DUKE 03_2014

03The thought leadership factoryDuke 9 euros

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ICBC (Ming Gao)

Growing at galloping speedPage 44

FOCUS Luxembourg: land of empowermentPage 24

TALKING BUSINESS RMBPage 36

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Duke 03Publisher: Jérôme Bloch ([email protected]) – Editor in Chief: Josée-Lynda Denis – Conception & coordination: 360Crossmedia – Head of production: Anne-Sophie Théodore – Sales: care@360crossmedia – Artistic Director: Franck Widling – Cover Photo: 360Crossmedia – Printed in Luxembourg/Print run: 5000 copieswww.duke.lu – Phone: (+352) 35 68 77 – [email protected]

SUCCESSFrançois Valentiny an elegy on departure (and return) 8GRAND DUKEThe Grand-Ducal Family: give honour where honour is due 12AMBASSADORInterview with H.E. Mr. Zeng Xianqi, Ambassador of China in Luxembourg 14TRENDS360Crossmedia in brief 16FOCUSInvesting in you, Europe and beyond 18REGULATIONThree questions for Jean-Marc Goy 20COMPLIANCEInterview with Jean-Noël Lequeue, Chairman of ALCO 22FUNDSFund industry looks to the AIFMD and beyond: Interview with Camille Thommes 24Antonio Thomas: The emergence of the multijurisdictional,multi-disciplinary Independent Fund Governance service provider 26Schroders: why Luxembourg? 28Interview with Jean-Philippe Cerutti, a Partner at MEBS 30Frédéric Perard: The future in action 32Christophe Cornet: UBS Luxembourg and the “one-stop shop” approach 36BANKINGLuc Verbeken: “Bankwide” vision 38FINANCEFrom SGGland with Love 40LEGALArendt & Medernach: Regulation and strategy:three trends for 2014 42LUXURYJean-Claude Biver: The tourbillon 44Maserati Ghibli, a new era for the Trident brand 50REAL ESTATEAnalysis and trends of the real estate market in Luxembourg 52Donald Trump: Interview 54GASTRONOMYThe cream of the crop 56GUIDECeos’ favourite addresses 59SOCIAL CLUBSNetworking in Luxembourg 60

Dear readersWe are proud to publish the third edition of the magazine Duke, which has been created to promote the Grand-Duchy of Luxembourg abroad. The magazine presents a selection of fast-growing, innovative and dynamic Luxembourg-based companies, as well as other articles that for example highlight interesting aspects of the country and intriguing locations.

We hope that after reading the magazine, you will feel inspired to explore opportunities in this business hub at the heart of Europe. Please

contact us if you’d like to be introduced to the country’s business leaders.

Enjoy Duke’s third edition!

Josée-Lynda Denis

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ElonMuskSUCCESS

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Design, Technology and Business

All in onewww.elonmusk.com

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The owner of so many different and successive projects really can do it all for the cause of humanity, help combat global warming minimize air pollution and create a more exciting and interesting future. Read how he manages to combine design, technology and business.

Tesla MotorsThe co-founder of Paypal, is a firm believer in the fact that the world needs to find a sustainable means of operating. In several of his interviews he has admitted, “ it is important that we have sustainable transport and sustainable engine production”. This could explain why today he is a founder of Tesla Motors, an all-electric American Car Company. Musk is certain that an electric car is 60% more efficient when compared to any other car. According to the CEO of Tesla Motors, there are 3 levels of production – expensive cars with low mass production, medium expense car with medium volume and a low price car with high volumes of production. Today the company is at the 2nd level of this 3-step production. The business and sales strategies of the company have been highly developed in order to provide their services worldwide. As a result they have signed a

partnership with Daimler and Toyota, through which they sell electric powertrain systems.

Solar CityNot only is Elon Musk an engineer for cars but he is also a chairman for a solar energy company, “Solar City”. According to Musk, the world is already solar powered. The whole eco system is powered by the sun.” Thus comes the belief that in almost 18 years one of the primary means of power generation will be solar. However, it is hard to compete with the resources of natural gas. The advantages of the solar power are that once you have it installed there are no feed or operational costs associated with it. It will work for decades. It is truly empowering for the businesses and homeowners.

Space XProbably one of the main

achievements of the owner of the two already mentioned projects has to be the creation of Space X. The company was created with the goal of building the world’s most advanced rockets and space crafts. Despite the fact that the company came very close to failure in 2008, Elon Musk still has very ambitious projects in mind. For example, in future the company wants to be able to produce reusable rockets, meaning that after the launch the rocket will be able to return to the spot where it started from and then be able to launch again in a matter of hours. The first flight is expected in 2015 and Luxembourg will definitely be hearing about it.

