and environmental impact.

“

Regulatory requirements are becoming more and more important.”

We are facing clients with more skills than before because of the information they can obtain. They are also using family offices more often. It’s clearly a new world, and we have to be able to work with family offices as well.

Finally, we hear a lot about issues related to recruitment and retention in the financial sector. The government has also put in place measures like tax incentives to entice people to the grand duchy. What are your thoughts on talent recruitment and retention and making the banking sector an attractive one for future generations to work in?

Rather than generalising about the whole country, let me talk about my experience at Quintet. First, what is very important is a ‘career plan’ to retain talent. You remember when I talked about my arrival at Quintet and I said I was impressed by the commitment of my colleagues? A lot of people have made their career at Quintet because of internal mobility opportunities: they can work in different locations and have several different roles over time. Our HR department is very aware of the importance of this.

We have also launched a community of younger colleagues--which we call “Quintet Young”--and I really enjoy talking with them and hearing their ideas. We also have an internal women’s community, the “Luxembourg Women’s Network.” Female clients often prefer to have a female banker; female clients may also make different decisions regarding the risk in their portfolio compared to a male client. You don’t necessarily approach a female client in the same way as you approach a male client.

To sum up, it’s a people business. Though digitalisation can add a lot of value, it’s very important--at the end of the day--to have the right people working together to meet the needs of the families we serve.

Structurer son portfolio en arrivant ou en partant

Un déménagement ou emménagement au Luxembourg demande une planification minutieuse en amont, qu’elle soit patrimoniale, fiscale, en conformité avec les autorités locales. Un casse-tête qui peut parfois se révéler très coûteux

Le Luxembourg est depuis longtemps un pôle d’attraction pour les particuliers fortunés ), grâce à son secteur financier robuste, ses incitations fiscales attrayantes et ses réglementations favorables aux investisseurs. Au départ ou au retour, la structuration du portefeuille nécessite une navigation pruDe nombreux investisseurs ignorent encore la diversité des véhicules qu’offre le Luxembourg et la fiscalité associée. Au-delà de la performance de leur structure, nos clients sont avant tout en quête de partenaires sérieux, d’un cadre juridique et fiscal stable et d’une bonne gestion des coûts réglementaires », indique Marie-Sophie Hélier, EY Luxembourg partner, Business

2Structures d’investissement

L’écosystème financier luxembourgeois offre un large éventail de véhicules d’investissement. Les sicav (sociétés d’investissement à capital variable) sont populaires pour leur flexibilité, tandis que les fonds d’investissement spécialisés (Fis) permettent une diversification avec un fardeau réglementaire léger. Les fonds d’investissement alternatifs réservés (Raif) ont également gagné en popularité. La société de gestion de patrimoine familial (SPF) reste une option de choix, car elle offre un moyen fiscalement avantageux de détenir et de transmettre des actifs. Toutefois, les experts rappellent que l’adéquation de ces structures dépend fortement du lieu de résidence et des objectifs d’investissement.

3

Fiscalité et conformité

Les personnes qui s’installent au Luxembourg doivent être conscientes des règles relatives aux sociétés étrangères contrôlées (controlled foreign corporation) et de l’impact qu’elles peuvent avoir sur les avoirs offshore. Inversement, ceux qui quittent le pays doivent anticiper les taxes de sortie potentielles sur les gains non réalisés. Les professionnels du secteur soulignent l’importance de rester en conformité avec les réglementations internationales. « Beaucoup sous-estiment les exigences de déclaration de la Fatca et du Common Reporting Standard, qui peuvent entraîner de lourdes pénalités si ils ne sont pas correctement pris en compte », note un conseiller en gestion de patrimoine.

4

Les pièges

les plus fréquents

L’environnement multidevise du Luxembourg présente à la fois des opportunités et des risques. Sans une gestion adéquate du risque de change, les investisseurs peuvent souffrir des fluctuations monétaires, en particulier lorsque les actifs sont répartis entre différentes juridictions. La planification successorale doit également faire l’objet d’une attention particulière. Contrairement aux pays de common law, le Luxembourg impose des règles de succession forcée, ce qui pourrait perturber la stratégie de transfert de patrimoine d’un HNWI. Les trusts et les fondations, souvent privilégiés dans d’autres centres financiers, peuvent nécessiter une restructuration pour se conformer aux réglementations locales.

