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By Vanessa MÜLLER, Partner and David LAHIANI, Senior Manager, Consulting, EY Luxembourg
With assets under management (AUM) totaling EUR 600 billion in the private banking sector(1), EUR 5,285 billion in investment funds(2), and several major banking groups that have established their hub for Private Banking here, Luxembourg remains the most important hub in Europe for wealth management. The industry, however, is going through dynamic transformations. Clients are growing wealthier, expanding their international horizons, improving their financial awareness, and demanding more in terms of products and services. These factors have opened opportunities for alternatives to current wealth management providers. Knowing that 45% of...
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