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“It is important that we have sustainable

transport and sustainable engine

production.”Elon Musk

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WATCH AN INCREDIBLE VIDEO

Communication tools and techniques changed more in the past ten years than they had in the previous five centuries. This revolution has been so radical that many are struggling to come to terms with it, let alone take advantage of it. Let’s try to break it down.

360Crossmedia: Keep calm and get things done

From Gutenberg to ZuckerbergDuring the Gutenberg era (which ended only recently at the start of the 21st century!), publishing a magazine, a brochure, a newspaper or a simple article was an expensive business that took a long time and required technical know-how that was reserved for an exclusive elite. These barriers in fact generally guaranteed that the final result would at least meet some basic quality standards.In the Zuckerberg era, things have changed: everything is fun, fast and free! Now you can print anything you like, even without a computer! All you have to do is pop into your local webcafe, use a remote version of a software application like Indesign and publish your document on the internet or even send it to a printer. And thanks to digital printing, printers can deliver a document in any quantity for a ridiculously low price per copy. Of course, the quality of the final product is no longer guaranteed, but sites like www.issuu.com prove that there’s plenty of talent out there. The golden rulesWhile technology has certainly advanced by leaps and bounds, it seems humans will never change. For example, you often see groups of people getting together to work on a project, but only one person does the work while all those people who contributed nothing can

always be counted on to criticise the results. Also, you find situations where people have meetings but never get anything done, not to mention all those amazing projects that never get off the ground due to lack of time or money. To solve this kind of problem, 360Crossmedia has devised a set of very simple rules that get everybody involved and give clearly defined criteria and deadlines. This approach can be used for a wide range of projects (articles, magazines, events, websites, brochures and branding) and is designed to make people aware of different ways to save time and money and to be more efficient while maintaining an ultra-creative and highly motivating atmosphere. This can be summed up in a few words: communicate with your colleagues; from the very outset, share with them the final vision of the project; keep it simple; put yourself in your reader’s or your customer’s shoes; stick to the deadlines right from the start! The miracles of the Zuckerberg era will take care of the rest.

My360Lab: We want it all, we want it now!In today’s world everybody wants everything by yesterday, so companies obviously want the fastest solution, and that’s where My360Lab comes in. The principle of My360Lab is to bring the team together in one room or via Skype to complete the entire job in one go, with the help of a team leader. Once the Lab is over, there’s nothing left to do: no e-mails to send, no assignments for the weekend. This method has been popularised by hyper-efficient companies like Facebook and Amazon, who have very short turnaround times when it comes to product development. The process is totally flexible: everything can be done internally, but it is always possible to recruit writers, photographers, consultants or graphic designers for special tasks. The budget is very low, and in the case of magazines and internet sites you can include advertising that can be resold in the ecosystem of your project partners! Fun, fast and free: the Zuckerberg era is here to stay!

Visit our new website www.360crossmedia.com

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CAUSES OF STRESS AT WORK

Cite workload Cite people issuesCite juggling work and

personal life Cite lack of job security

41 % 32 % 18 % 9 %

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“People want everything now, but without spending

too much. 360Crossmedia has the solution.”

Jérôme Bloch, CEO

IMPACT OF STRESS ON ATTENDANCEIMPACT OF STRESS ON PRODUCTIVITY

Lose 15-30 min. per day in

productivity due to stress

Miss 1 to 2 days

per year due to stress

Miss 3 to 6 days

per year due to stress

Miss more than

6 days per year

due to stress

Lose 1 hour per day in productivity due to stress

Report productivity is unaffected by stress

42 %

24 %

34 %

54 %

15 %31 %

DOWNLOAD THE SOLUTIONS

FINDER

Interview with Lydie Polfer, Mayor of Luxembourg City.

Luxembourg: an international city

What are your priorities as mayor?The challenge facing the city can be summed up in four facts and figures: the city takes up 2% of the national territory. Half of this surface is covered with woods and green spaces. The remaining 1% hosts 20% of the country’s population and 40% of jobs! This creates accessibility problems, as the city concentrates far more jobs than people. Every morning, more than 100,000 people make their way into the city. At certain times of the day, this generates traffic problems. Projects are underway that will take the edge off this daily assault: the TRAM, for example, will make it possible to reduce the number of buses in the city, but it implies a reorganisation of public transport. Another major project concerns the 2004 law that requires all municipalities to adopt a general territorial management plan according to very specific definitions. This will allow some areas to be redefined. The first vote of the municipal council on this matter is scheduled for the summer of 2015.