5Éviter les erreurs qui pourraient être coûteuses

Les grandes fortunes qui déménagent tombent souvent dans les mêmes pièges. Négliger les obligations fiscales, mal interpréter les conventions fiscales internationales ou ne pas diversifier les investissements de manière appropriée sont autant de facteurs qui peuvent éroder le patrimoine. Ne pas tenir compte de l’impact des nouvelles lois relatives à la résidence sur la planification successorale peut avoir des conséquences financières. Un autre risque majeur est de ne pas revoir les portefeuilles d’investissement après la relocalisation. L’imposition des dividendes, des intérêts et des plus-values varie d’une juridiction à l’autre, ce qui nécessite une réévaluation de la répartition des actifs et des structures d’investissement.

47.000

Selon le World Wealth Report 2024 de Capgemini, il y a environ 47.000 high net worth individuals au Luxembourg, dont 280 individus possédant plus de 30 millions de dollars d’actifs, 3.870 détenant entre 5 et 30 millions de dollars, et 42.960 possédant entre 1 et 5 millions de dollars.

0

Exonération des plus-values au Luxembourg : les plus-values sur titres (participations non importantes) sont ici exonérées d’impôt après une durée de détention supérieure à six mois. Dans d’autres pays, ces plus-values peuvent être imposables. Il peut donc être opportun de vendre certaines positions avant de partir.

50%

Le nouveau dispositif pour les impatriés propose une exonération forfaitaire de 50 % de la rémunération annuelle totale, avec un plafond de 400.000 euros. « Depuis plusieurs mois, EY note une accélération dans la structuration de fortunes au Luxembourg », observe Christian Schlesser, EY Luxembourg partner, tax leader.

Conversation Michael Weis

« Un réel besoin d’expertise humaine »

Michael Weis, advisory partner, Forensics & Anti-Financial Crime leader au sein de PwC Luxembourg, dévoile les enjeux cruciaux de la lutte contre le blanchiment pour le secteur financier.

Journaliste MICHAËL PEIFFER

Quels sont les principaux défis auxquels sont confrontées les institutions financières en matière de conformité AML ?

Le statut du Luxembourg comme centre financier international rend la compliance AML complexe en raison de notre distribution en termes de fonds transfrontaliers et de notre clientèle internationale. L’enquête faite par PwC en 2024 (PwC’s 2024 AML montre que 90 % des institutions financières sont favorables à des normes universelles, mais que 25 % estiment que les nouvelles règles de l’UE manquent de cohérence transfrontalière, ce qui complique la mise en conformité au LuxemLe secteur Asset & Wealth Management (AWM) dépend de processus AML sophistiqués, soulignant le besoin d’efficacité plutôt que de simple conformité.

Les coûts de conformité AML ont considérablement augmenté ces dernières années. Quelles stratégies les entreprises luxembourgeoises adoptent-elles ?

Les coûts liés à la fonction compliance ont augmenté en raison du recrutement de personnel qualifié et des

investissements technologiques. L’ABBL a noté ces augmentations et exhorté à équilibrer les ressources humaines et technologiques pour une efficacité accrue. La technologie seule ne garantit pas la conformité ; l’aspect humain reste crucial. Investir en technologie est nécessaire pour gérer le volume croissant de données et transactions, afin de prévenir la criminalité financière. Certaines institutions recourent à des centres de services à faible coût ou à l’externalisation, malgré les inefficacités potentielles et les corrections coûteuses qu’elles peuvent entraîner à long terme. L’IA est vue comme une solution prometteuse, mais sa mise en œuvre est complexe. Générative ou par apprentissage automatique, son succès dépend d’une utilisation précise et d’une supervision humaine compétente.

Le Luxembourg semble être à la traîne dans l’adoption de technologies avancées telles que l’IA pour l’AML. Quels sont les principaux obstacles à cette modernisation et comment peuvent-ils être surmontés ?

38 % des équipes AML au Luxembourg trouvent leurs systèmes actuels obsolètes.

Photo

PwC Luxembourg

Seulement 13 % utilisent des solutions cloud, contre 53 % dans la région EMEA. Bien que les entreprises du secteur AWM soient davantage prêtes à investir dans la technologie, un fossé persiste dans le secteur financier luxembourgeois. Les solutions cloud sont cruciales mais peu utilisées pour le moment. En plus de l’aspect technologique, le personnel qualifié est indispensable. Les outils avancés nécessitent une expertise humaine pour leur mise en œuvre. Par ailleurs, 53 % des répondants considèrent la qualité des données comme un obstacle majeur, dans la mesure où les opérations AML dépendent de données fiables et structurées.

La pénurie de talents spécialisés en AML est un défi majeur. Que peut-on faire pour attirer et retenir les experts en conformité ?

