Euromoney’s inaugural Liquidity Luxembourg conference was a great success. The conference brought together over 130 wealth managers, private bankers, lawyers, consultants and service providers to discuss the future for Luxembourg financial centre amid concerns over the EU and international regulatory environment and the perceived challenges facing the European wealth management industry in today’s volatile marketplace.
The day’s proceedings started on a positive note with a live interview with Jean-Jacques Rommes of the ABBL who was very forthright in his observations of the current climate but also set out the key advantages which Luxembourg has to offer all those in the financial sector, in particular in asset and wealth management. Discussions throughout the day focused on the competition from other centres, the likely impact of ongoing regulatory changes at European and international levels, the capabilities and expertise in asset servicing and fund domiciliation in Luxembourg and the future for Luxembourg as a service hub.
Overall, participants were relatively positive about the outlook for Luxembourg as a service hub but concerns remain over the threat from Switzerland in particular, which remains outside the EU’s jurisdiction, and other new international regulation such as FACTA in the US.
Many thanks to our audience, speakers and sponsors, Credit Suisse and UBS, without whom the event would not have been possible. We look forward to reconvening in 2013 to find out how the debate has moved on and whether the new proposed regulatory changes have in fact been implemented.