AGEFI Luxembourg - septembre 2025

AGEFI Luxembourg 32 Septembre 2025 Fonds d’investissement I n today’s competitive landscape, the concept of an enterprise’s value pro- positionhas never beenmore criti- cal. It encapsulates the unique value a company offers to its customers, stake- holders, and the broadermarket.Awell- defined value proposition is essential for establishing a strongmarket po- sition, especially in the crowded assetmanagementmarket- place, where investment management firmsmust effectively communicate why clients should choose their company and strate- gies over others. For assetmanagersoperating inady- namic environment like Luxembourg – the world’s second-largest investment fundhub– adis- tinct enterprise value proposition is not just benefi- cial; it is imperative. While these firms reap the advantages of setting up andmanaging their funds in the leading domicile for cross-border fund distri- bution, they also encounter unique challenges that requirea freshandcontinuouslyreviewedapproach to their value proposition. Thisarticleexploresthreekeyareaswhereassetman- agersreadytoreimaginetheirenterprisevaluepropo- sitioncanfocustheirefforts:brandidentity,enterprise resiliencymanagement, and talentmanagement. Adifferentiatedbrand identity: the key to strongmarket positioning Astrongbrandisfundamentalforlong-termsuccess, and this is no less true for the assetmanagement sec- tor. Global trends such as rapid technological ad- vancements and changing client demographics and preferences continue to reshape the industry, driving market consolidation and increasing competition. Now more than ever, asset managers must ensure theirbrandidentityisalignedwiththeirtargetmarket position, implementinga coherent strategy that com- bines unique products, services, and channels to re- main relevant for the current and future generations. While their brand identity may be largely driven by theglobalstrategy,assetmanagersdomiciledinLux- embourgshouldembraceopportunitiestodifferenti- ate and adapt their strategies to this country’s target market i.e., the world. To build a compelling brand, theycanconsiderthreemaindifferentiationstrategies. Product differentiation : Unique features or attrib- utes can give companies a competitive edge, setting themapart in a crowdedmarketplace. For instance, one of the world’s largest global investment man- agers launched thefirst fully tokenizedUCITSprod- uct domiciled in Luxembourg, built on a public blockchain. (1) This is anexampleof product differen- tiation, as the firm seeks to distinguish itself as a leader in providing innovative solutions in Europe and abroad. Service differentiation : As competition intensifies, firms must differentiate their services to stand out from other providers and cultivate loyal customer bases. On top of beating the markets, focusing on an exceptional customer experience , through highly qualitative personalized services for example, is one way brands can succeed. Tomake this possible, data plays a crucial role as firms with clean, integrated datasets can easily tailor communications, portfolio construction, and service delivery. Channeldifferentiation :Uniqueplatformsandinno- vativedistributionmethodscanreinforcebrandiden- tity and help firms stand out from the competition. Client-facing platforms , for example, offer real-time performancetracking,self-serviceoptions,andsecure digital communication – essential for the next gener- ationof investors. Social media , in particular, has emerged as a trans- formative force in terms of channel strategy.Accord- ing to a study published by SEI, (2) social media networks are now critical communications channels and sources of real-time data for investment man- agers. While compliance concerns, reputational risk and resource constraints may have historically hin- dered asset managers’ engagement on social plat- forms, firms can no longer ignore the significant potential that lies therein. Marketing is the most fre- quentapplication,withassetmanagementfirmsofall typesrelyingonsocialnetworkstodistributecontent, connectwith investors, andbuild their brands.Addi- tionally,theintegrationofsocialmediaintotheinvest- ment process itself, usually as a source of sentiment data, has begun togain traction. The concept of social investing, where social networks double as trading platforms, is themost recent innovation in this space. Lookingahead,wecanenvisageafuturewheresocial media is intricatelywoven into assetmanagers’ busi- ness models, connecting investors, products, and clients through real-time platforms. Build resilience in elaborating enterprise riskmanagement and adapting to regulatory changes Today’s volatile business environment has revealed vulnerabilities in existing risk management frame- works and highlighted challenges in regulatory change management. To thrive amid continual dis- ruption, asset managers should adopt a holistic ap- proach to risk management that emphasizes enterprise-level strategic resiliency . This requires a fundamental shift inmindset, aligning processes, re- sources, governance, and