Pour attirer et retenir les professionnels spécialisés en AML, les entreprises doivent valoriser les compétences holistiques. Les tâches AML sont devenues trop opérationnelles, diminuant la valeur ajoutée. Les spécialistes en compliance doivent trouver un équilibre entre les connaissances réglementaires, les compétences technologiques et les compétences commerciales. Ce changement aidera les organisations à améliorer leur efficience tout en renforçant l’efficacité de la fonction conformité et permettra d’attirer et retenir les talents. Le développement des spécialistes en AML intégrant un mélange d’expertise à la fois réglementaire, technologique et commerciale sera essentiel. Former des experts AML « trilingues » est tout aussi important. De nombreuses organisations travaillent encore en silos, ce qui génère beaucoup d’inefficacités. Des programmes de développement dédiés peuvent réduire ces inefficacités causées par ce travail en silos et promouvoir les compétences transversales nécessaires au succès de la fonction compliance.

L’AML est un axe-clé depuis des années au Luxembourg, mais qu’en est-il des défis de la criminalité financière au sens large ?

Si le Luxembourg est bien équipé en termes de lutte contre le blanchiment d’argent, les risques de criminalité financière plus larges, tels que la fraude, la cor-

ruption et l’évasion fiscale, requièrent davantage d’attention. Le blanchiment d’argent est une infraction secondaire, qui survient après que des crimes financiers primaires ont généré des fonds illicites. La fonction de conformité se concentre souvent sur la lutte contre le blanchiment d’argent plutôt que sur l’anticipation et l’atténuation de ces risques primaires.

La création de l’AMLA aura-t-elle un impact sur les institutions luxembourgeoises ?

La nouvelle autorité européenne de lutte contre le blanchiment d’argent (AMLA) apportera des changements réglementaires importants. Bien que le régime AML du Luxembourg soit aligné sur les exigences de l’UE, des normes techniques réglementaires (RTS) préciseront les attentes en matière de compliance. L’un des problèmes les plus controversés est la condition relative aux principes de « transparence » pour l’identification des bénéficiaires effectifs ultimes (UBO) dans les fonds d’investissement, créant des défis opérationnels. L’AMLA supervisera jusqu’à 40 institutions financières dans l’UE, dont au moins une au Luxembourg, ciblant celles présentant les risques de blanchiment d’argent plus élevés ainsi qu’une exposition transfrontalière. La supervision directe sera limitée, mais les efforts de coordination influenceront la réglementation luxembourgeoise. La création de l’AMLA pourrait entraîner une migration des talents vers Francfort, exacerbant les pénuries locales de personnels spécialisés en AML au Luxembourg et nécessitant des stratégies robustes de rétention des talents. En conclusion, le secteur financier luxembourgeois doit naviguer entre l’augmentation des coûts de conformité, les technologies obsolètes et les pénuries de talents, tout en s’adaptant aux réglementations AML de l’UE en évolution. Investir à la fois dans la technologie et l’expertise humaine sera crucial pour maintenir l’efficacité de l’AML. Les années à venir nécessiteront une approche proactive des changements réglementaires, des risques de criminalité financière et du développement des talents pour assurer une conformité continue et une compétitivité dans un environnement de plus en plus complexe.

« La technologie seule ne garantit pas la conformité ; l’aspect humain reste crucial. »

MICHAEL WEIS

Advisory partner, Forensics & Anti-Financial Crime leader PwC Luxembourg

L’AMLA, C’EST QUOI ?

L’Autorité européenne de lutte contre le blanchiment d’argent (AMLA) est une nouvelle agence de l’UE créée pour renforcer la lutte contre le blanchiment d’argent et le financement du terrorisme. Elle a pour mission d’assurer une application cohérente des règles LBC/FT dans l’UE. L’AMLA supervisera directement les entités financières à haut risque et soutiendra les cellules de renseignement financier. Elle sera basée à Francfort et devrait être pleinement opérationnelle en 2025. Son rôle inclut le développement de normes techniques et la coordination des analyses transfrontalières. L’AMLA vise à harmoniser les règles LBC/FT à travers l’UE pour une lutte plus efficace contre les crimes financiers. Elle jouera un rôle-clé dans la prévention des activités illicites.

The world is not enough... Luxembourg is

Luxembourg offers undeniable advantages to family offices and ultra-high-net-worth individuals living abroad or considering moving their residency to Luxembourg.

Hélie de Cornois at Stonehage Fleming reviewed with Paperjam the local ecosystem, which includes financial structures, products and tax advantages.

