slide1
Download
Skip this Video
Download Presentation
Luxembourg, THE international hub for financial services By Fernand Grulms CEO Luxembourg for Finance

Loading in 2 Seconds...

play fullscreen
1 / 40

Luxembourg is one of the most - PowerPoint PPT Presentation


  • 445 Views
  • Uploaded on

Luxembourg, THE international hub for financial services By Fernand Grulms CEO Luxembourg for Finance. Financial services made in Luxembourg. Leading investment fund centre in Europe Leading wealth management centre in the Eurozone. Source: EFAMA, Luxembourg Bankers’ Association. 2.

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha
Download Presentation

PowerPoint Slideshow about 'Luxembourg is one of the most' - Philip


An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript
slide1

Luxembourg, THE international hub for financial services

By Fernand Grulms

CEO

Luxembourg for Finance

financial services made in luxembourg
Financial services made in Luxembourg

Leading investment fund centre in Europe

Leading wealth management centre in the Eurozone

Source: EFAMA, Luxembourg Bankers’ Association

2

financial services made in luxembourg3
Financial services made in Luxembourg

Law firms

Banks,

Other financial Intermediaries,

Insurance

44,000

Audit,

Tax

Other

27,000

45 % of GDP

(= 16 BIO EUR)

ICT

3

luxembourg s economy
Luxembourg’s economy

GDP growth Luxembourg versus EU (15)

  • Above all service economy (81% of GDP income)
  • Good quality of life
  • High standard of living
luxembourg a solid base
Luxembourg, a solid base
  • Large number of European institutions
  • Headquarter of Arcelor-Mittal (world largest steel producer)
  • Headquarter of SES (world leader in global satellite communications)
  • RTL Group World Headquarters (Multimedia)
  • Cargolux Headquarters (Best All-Cargo Airline 2008)
  • European Headquarters Amazon, Apple
luxembourg an international platform10
Luxembourg, an international platform

Direct investment inflows OECD countries (2006)

luxembourg an international platform11
Luxembourg, an international platform

Direct investment outflows OECD countries (2006)

the institutional framework
The institutional framework

1) EU legislation (directives)

  • Europeanpassport (Home country control)
      • Banks
      • Insurance & reinsurance
      • Investment service providers
      • Investmentfunds
      • Pension funds
  • Withouteuropeanpassport
      • Cross-border allowed but host country must approve

(if provided to retailcustomers)

      • Examples
        • Venture capital & privateequity
        • Real estate
        • Securitisation
the institutional framework13
The institutional framework

2) BIS rules

3) IOSCO rules

4) IAIS principles

5) FATF recommandations

6) OECD recommandations

institutional organisation
Institutional organisation

Minister for the Treasury

Luxembourg

central bank

Commission for the supervision of the financial sector

Insurance

Commission

Macro supervision

Systemic risk

Liquidity

Payment systems

Banks

Financial intermediaries

Securities markets

Investment funds

Pension funds

Other vehicles

Life insurance

P & C insurance

Reinsurance

Captives

Pension funds

the financial centre today
The financial centre today
  • 154 Banks
  • > 250 other professional intermediaries (asset managers, brokers, transfer agents…)
  • > 3,000 Investment funds
  • 188 asset management companies for collective investments
  • 54 Life insurance companies
  • 37 P&C insurance companies
  • 262 reinsurance captives
  • 1 direct reinsurer (Swiss Re for EU business)
other service providers today
Other service providers today

Professional service providers have great know-how on structuring international financial transactions

  • Business & tax lawyers, notaries
  • Auditors, consultants, accounting firms
  • EDP providers (software & hardware)
cross border finance insurance
Cross-border finance: insurance

Total: € 12.44 billions

LifeLuxembourg4.4%

Non lifecrossborder6.3%

Non LifeLuxembourg5.4%

Life Crossborder83.9%

Source: Commissariat aux Assurances 2007

life insurance origin of premiums
Life insurance: origin of premiums

Source: Commissariat aux Assurances 2007

luxembourg a sound financial centre
Luxembourg a sound financial centre

The world’smostsoundbankingsystems:

