POLITICS & INSTITUTIONS - ECONOMY

Employment at financial admin outfits up 4%: Deloitte



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Raphaël Charlier of Deloitte speaks at a company event. Handout photo. 

Professionals of the financial sector (PSF) companies now “account for 35% of the total number of employees working within Luxembourg’s financial sector,” a consulting firm has reported.

Employment in the PSF space rose from 15,935 at the end of 2017 and 16,526 at the end of 2018 to 17,213 people as of June 2019, according to Deloitte.

Deloitte said:

“These figures support the statement that PSF employment figures were relatively stable in 2018, with a slight increase compared to the previous year of 3.7 percent. However, specialized PSF particularly stands out, with the net creation of 472 jobs over 2018 (+12 percent), compared to +1 percent in 2017. While support PSF saw their employment figures increase by 3 percent during 2018 with a net creation of 275 jobs, investment firms saw a decrease (-7 percent), with a loss of 156 jobs within the year.”

Specialised PSFs include corporate registration agents, custodian and depositary banks, family offices and fund administrators.

Support PSFs include client communication agents and IT services providers.

Raphaël Charlier, audit partner and PSF leader at Deloitte Luxembourg, argued in the announcement that:

“Luxembourg continues to reassert itself as a leader in the global financial sector, and its reputation for quality services among clients is built on the expertise of the PSF sector.”

Deloitte issued the “Outlook and future of a sector in remodeling” report at an industry conference on 10 December.