“Luxembourg is a multilingual country with a strong and longstanding European tradition as it is a European Union and eurozone co-founder where the European Court of Justice and the European Investment Bank sit,” said Hélie de Cornois, partner and head of family office Luxembourg at Stonehage Fleming. Additionally, he thinks that multilingual banks, multidisciplinary teams at legal firms and consultancies are key reasons for European families to set up a financial structure in the country.

De Cornois also told us that one of the firm’s current partner’s uncles is Ian Fleming, the author of the James Bond spy novels.

Setting the scene: UHNWI and family office profiles

“The fortune of ultra-high-net-worth individuals generally starts at $30m.”

De Cornois explained that single-family offices usually require a minimum net worth--$200m--to justify the cost associated with dedicated services and setting up financial vehicles. Stonehage estimates that there are about 100 single-family offices based in Luxembourg. For net worth below $200m, a family office joining a multi-family office enables it to pool resources to

reduce cost. It is worth noting that single-family offices may reach out to multi-family offices such as Stonehage Fleming for specific expertise, such as wealth planning in a country where it is not established.

Regulatory oversight

De Cornois noted that, since 2012, multi-family offices in Luxembourg carry a legal status that requires oversight by the Financial Sector Supervisory Commission (CSSF). “It constitutes a quality label for UHNWIs.”

Structuring two lives

“Private bankers do generally take care of marketable assets that may also include private investments.” Setting up a family office is often necessary when a stake in an industrial company is involved. He commented that family offices are experts in facilitating the buildup of a bridge between professional and personal assets.

Luxembourg: a unique European ecosystem

De Cornois noted favourably the close interaction between politicians and the business sector. He thinks that his clients see “great stability” in the legal system positively and in politicians’ understanding of

Assets under management

TAX MATTERS REMAIN A KEY FOCUS

Taxation remains an important consideration for UHNWIs and family offices when setting up their operations in Luxembourg. On Soparfis, for instance, de Cornois commented that a tax exemption on dividends is granted if the stake is held for at least one year (it is longer in many other countries) and a threshold of at least €1.2m of acquisition price allows for a total tax exemption despite “a very low stake” in a company. He explained that, in some other circumstances, capital gains may also be exempted from tax upon the sale of a stake.

IMPLICATION OF DOUBLE TAXATION TREATIES

De Cornois commented that the Soparfi benefits from numerous double taxation treaties between Luxembourg and other countries. Whether or not the shareholder resides in Luxembourg, “a with–holding tax of 15% in most cases” is levied on dividends paid to shareholders. This is not the case in an SPF.

Yet, as the SPF does not pay taxes on revenues, it does not come as a complete surprise that its tax status is not recognised in several countries such as France and Belgium. For these countries, “it is as if the positions were held directly by the individual.”

TAX NEUTRALITY

“[Regarding] ownership of financial assets, Luxembourg is often tax neutral for non-residents.”

For instance, death duties will apply should the owner of a holding based in France pass away even while abroad. There are no such death duties for a Luxembourg non-resident.

Single et multi-family offices

Les intérêts de la famille

Les family offices, et leur offre de services diversifiée, s’imposent comme des partenaires-clés pour les grandes fortunes. Le Luxembourg, pionnier en matière de régulation, s’est affirmé comme un hub européen dans ce domaine. Mais à quels besoins répondent les single et les multi-family offices ?

Journaliste SÉBASTIEN LAMBOTTE

Les family offices ont fortement gagné en importance ces dernières années. Mais que désigne exactement cette notion ? Qui sont ces acteurs et à quels besoins répondent-ils ? De manière générale, les family offices sont des entités qui gèrent de manière indépendante le patrimoine de familles fortunées, en coordonnant l’ensemble des expertises requises en fonction des besoins.

« Le spectre des services offerts est cependant très large. Cela va du secrétariat associé aux activités d’une famille fortunée à la gestion comptable d’une ou plusieurs structures, au suivi des investissements et des transactions, en passant par la conciergerie, l’assistance légale, fiscale ou financière, précise Pascal Rapallino, président de la Luxembourg Association of Family Offices (Lafo). On peut aussi évoquer des services de gestion de biens immobiliers ou encore de supervision d’une collection d’art. »

Luxembourg, ce pionnier

À travers le monde, le développement des family offices a connu une croissance soutenue ces dernières années. Selon la récente étude Family Office Insights Series menée par le cabinet de conseil Deloitte Private, leur nombre est passé de 6.130 en 2019 à 8.030 en 2024, soit une augmenta-

« La volonté, dès le départ, a été de placer le Luxembourg sur la carte, d’attirer des acteurs et de se rendre visible auprès des familles fortunées. »

PASCAL

RAPALLINO Président Lafo

tion de 31 %. Au regard des perspectives d’évolution du patrimoine familial mondial, on estime que 10.720 entités au service des familles fortunées seront en activité en 2030. Le rapport estime encore que le total des actifs sous gestion s’élève à 3.100 milliards de dollars, avec des projections d’une augmentation de 73 % pour atteindre 5.400 milliards de dollars d’ici 2030.