A word about the “Royal Hamilius”?Yesterday I signed the building permit for the Royal Hamilius. Lord Norman Foster is the architect behind this great project in the heart of the city. Comprised of 70 apartments, offices and shops, it is a landmark development for Luxembourg City and is scheduled for completion in 2017. Furthermore, we are now seeing a drift from the countryside to the city. People want to enjoy the superb sports and leisure facilities. Between the Coque national sports and leisure centre, the Philharmonic and the Mudam, we are spoilt for choice in this respect. Can you describe Luxembourg’s real estate fabric?I must first set the record straight. As mayor, I do not regulate the market. Luxembourg has seen its growth driven by its financial centre over the past few years. This has brought about a strong economic boom, and a hike in real estate prices is a natural consequence. The city projects are almost exclusively oriented towards providing affordable housing for its citizens. Several special development

projects (the so-called PAPs, editor’s note) are in the pipeline that will see 5000 housing units being created, in particular in Bel Air, Merl, Limpersberg and Cessange. The most ambitious project - the Ban de Gasperich - alone will see 600 homes and many shops and offices spring up. What would you say to people who don’t know Luxembourg City?It is an international city. 68% of the inhabitants do not hold Luxembourg nationality. If you compare us with recent events in Switzerland with the famous ‘vote’, here 155 nationalities - 94% European – live side by side in harmony. The city manages to combine dynamism, quality of life and friendliness. Locals and foreigners come together to celebrate several times a year: at the octave, the national holiday or Schuberfouer. They also mingle on Saturdays at the market. You see a plethora or cultures and hear a multitude of languages. Building on this wide variety of cultures and backgrounds, we have managed to carve out quite a unique way of life.

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“The city manages to combine dynamism, quality of life and friendliness.”Lydie Polfer

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Interest in philanthropy is growing rapidly among wealthy individuals and families, and the Grand Duchy’s foundation structure helps them turn their aspirations into reality quickly and easily, according to Fondation de Luxembourg Director General Tonika Hirdman.

Fondation de Luxembourg: A European gateway to Philanthropy

What challenges do international philanthropists face today?The means of giving is changing. It is not anymore just about signing a check. We are seeing people who want to engage themselves actively in their giving; making sure the money is used efficiently and to the right ends, that correspond to the donor’s pretentions. This means that the need for support

and guidance is greater than ever.The problem is that many donors do not know whom to turn to for assistance, whether it be their lawyer, their wealth manager or the tax adviser. Sometimes they need advice in defining their giving strategy. Very often they need support in finding the right project and in terms of supervising the implementation of the project. They may also need help with the logistics of

running their foundation.This is where Fondation de Luxembourg comes in. We help them to identify a project that suits their interests and we create and manage their personalized foundation under our umbrella.

Why is Luxembourg a good place to set up a foundation?Since we were created by the

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Luxembourg state five years ago, 45 foundations have been established in Luxembourg and many more are in the pipeline. Some donors are attracted by the country’s political and economic stability. They view the commitment to their foundation as a very long-term one, so a stable environment is a priority. Following the financial crisis, stability is something you can no longer take for granted in some European countries.Others are drawn by the ease of establishing a foundation here. In France, for example, it can take up to three years, compared with just a few weeks in Luxembourg, thanks to our straightforward and flexible approach.

Finally, Luxembourg has developed a unique public-private partnership combining a fully personalized philanthropic approach with the credibility of a state-backed institution.

How does this benefit society at large?A good example is Akuo Energy, a leader in renewable energy in France, which decided to set up its foundation in Luxembourg. The Akuo Foundation has recently launched a project on the island of Nosy Faly near Madagascar to assist economic development with respect for the ecosystem and involving sustainable agriculture.Another example is the CVC Capital

Partners Foundation, which applies the “venture philanthropy” approach to help disadvantaged young people in the countries where the firm is active. But there are also numerous foundations set up by families. A Finnish family, the Ehrnrooths, finances scholarships for postgraduate neurological students who work closely with one of the world’s best known professors on neurological surgery in Finland.A foundation with more local roots, Fondation La Violette, established by the Luxembourg Tesch family has launched a project providing art therapy for cancer patients in the Grand Duchy. This is something that did not exist in Luxembourg before.