(7.0 = healthy, withsound balance sheets)

  • Canada – 6.8
  • Sweden – 6.7
  • Luxembourg – 6.7
  • Australia – 6.7
  • Denmark – 6.7

« The financial system remains sound, resilient to potential adverse shocks and well supervised »

Latest IMF report

luxembourg stock exchange strong listing activity
Luxembourg Stock ExchangeStrong listing activity

3,700 Issuers (100 countries, and 13 supranationals are represented on the exchange)

Leading position for international bonds

Quotation lines

(as at 31 January 2009)

Bonds 32,570

EUR 19,554

Others 13,016

Warrants 7,735

Shares 289

Domestic 38

Foreign 251

UCIs 8,182

Domestic 8,015

Foreign 167

Total 48,776

Leader for GDRs (Global Depositary Receipts)

  • Leading exchange for listing GDRs in the world
  • In total 222 GDRs listed
  • Primarily issued by companies based in Asia, more particularly from India
luxembourg stock exchange strong listing activity24
Luxembourg Stock ExchangeStrong listing activity

Leading position for international bonds

Quotation lines

(as at 31 January 2009)

Bonds 32,570

EUR 19,554

Others 13,016

Warrants 7,735

Shares 289

Domestic 38

Foreign 251

UCIs 8,182

Domestic 8,015

Foreign 167

Total 48,776

Others

3%

Euronext

5%

London

10%

Bourse de

Luxembourg

46%

Deutsche

Börse 11%

Dublin

25%

Leader for GDRs (Global Depositary Receipts)

  • In second place behind the NYSE and ahead of London in the quotation of depositary receipts
  • In total 221 GDRs listed as at December 31, 2008
  • Primarily issued by companies based in Asia, more particularly from India
main areas of competence
Main areas of competence
  • Investment funds
  • Private banking & wealth management
  • Insurance & reinsurance
  • Corporate finance
  • Pension funds
  • Securitisation vehicles
  • Venture capital & private equity vehicles
  • Real estate structures
the luxembourg investment fund sector
The Luxembourg investment fund sector

Strong development after UCITS I

Net assets of Luxembourg domiciled UCIs

the luxembourg investment fund sector28
The Luxembourg investment fund sector
  • … at a glance:
  • > 3 000 investment funds
  • > 11 000 fund units
  • almost 2 000 billion euros of assets under management
  • more than 32 000 distribution agreements for Luxembourg retail funds (“UCITS”)

Figures as at May 2008 – Source: CSSF

the luxembourg investment fund sector29
The Luxembourg investment fund sector

Market shares (%) of promoters

of Luxembourg domiciled funds

by country of origin

in terms of assets under management

Figures as at May 2008 – Source: CSSF

european fund industry
European fund industry

Figures: March 2008

Source: EFAMA

  • Data as at end February, 2008
  • Data as at end 2007
slide33

Luxembourg

12%

Latin America

US

ASIA

Middle East

26%

B, F, D

46%

Other EU

16%

Largest private banking in the Eurozone

Private Banking AuM au Luxembourg

300 BIO EUR

private equity venture capital sicar
Private equity & venture capital (SICAR)
  • Those who have used it:
    • AXA (largest insurance company in the world)
    • Credit Suisse (global infrastructure vehicle)
    • Deutsche Bank (Spanish real estate, Dubai projects)
    • KKR
captive reinsurance
Captive reinsurance

Insurance premiums

reinsurance premiums

Professional reinsurer

Industrialcompany

Direct insurer

reinsurance premiums

Captive

Insurance premiums

(« The excess » )

participation

country of origin of mother company
Country of origin of mother-company

Source: Commissariat aux Assurances 2007

economic sector of mother company
Economic sector of mother company

Source: Commissariat aux Assurances 2007

origin of premiums 2007 total amount 3 bio euro
Origin of premiums 2007Total amount = 3 BIO Euro

Source: Commissariat aux Assurances 2007

conclusion
Conclusion
  • Luxembourg is international
  • Luxembourg is diversified
  • Luxembourg is well regulated
thank you
Thank-you

www.luxembourgforfinance.lu

ad