Qu’en est-il au Luxembourg ? « Le pays a été pionnier en la matière, en étant le premier à se doter, en 2012, d’une réglementation encadrant l’activité des multi-family offices. De cette manière, il a contribué à institutionnaliser la profession , explique Pascal Rapallino. La volonté, dès le départ, a été de placer le Luxembourg sur la carte, d’attirer des acteurs et de se rendre visible auprès des familles fortunées, à la recherche d’acteurs indépendants pouvant les aider dans la gestion de leur patrimoine. L’initiative a contribué à renforcer le positionnement du Luxembourg en tant que hub européen de structuration patrimoniale. Depuis, plusieurs autres juridictions lui ont emboîté le pas, comme Monaco ou Dubaï. »

Single et multi-family offices

Un single family office est une entité dédiée aux besoins d’une seule famille, à travers la gestion d’une holding par exemple. Ces structures ne

Photo Romain Gamba (archives)

Évolution attendue des actifs sous gestion du patrimoine et du family office en 2024

Selon l’étude Family Office Insight Series 2024, menée par Deloitte, malgré l’incertitude économique persistante, 70 % des family offices s’attendaient à voir leurs actifs sous gestion augmenter en 2024, tandis que 79 % d’entre eux affirmaient que le patrimoine total de leur(s) famille(s) allait continuer à croître.

Source Deloitte

Augmentation

Pas de changement

Diminution

sont pas réglementées. Les multi-family offices, qui doivent disposer d’un agrément, développent une offre de services pouvant répondre aux attentes de plusieurs fortunes.

« Ces activités peuvent être portées par des structures de diverses natures. On peut citer les entités régulées par la CSSF, comme les ‘pure player’ multi-family offices ou les banques, mais aussi d’autres professions encadrées, comme les avocats, les auditeurs ou les comptables », poursuit Pascal Rapallino. Le spectre de services directement assurés par ces entités va dépendre de leur champ de compétences. Pour les autres besoins de leurs clients, elles se tourneront vers d’autres prestataires. Par exemple, une fiduciaire pourra assurer directement des opérations comptables. En cas de besoin de conseil juridique, il lui faudra s’adjoindre l’expertise d’un ou plusieurs avocats pour trouver un conseil juridique.

Indépendance et personnalisation

« Un pure player aura pour principale mission d’articuler les compétences et les services requis pour répondre aux besoins de ses clients  », poursuit le président de la Lafo. En consolidant une expertise multidisciplinaire, il va pouvoir agréger une diversité d’acteurs tout en veillant à préserver les intérêts de son client. « Dans un

monde complexe, les besoins des familles sont de plus en plus étendus et diversifiés. Au-delà d’un accompagnement dans l’allocation des actifs, il faut pouvoir organiser la transmission du patrimoine, veiller à sa préservation, en mettant en place des structures adaptées et en veillant à l’administration de ces dernières. Au travers d’un family office, les grandes fortunes souhaitent pouvoir accéder à une grande diversité de talents, leur permettant de mettre en œuvre des approches de gestion patrimoniale personnalisée en disposant de réelles garanties d’indépendance , ajoute-t-il. Travaillant en architecture ouverte, les family offices s’inscrivent dans une approche en réseau, avec le souhait de faire profiter à leurs clients d’opportunités d’investissement ou de co-investissement, sous la forme de club deal. C’est une tendance forte des dernières années. »

Une question de moyens

Ces services ont évidemment un coût, plus ou moins important. Afin de veiller sur les intérêts de son client, le family office doit rassembler un ensemble de compétences, développer de la substance. « Le développement des structures dont la volonté est de servir plusieurs clients permet la mutualisation des ressources avec d’autres familles », assure Pascal Rapallino. Le principal intérêt de recourir à un multi-family office est avant tout financier. Ces acteurs permettent à des familles d’accéder à des services hautement personnalisés sans avoir à mettre en place leurs propres équipes. « Le recours à un single family office ne se justifie que si l’on dispose d’une surface financière conséquente, assurant que l’équipe mise en place puisse se rémunérer à travers les choix qu’elle prend. S’il n’y a pas de règles absolues en la matière, on établit généralement le niveau de fortune pour lequel cela devient intéressant à 500 millions d’euros », conclut Pascal Rapallino.