“Following the financial crisis,

stability is something you can

no longer take for granted in some

European countries.”Tonika Hirdman

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Interview with Corinne Cahen, Minister of the Family and Integration. A look back at her career and her ambitions for the future of Luxembourg.

Interview: Corinne Cahen

Do you believe that the Luxembourg social model is in danger today?No, the Luxembourg social model, based as it is on dialogue, is in good health. The new government’s programme also stipulates that the Government will seek direct dialogue with citizens, promote dialogue

between all members of society and revitalise the tripartite system, a central element of the Luxembourg model.

What are the challenges of your mandate?We are facing a great many challenges: it is a Ministry with a diverse portfolio:

family policy, volunteering, policy for the elderly, for the disabled, the processing of applications from asylum seekers, the integration of foreigners, the solidarity policy, the Greater Region, etc. Among the most important issues are the revision of the National Plan of Action for Persons with Disabilities, the finalisation and

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implementation of the action plan for dementia-related diseases and the geriatric action plan, the reform of family benefits, the reform of parental leave, the integration of foreigners in Luxembourg society, the revision of the Law on the Guaranteed Minimum Income, as well as the fight against poverty and social exclusion. The common goal of all these measures is that they aim to improve quality of life for everyone, whether the disabled, the elderly, those at risk of poverty, foreigners, the unemployed, parents or singles, and to give them every chance

in life. As for the Greater Region, the aim is to further strengthen cross-border cooperation, but also to increase its visibility.

Your career in a few words?I was born on the 16th of May 1973 in Luxembourg. I have a degree in foreign languages, a master’s degree in applied foreign languages and a diploma in French -English bilingual journalism. I had a wide range of different experiences in the field of journalism (particularly with RTL, RTL Télé Lëtzebuerg, Eldoradio, Radio France

Internationale and Agence France Presse) before switching to the world of business, when I took over my father’s shoe shop. In a few years, I succeeded in developing this business by tripling the number of stores. In 2008, I was elected president of the Commercial Union of the City of Luxembourg and in 2009 elected member of the Chamber of Commerce. Following the elections of the 20th of October, I was elected to the Chamber of Deputies. Since the 4th of December 2013, I am Minister of the Family, Integration and the Greater Region.

“Dialogue plays an essential role in Luxembourg.”Corinne Cahen

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The highlights of a talk given by Viviane Reding during the Mixcity evening organised by BGL BNP Paribas on St Valentine’s Day: 14th of February 2014.

Viviane Reding: the gender mix

Treaty vs EnforcementGender diversity is good for society. Small as it may be, Luxembourg has understood this message. Only those who catch on to this reality will make it in our fast-changing world. The studies are unanimous: companies with a diverse management generate better financial results! Why this sudden realisation? In politics, it has been around for a long time... After all, equality between men and women was enshrined in the Treaty of Rome in 1957. Generally, EU rules are rooted in the rules in force in the member countries. Here, the opposite is true. But even when laws are passed, it takes some willpower to enforce them!

Equal pay dayOn average, European women still earn 16% less than men, which is equivalent to two months of unpaid wages per year. This spurred me on to organise “Equal Pay Day” to mark the time of year when women begin to earn money. Today, with a 16% difference in salary, it falls at the end of February. We have to continue to fight until we reach the perfect date of

the 1st of January. That is when we will finally achieve what the Treaty of Rome first called for: “Equal pay for equal work”.

MBAI asked companies: what happens to your female MBAs? A month later they came back to me with the results of their research and said: “It’s scandalous! Women do the best MBAs, but men have the best positions. This observation prompted the birth of a network of 170 universities that have created a database with 8700 verified CVs of women capable of sitting on a Board one day 62% of university degrees are obtained by women. But what happens then? We have invested in training this talent, but it is lost along the way. In other words: how to lose your investment.Sometimes you just need to roll a snowball to trigger an avalanche. In Germany, politicians were against quotas. But they have signed a charter in Berlin in favour of the quotas. Ursula von der Leyen was a big help.We need to be shouting about this

from the rooftops. We need to bring on board allies to talk about it, to dig in their heels, who are able to change attitudes. Women need role models. They need to see those female success stories to think “I’ll get there too!” and to do away with all that self-doubt. I saw Christine Ockrent when I was studying. I wanted to be her so I became a political journalist. Tell your daughters they are fantastic. We need these fantastic people. We need all the talents. They must think: “I want to do it, I can do, I will do it”.

