Luxembourg

The new developments in the pipeline for Casa4Funds

Northern Trust, an asset manager established in Chicago in 1889, has closed its acquisition of UBS Asset Management’s fund administration servicing units in Luxembourg and Switzerland, further underpinning its growth strategy for Continental Europe.

The acquisition positions Northern Trust as a leading administrator by assets in Switzerland and a top 10 asset servicing provider in Luxembourg. Northern Trust welcomes more than 200 new employees and establishes a new European office in Basel, Switzerland, as a result of the acquisition.

The Luxembourg Financial Sector Supervisory Commission (CSSF) have fined the local arm of Swiss private bank Edmond de Rothschild for its handling of funds linked to scandal-hit Malaysian investment fund 1MDB, a source familiar with the matter said on Thursday.

The CSSF communicated the conclusion of the administrative procedure to Edmond de Rothschild (Europe) on 21 June," the private bank said on Thursday.

Little Luxembourg is luring firms on the lookout for a post-Brexit foothold in the European Union, from JPMorgan Chase & Co. to insurance giant American International Group Inc.

Bloomberg News reports that while many find the Grand Duchy a multilingual paradise, would-be expats are being warned not to expect the cosmopolitan lifestyle they currently enjoy in London and that they should prepare to spend long hours on clogged roads.

Luxembourg has ‘thrown its hat in the ring’ to become the new home of the European Banking Authority (EBA) after Brexit and says it has a "legal claim" to host it.

Citing a European Union law dating back to 1965, Luxembourg Prime Minister Xavier Bettel made his case in a letter to EU Council President Donald Tusk and European Commission head Jean-Claude Juncker, following the triggering of Article 50.

In the past, two exceptions to the decision have been made with the ECB going to Frankfurt and the EBA going to London.