Dans un monde où la complexité financière ne cesse de croître, les family offices s’imposent comme des partenaires-clés des familles fortunées. L’évolution des réglementations, l’essor des investissements alternatifs, mais aussi la compétition dans le secteur, devraient contribuer à renforcer leur rôle, les poussant à innover toujours davantage pour répondre aux attentes de leurs clients.

Fortunes sans frontières

Carrières internationales, mariages à l’étranger, enfants aux quatre coins du monde… Les familles fortunées sont de plus en plus internationales. Ce qui, dans l’optique de garantir la préservation du patrimoine dans le cadre d’une transmission, soulève de nouvelles questions.

Journaliste SÉBASTIEN LAMBOTTE

Luxembourg est aujourd’hui une plateforme très appréciée par les familles fortunées internationales. Depuis plusieurs années, les grands acteurs de la banque privée ont choisi d’y positionner des équipes, profitant de l’expertise de la Place en matière de gestion patrimoniale transfrontalière.

« La plupart des clients que nous accompagnons sont issus de la génération des baby-boomers. Leurs enfants, qui ont entre 40 et 50 ans, ont une carrière internationale et vivent à l’étranger, où ils ont eux-mêmes fondé une famille. Les petits-enfants, à leur tour, voyagent beaucoup, allant par exemple faire leurs études à l’étranger », décrit Sophie Champenois, global head of structuring & financing au sein d’Indosuez Wealth Management. Un bon nombre de familles fortunées, aujourd’hui, ont une dimension internationale. « Les enfants, dans le cadre de leurs études à l’étranger, ont rencontré leur compagne ou compagnon. Ils ont fait le choix de s’installer ailleurs plutôt que de revenir, se sont mariés, ont eu des enfants. Si bien que la gestion patrimoniale de ces familles implique presque toujours une dimension transfrontalière, avec une complexité qui va croissant », poursuit l’experte.

Une complexité croissante

En ce qui concerne les détenteurs du patrimoine, le souhait le plus souvent

« Cette volonté de transmettre est associée à une volonté de mettre en œuvre une dynamique familiale autour du patrimoine. »

SOPHIE CHAMPENOIS Global head of structuring & financing Indosuez Wealth Management

exprimé est de garantir la pérennité du patrimoine, de veiller à sa préservation au sein de la famille, de le transmettre et de lui donner du sens, en s’assurant que chacun trouve sa place dans le projet familial. Afin de répondre à ces attentes, il est dès lors nécessaire de prendre en compte les aspects transfrontaliers propres à chaque famille, en évaluant les incidences qu’ils peuvent avoir sur le patrimoine et sa préservation.

«  D’un pays à l’autre, de nombreux éléments doivent être pris en compte en vue de bien organiser la transmission du patrimoine. Ils sont de nature fiscale, mais pas seulement. Le droit civil, à travers les contrats de mariage ou les dispositions relatives à la protection des mineurs par exemple, peut avoir des répercussions dont nos clients n’ont le plus souvent pas  », commente Sophie Champenois.

Au-delà de l’expertise technique

Avec un large éventail de solutions de structuration disponibles, mais surtout grâce à l’expertise en ingénierie patrimoniale développée au niveau de la place financière, le Luxembourg excelle dans la gestion de tels

Les véhicules disponibles, le plus souvent neutres fiscalement, facilitent la portabilité du patrimoine dans un contexte international. C’est dès lors la fiscalité du pays de résidence de l’ayant droit qui s’appliquera au moment de la transmission.

Photo Indosuez Wealth Management

Succession à Luxembourg : penser aux aspects internationaux

Les résidents luxembourgeois ont parfois une vision incomplète de la fiscalité applicable à leur succession. Souvent limitée aux aspects luxembourgeois, leur planification doit anticiper certaines conséquences à l’étranger.

Le Luxembourg offre un cadre fiscal favorable au transfert de patrimoine d’une génération à une autre. L’exonération potentielle de droits de succession entre conjoints, ou en ligne directe (pour la part légale) permet en effet aux familles d’aborder sereinement la question de la succession. Ignorer le contexte international pourrait cependant bousculer cette perception du fait de l’application de certaines règles fiscales étrangères.

