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While Europeans are trying to grasp how their future pensions will look like, the Luxembourg government has not yet decided to grab the bull by the horns, even though the signals of cash drought could become as alarming here as elsewhere. Given Luxembourg’s solid social security system, setting up some kind of complementary pension schemes is still not on Luxembourg companies’ priorities list. The obstacles to set up complementary pension schemes are well-known in Luxembourg and elsewhere. The government’s own timid attempts at reforming the system recently have shown how inadequate the current social and legal environment is at the European level. A deep reform of social legislation in each country would be necessary for smart, multiple-sourced pension financing vehicles to see the light...
The Luxembourg Stock Exchange, a local player with a global outreach, is eyeing some important challenges in the upcoming months. Frank Wagener, who became Chairman of the Board of Directors last April, expects the LuxSE to take on new sectors and expand its range of services, including those dedicated to the fund industry. Discover in this issue’s Finance Interview what he has to say about the future of a central player. Mr Wagener, what are the big projects under way today at the Luxembourg Stock Exchange and what role do you play in their undertaking? Although I became chairman of the board of directors of the Luxembourg Stock Exchange in...
By Delphine Reuter ”I feel like the ground was taken from under my feet. Maybe you cannot see it from the outside, but inside I’m a broken person; I’m completely destroyed.” Mrs H.’s bright blue eyes do not betray the secret she painfully carries around with her. She has the typical, carefully-planned career of a successful employee of the financial sector in Luxembourg. At 52, she can speak seven languages and use to her advantage more than twenty years of experience in the banking industry. Self-described as “dynamic and positive”, she keeps herself busy. But she says that since she...
Finance Luxembourg, the only financial magazine in Luxembourg and formerly known as Finance Nation, celebrated its first anniversary on Wednesday 30 November 2011. More than 100 people attended a wine-and-cheese party at the Zanzen bar, the highlight of which was a speech by Fernand Grulms of LuxembourgforFinance (LFF) about the role a financial magazine should play in the Grand Duchy. Mr Grulms said he thought that the magazine’s main objectives to “catch the eyes and hearts and follow the right trends” had been so far fulfilled. “At LFF we hope it can also become an international magazine”, he said. (Pictures: Alexandre...