Pierre Gramegna, the finance minister, and Corinne Lamesch, chair of the Association of the Luxembourg Fund Industry, are seen on stage during the trade group’s annual Global Distribution Conference, 24 September 2019Corinne Lamesch, chair of the Association of the Luxembourg Fund Industry, speaks during the trade group’s Global Distribution Conference, 24 September 2019Pierre Gramegna, the finance minister, speaks during Association of the Luxembourg Fund Industry’s Global Distribution Conference, 24 September 2019Viktor Fischer is seen attending the Association of the Luxembourg Fund Industry’s Global Distribution Conference, 24 September 2019Attendees are seen during Alfi’s Global Distribution Conference, 24 September 2019Richard Lepere, on rightMarkus Müller and Bernhard BittnerMue I and Shigeji Suzuki, Japanese ambassador to LuxembourgAn attendee takes a picture of Pierre Gramegna, Luxembourg’s finance ministry, during the Association of the Luxembourg Fund Industry’s Global Distribution Conference, 24 September 2019Yuri Thamrin, Indonesian ambassador to Luxembourg, on left, seen attending the Association of the Luxembourg Fund Industry’s Global Distribution Conference, 24 September 2019Heinrich Kraft, the German ambassador to Luxembourg, on right, seen attending the Association of the Luxembourg Fund Industry’s Global Distribution Conference, 24 September 2019Pierre Gramegna, the finance minister, and Corinne Lamesch, chair of the Association of the Luxembourg Fund Industry, are seen on stage during the trade group’s annual Global Distribution Conference, 24 September 2019John Marshall, the British ambassador to Luxembourg, seen attending the Association of the Luxembourg Fund Industry’s Global Distribution Conference, 24 September 2019André Naeder and Thomas Siebeke Attendees are seen during Alfi’s Global Distribution Conference, 24 September 2019Jean Michel Loehr, on rightSascha Lingling, on rightLaurent Denayer, centreBruno Vanderscheiden Ben LimJohan Lindberg, centreAttendees are seen during Alfi’s Global Distribution Conference, 24 September 2019Pierre-Marie Boul Marc Saluzzi and Bob Kneip Christophe Saint-Mard, on rightAttendees are seen during Alfi’s Global Distribution Conference, 24 September 2019Stefan Marx, on rightThomas Etienne, on right Calyn Gardner, centreRachel Paris, centreMichael Schoene, on rightFrançois-Kim Hugé and Benjamin RossignonOlivier Maréchal, on rightBernhard Bittner, centre, Philipp Portmann, on rightThe EY stand is seen during Alfi’s Global Distribution Conference, 24 September 2019Rachel Redlinger, centreLuc de Vet, on leftLouis Wright, on rightOlivier Carré and Viktor Fischer are seen attending Alfi’s Global Distribution Conference, 24 September 2019Michael Schoene, on left, Ross Thomson, centre, during Alfi’s Global Distribution Conference, 24 September 2019The Association of the Luxembourg Fund Industry’s Global Distribution Conference, held at the European Convention Centre in Kirchberg, 24 September 2019
Photo: LaLa La Photo
Although Luxembourg’s fund sector hit €4.5trn in assets under management in August 2019, “There is no reason to be complacent in today’s environment,” said Corinne Lamesch, elected Alfi chair earlier this year. She cited challenges such as increased competition, demographic changes, Brexit, evolving technology and geopolitical tensions.
“You have to stay focused when you’re sailing through rough waters. Our priorities for the next two years are mainly sustainable finance, retirement savings, fintech and alternative assets,” stated Lamesch.
Pierre Gramegna, the finance minister (DP), noted that he had just returned from a financial sector trade mission to China. “Whenever I come back from China, I go there at least twice a year, I am both full of energy and frightened of how fast the market moves there. It’s shocking to see how advanced China is in payments and fintech,” he said.
Gramegna said that he hoped the coming pan-European personal pension product would be a “success story” for the grand duchy similar to Ucits funds (the type of retail fund that forms the backbone of Luxembourg’s funds industry).
Gramegna also pointed to environmentally responsible investments, stating: “The potential is huge. Sustainable finance is not only good for you, your conscience and your ethics; it is also good for business.”
Around 675 attendees signed up for the two-day conference, held on 24-25 September.