DES EXEMPLES CONCRETS… SURPRENANTS

L’exemple classique de l’imposition de la succession du seul fait de la résidence fiscale d’un héritier dans certains pays comme la France, l’Allemagne ou l’Espagne au moment du transfert de patrimoine est particulièrement illustratif. Le paiement de droits de succession attachés au transfert d’un bien immobilier dans le pays où il est situé est également connu. Toutefois, qu’un pays différent de celui de la résidence du défunt ou de l’héritier décide d’imposer la transmission d’un patrimoine purement financier en le considérant

comme situé sur son territoire apparait plus surprenant. Ce sont néanmoins des règles aujourd’hui strictement appliquées par certains pays, comme la France, le Royaume­Uni, et les Etats­Unis, avec des taux d’imposition pouvant atteindre 45% en France et 40% dans ces deux autres pays. Même si la révocation de la fiscalité successorale américaine est souvent évoquée, les règles sont aujourd’hui bien applicables. Sont généralement visés le cas des titres financiers (actions, obligations, fonds, etc.) émis par une société y étant située, mais il peut également s’agir du dépôt de liquidités auprès d’un établissement bancaire local.

Les héritiers d’un résident luxembourgeois détenteur à son décès d’actions américaines, anglaises ou françaises pourraient dès lors subir sans restriction la fiscalité successorale de ces pays, car aucune convention fiscale n’a été conclue en la matière par le Luxembourg.

DES SOLUTIONS POSSIBLES

Chacun retiendra peut­être que dans le contexte d’une diversification mondiale des patrimoines, ces règles surprenantes constitueront une contrainte immuable.

Elle doivent plutôt être perçues comme un défi, auquel il est possible de répondre efficacement dans le cadre d’une planification successorale méthodique. Prévoir une alternative d’investissement ou une détention indirecte de ces actifs peut par exemple s’avérer efficace.

En tout état de cause, anticiper ce sujet avec votre banquier ou conseiller fiscal apparait aujourd’hui comme incontournable.

Stanislas Peel, Global Head of Wealth Planning

Louis Boucherie de Gorostarzu, Wealth planner luxembourg@lombardodier.com

Succession : les conséquences fiscales à l’étranger peuvent être méconnues.

GROUPE LOMBARD ODIER

En outre, les véhicules proposés au Grand-Duché offrent la possibilité de structurer une grande diversité d’actifs. Au-delà des valeurs mobilières, ils peuvent intégrer des actifs privés, comme des biens immobiliers, une entreprise familiale, mais aussi des œuvres d’art…

« La maîtrise de ces outils et des aspects techniques liés à la transmission transfrontalière nous permet d’accompagner les clients. L’expertise en ingénierie patrimoniale, cependant, ne se limite pas à cela , explique Sophie Champenois. La relation que nous entretenons avec les familles que nous accompagnons va beaucoup plus loin, notamment pour comprendre et répondre aux attentes profondes de chaque client. Dans nombre de cas, cette volonté de transmettre est associée à une volonté de mettre en œuvre une dynamique familiale autour du patrimoine, de rassembler les divers membres autour d’un projet, de nature philanthropique par exemple, ou autour de valeurs. Le désir peut aussi être d’engager les enfants dans la gestion de l’entreprise. »

Considérer la situation de chacun

Dans cette perspective, il faut porter une attention particulière à ce qui est important pour le client et sa famille, et créer les conditions pour permettre un échange entre les diverses personnes concernées autour des enjeux de transmission, dans le respect des sensibilités de chacun. « C’est à travers la discussion, en disposant d’une vue globale sur le patrimoine et en ayant une bonne compréhension de la situation des ayants droit, que l’on peut envisager les meilleures options et mettre en œuvre les solutions les plus adaptées , poursuit la responsable. Notre métier, c’est de contribuer à la convergence des intérêts, en étant à l’écoute, en cherchant à aligner les attentes, sans négliger les considérations culturelles ou encore psychologiques. »

Les défis ne manquent pas. En guise d’exemple, on peut évoquer le père de famille, à la tête d’une entreprise prospère, dont le souhait est de passer la main à l’un de ses enfants installé à l’étranger. « Beaucoup de questions se posent dans une telle situation. Comment choisir le bon successeur à la tête de l’entreprise ? Comment organiser son retour, celui de son ou sa conjoint(e) et de ses enfants, ou encore l’organisation de

Prévenir les conflits familiaux

Le rapport Family Barometer 2024 de Julius Bär, réalisé en collaboration avec PwC, s’est intéressé aux préoccupations des familles fortunées en matière de transmission. Il met notamment en lumière le fait que les discussions sur le transfert de patrimoine restent le plus souvent informelles et que ce sont les préoccupations liées aux conflits familiaux qui les entravent le plus. 33 % des discussions sur le transfert de patrimoine en Europe impliquent des conseillers professionnels. Leur principal objectif est d’atténuer les conflits familiaux, une préoccupation pour près de 50 % d’entre eux.