culture. According to the WorldEconomic Forum, (3) the resilience of an organ- izationisbasedonitspeople,whoformthe foundationof its responsebefore, during andafteracrisis.Thedevelopmentofor- ganizational resilience is an area in whichbusiness leaders canplay a sub- stantial and impactful role. Further- more, the pioneering role of asset managers and insurers in risk man- agement positions the sector as a central stakeholder in re- silience efforts. Whatstrategiesdowerec- ommend for managing risk and regulatory chal- lenges? Proactive compliance and risk management frameworks: To effec- tivelymanage regulatory challenges, asset managers must adopt proactive compliance and risk manage- ment frameworks. This involves staying informedof regulatory changes, conducting regular compliance assessments, and implementing robust internal con- trols. By fostering a culture of compliance, firms can mitigate regulatory riskandenhance their reputation in the market. In this context, it is essential that em- ployees are knowledgeable and regularly trained on the European and Luxembourg regulations impact- ing investment fundmanagers. Leveragingdataanalytics: Wheredatawas oncepri- marilyused for compliance and reporting, it is nowa critical lever for performance and plays a crucial role inriskmanagement.Byharnessingadvancedanalyt- icsandnewtechnologies,assetmanagerscanimprove theirriskassessmentprocesses,uncoverhiddenrisks, improve market trend prediction, and fine-tune strategiesacrossassetclasses.However,tofullyrealize these benefits, firms must invest in training to em- power their people with the necessary skills and knowledge. Furthermore, embedding risk manage- ment into the strategicplanning process is crucial for effective enterprise risk management. Through the use of appropriate tools and frameworks, firms can align their riskappetitewith their businessobjectives, ensuring that risk considerations are integral to deci- sion-making. Assetmanagerscanalsoidentifyandcapitalizeon op- portunities that arise fromchanging regulations. For example,DORA(DigitalOperationalResilienceAct), requires organizations to reconsider how they man- age third-party providers, internal systems, and inci- dent response protocols. This regulation is pushing financialservicescompaniestoimplementintegrated, stress-testeddigitaloperations.Byproactivelyengag- ing or even lobbying with regulators to understand andmitigate the implications of expected regulatory changes, firms can position themselves to leverage these opportunities for growth. Rethink talentmanagement to harness the potential of the current and futureworkforce Inassetmanagement,theredefinitionofskillsandex- pectations from employees has become increasingly evident. The profiles of today’s workforce differ sig- nificantly fromthoseof thepast, reflectinga clearup- skilling trend across the value chain. As firms adapt to rapid regulatory changes, technological advance- mentsandevolvingmarketdemands,employeesare expectedtopossessamorediverseskillsetapartfrom traditionalfinancialacumen.Thisshiftrequiresacom- mitment to continuous learning and development, ensuringthatemployeesareequippedtonavigatethe complexitiesofthemoderninvestmentlandscapeand contribute effectively to their organization’s success. Firms should therefore prioritize the development of effective upskilling and reskilling strategies, training programs and workshops tailoredtotheiremployees’ needs. As mentioned earlier, these programs should cover a range of topics, including data analytics, risk management,regulatorycompliance,andtechnology evolutions such as GenAI. The speed of adoption of GenAIhasbroughtimportantworkforcequestionsto the fore, related to technology and skills investments, capability, organizational culture and risk. However, it remains true that employees’ role inmastering and monitoring the use of these new technologies is still essential. Today’s workforce considers whether an employer has a healthy organizational culture, and if they enable newways ofworking . Flexible working schedules, including the possibility of working remotely, have become a baseline for many knowledge workers, with employees now lookingat theofficemore as a sharedspace for team- ing. Employers should also create a thoughtful ap- proach by leveragingmobility teams to enable work location flexibility while still focusing on an excep- tional client experience, beingmindful as well of tax, legal and compliance considerations. Moreover,theabilityto strategicallyattract and retain talent is an important measure of an organization’s talent health. To retain top talent, organizationsmust understand the needs and motivations of their em- ployees, while keeping inmind that the overall strat- egy and conduct of the business remains in the management’s remit. Conducting regular surveys and feedback sessions can provide valuable insights into employee satisfaction, career aspirations, and areas for improvement. By actively listening to em- ployees andaddressing their concerns, firms can cre- ateasupportiveworkenvironmentthatfostersloyalty