Qu’est-ce qui empêche les familles de discuter du transfert de patrimoine avec ceux qui le reçoivent ?

Source Family Barometer 2024

Inquiétude face aux conflits familiaux

Penser que ce n’est pas nécessaire

Manque de connaissances

ses avoirs à l’étranger ? » soulève Sophie Champenois. Dans un autre cas, la préoccupation sera d’organiser la transmission de la fortune acquise à la suite de la cession de l’entreprise familiale en y associant les enfants et les petits-enfants, tout en veillant à un juste équilibre entre les branches de la famille. « Notre rôle est d’accompagner de tels projets de bout en bout, en veillant à chaque détail », continue la responsable de l’ingénierie patrimoniale d’Indosuez Wealth Management.

Accompagner dans la durée

S’il est nécessaire de considérer la situation de chacun au moment de penser la structuration du patrimoine ou encore la mise en œuvre d’une gouvernance propre

à la famille, il faut aussi veiller au maintien de sa pertinence dans le temps. « La situation familiale peut évoluer de manière significative au gré des choix de chacun, à la suite d’un mariage, d’une séparation ou encore d’un déménagement. Il est donc important de rester aux côtés du client, en entretenant les liens de confiance tissés au fil des échanges, pour anticiper toute évolution qui pourrait avoir un impact sur la transmission », précise Sophie Champenois.

La wealthtech à l’épreuve de la confiance

Les

idées ne manquent pas dans la wealthtech, autour de la gestion de fortune et de la banque privée.

Journaliste THIERRY LABRO

Sopiad

Spin-off du centre de recherche Financial Management for the Future (FM4F) de HEC Liège Management School, et s’appuyant sur une subvention First Spin-Off de la Région wallonne, Sopiad a été constituée en 2021. Sopiad pour « Socrates Portfolio-Investor Adequacy », ce qui fait allusion à la connaissance et à la conscience de soi dans le contexte de l’investissement. La fintech, née à Liège et qui a aussi un point de chute à la Lhoft, entend aider les intermédiaires financiers à simplifier l’expérience d’investissement de leurs clients. En 2023, la startup de Pierre Nemeth a reçu l’ACA Insurance Innovation Award. En novembre dernier, Sopiad a été retenue dans la liste des 100 meilleures fintech ESG, probablement pour Safir WM adaptée aux banques, aux family offices et aux conseillers financiers indépendants.

GYROGY VARGA

InvestSet

Avec ses trois portes d’entrée (InvestSet Asset Comparator, InvestSet White Label et InvestSet Uno), InvestSet, la marque de Keyword FinancialTech arrivée au Luxembourg en 2021, doit continuer à se développer et à convaincre les professionnels des marchés financiers, sous l’impulsion de son fondateur, Gyrogy Varga, et de son CEO, Maxim Wengert. Ses « parrains », Nasdaq, le Luxembourg Stock Exchange, Fundsquare et Quantum, lui assurent un soutien de poids. La plateforme SaaS entièrement basée sur le cloud, propose une gamme diversifiée de produits, intégrant une base de données mondiale et des outils d’analyse.

Flanks

Fondée en 2018, la fintech de Joaquim De la Cruz, dans la liste des 30 Forbes under 30 Europe, automatise la standardisation, le rapprochement et l’enrichissement des données et garantit aux conseillers des informations précises et exploitables. Avec 72 employés à Barcelone, ce polytechnicien a su gagner une centaine de clients et collabore avec 350 institutions financières, gestionnaires de fortune et autres family offices avec sa solution logicielle mondiale d’orchestration de données de patrimoine par laquelle transitent 39 milliards de dollars. Mi-février, Flanks a levé 14 millions d’euros lors d’un tour de financement de série A mené par Motive Ventures, avec la participation de Battery Ventures et des investisseurs existants – Earlybird Venture Capital, JME Ventures et 4Founders Capital – pour s’étendre en Europe.

Photos Eva Krins (archives), DR et Flanks

JOAQUIM DE LA CRUZ

PIERRE NEMETH

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