andcommitment.Inaddition,leadersshoulddevelop robustworkforceplanning,hiringandtalentmanage- ment tools to integratemarket data for hiring and re- tention strategy. (4) Conclusion:Assetmanagersmust equip their business for the future Inthistransformationalera,assetmanagerscancreate a competitive advantage by reimagining key tenants of their enterprise value proposition. By focusing on branddifferentiation, building resilience in riskman- agement, and rethinking talent strategies, asset man- agers can proactively address the biggest challenges facing the industry today, while ensuring their re- silience for tomorrow. Nicolas BANNIER, EYLuxembourgPartner,WealthandAssetManagementSectorLeader Zakiyah LE FOURN, EYLuxembourg SeniorAssociate, Wealth andAssetManagement 1 )https://lc.cx/Ub7p37 2 )https://lc.cx/dx53BP 3 )https://urlr.me/j5NDFW 4 )https://urlr.me/Uxc4sS Reimagining the Enterprise Value Proposition: Strategies forAsset Managers A u cœur duplus grand centre transfrontalier de fonds enEu- rope—avec plus de 7.300mil- liards d’euros d’actifs sous gestion (4.800Mrd € enUCITS, 2.500Mrd € enAIFs)—la Fintech luxembour- geoise Investre devient la première en- treprise à obtenir le statut d’Agent de Contrôle dans le cadre de la nouvelle loi Blockchain IV. La licence délivrée par laCSSF positionne Investre comme acteur de référence pour les registres de fonds sur block- chain à grande échelle et marque un tournantmajeur dans lamanière dont les fonds d’investissement européens seront émis, administrés et négociés. Avec cette approbation, la CSSF réaffirme sa volonté de maintenir le Luxembourg à l’avant garde de l’in- novation et de la compétitivité dans le secteur euro- péen des fonds d’investissement. Investre est désormais autorisée à émettre, à distribuer, à conser- ver et à gérer des fonds tokenisés natifs directe- ment sur la blockchain – sans recourir aux agents de transfert (TA) ou aux dépositaires centrauxde titres (CSD) traditionnels. Ce statut pionnier positionne Investre comme unarchitecteclédel’infrastructuredesfondsde demain: plus rapide, plus simple, plus sûre, moinscoûteuseetentièrementnumérique. Fort de plus de 3.000 tokenisa- tionsdefondsdepuissonlan- cement, Investre bénéficie avec ce nouveau statut d’un véritable levier pour révolu- tionner l’administration des fonds. En créant une source unique de données – un vérita- ble “Golden Record” de la pro- priétédesfonds,Investreélimineles écritures redondantes, la duplication des documents, les délais de réconciliation et la fragmen- tationopérationnelle entre prestataires. SelonuneétuderécentedeCalastone,l’adoptiondela technologieDLTpermettrait des économies de : - 30%sur la comptabilité des fonds - 25%sur les frais d’agent de transfert - 24 % sur la conformité, les rapports clients et régle- mentaires Cela représente au total une réduction de pas moins de23%descoûtsd’exploitation,soit13pointsdebase surlesactifssousgestion.Grâceàlatokenisation,l’en- sembleducycledevied’unepartdefonds–émission, transfert, règlement et rachat – devient plus écono- mique, plus rapide et plus sûr. Elle permet aussi une meilleure intégration avec les marchés secondaires, améliorant ainsi la liquidité àmoindre coût. Accélérer la démocratisation des fonds alternatifs Cette avancée ouvre également la voie à la “retailisa- tion”desELTIFsetautresfondsalternatifs,enpermet- tantunaccèsnumériquedirectàunpublicpluslarge. L’expérienceutilisateur de la souscriptionà lagestion évolueversunesolutiondigitalefluideetinstantanée, tout en restant entièrement conforme à la réglemen- tation en vigueur. En s’appuyant sur la blockchain et laDLT, Investreoffreune solution“end toend”pour numériser toute la chaîne de valeur des fonds. Les avantages incluent : -Mise sur lemarché plus rapide - Réductiondes coûts opérationnels -Moins de frictions et de rapprochements -Automatisation et numérisation accrues - Plus de transparence et de traçabilité - Meilleure expérience et accessibilité pour les inves- tisseurs « Être la première entreprise luxembourgeoise à re- cevoir le statut d’Agent de Contrôle par la CSSF n’est pas seulement une reconnaissance au niveau réglementaire ; C’est la validationde notre ambition et détermination de construire l’infrastructure des marchés de capitauxdu futur pour les fonds enEu- rope», déclare Georges Bock (portrait), CEO d’In- vestre. «Cette autorisationpermet de déployer tout le potentiel de la tokenisation des fonds – non pas comme un thème en vogue, mais comme la fonda- tion d’un système financier plus efficace, transpa- rent et centré sur l’investisseur. Pour la première fois, les gestionnaires peuvent réduire de façon si- gnificative leurs coûts tout en augmentant leurs ac- tifs sous gestion. » Les bases réglementaires et techniques désormais en place, Investre est prêt pour intégrer activement les gestionnaires d’actifs, les banques dépositaires, les distributeurs et les investisseurs sur sa plate- forme pour rejoindre un écosystème plus intelli- gent, plus rapide et résolument tourné vers l’avenir. Investre, premier “agent de contrôle” pour fonds tokenisés