Excerpts“Diversity saves money”“I create administrations where I have to have quotas for men”“Old age is female and poor. We must be careful about the use made of part-time work. It’s a taboo issue at the moment”“I did not increase maternity leave because I think it is long enough. A baby does not always need its mummy, but sometimes you need to take time off to get a teenager back on the straight and narrow”

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“Companies with a diverse management

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Viviane reding

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What is your agenda?We have three main priorities: first of all, an across-the-board reform of family law. This includes marriage, with the possibility for same-sex couples to get married, adoption and the possibility for all married couples to start adoption proceedings, divorce – where no progress has been made for 11 years – the intention being to do away with the notion of fault, except in severe cases, mainly violence. Another reform will cover filiation and yet another parental authority.The second priority is the creation of a prison administration and reform of the enforcement of sentences. We want to ease the transition of inmates back into society after leaving prison and we are looking to introduce a judge responsible for the enforcement of sentences or a panel of three judges. Finally, the third reform is the introduction of a National Council of Justice with greater autonomy in the management of judges and investigating magistrates that is wholly independently of the political power. I am willing to give up some of my prerogatives, particularly with regard to appointments and promotions, if a National Council of Justice assumes

full responsibility for them.We are also looking into the possibility of creating a supreme court in Luxembourg which would introduce summary reversals to the administrative system and replace both the Superior Court and the Constitutional Court. Control of constitutionality would therefore be delegated to all judges.Reform of abortion will soon be tabled. Abortion will be decriminalised and the second consultation will no longer be mandatory. The nationality law will relax the linguistic criteria to give the same chance to all applicants.

What are the current challenges brought about by the new regulations in the field of finance?Luxembourg’s position is very clear in this field: we support all progress and actively participate in discussions within the OECD. It is essential that all countries abide by the same rules. By accepting the automatic exchange of information on savings income from the 1st of January 2015, Luxembourg has shown that it is not one of the States standing in the way of change. Our financial market has been doing very

well without banking secrecy for a long time thank you and does not attract clients because of its sovereignty but because of its competence. The exchange of information is not a problem but it can only work if the same rules are applied to all financial markets.

Data protection is a hot topic today.At national level this is a matter for Xavier Bettel in his capacity as Minister of Media. On the other hand, as Minister of Justice, I deal with these issues at European level in the JHA Council

(Justice and Home Affairs). A directive and a regulation are currently under discussion and have been a long time coming, given that the last data protection text dates back to 1995. This is a text that is progressing at snail’s pace. Some countries want to set up protection mechanisms at national level. Others, such as Luxembourg, believe that the only possible solution is a European mechanism that can be rolled out across all 28 countries. We cannot have 28 Googles or 28 Facebooks in Europe. Companies must choose a home country where the competent national

authority - the CNPD (the National Data Protection Commission) in Luxembourg - will be equipped to oversee the application of the rules. It’s a mistake to think that only the large countries have the capacity and that the small States are lagging behind.

You had the pleasure of meeting Robert Badinter?I had the honour and the privilege of meeting him at his home. He really is a fascinating character. I am familiar with his causes, whether the abolition of the death penalty or his efforts on the

international stage. I am a firm believer in European construction and listening to him makes you doubly convinced. He makes it sound so inevitable, with fair and lucid arguments. I visited him in my position as Minister and have taken on board his arguments. We discussed the European Public Prosecutor and a European training institute for judges in European law. Mr Badinter argues that the European Union and peace on our continent are not only a matter for the big States. He also thought that Luxembourg should remain the European capital of justice.

“It’s a mistake to think that only large countries have the capacity and that the small States are lagging behind.”Félix Braz

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An interview with Félix Braz, Minister of Justice.

Ministry of Justice: reforms on all frontswww.myofficialstory.com/felixbrazwww.gouvernement.lu

Russia’s ambassador to Luxembourg Mark Entin says the two countries share strong economic, cultural and financial links, but there are challenges to overcome to ensure a bright future for their relationship.

Luxembourg and Russia: building on strong ties for the future

A presence in LuxembourgMost people do not realise how much Russia has contributed to Luxembourg’s history, culture and independence. “Today Russia plays an important role in safeguarding this independence,” says Mark Entin, the ambassador of the Russian Federation to the Grand Duchy. Russia’s presence in Luxembourg today encompasses economic, financial, cultural and individualties. The Russian community in the Grand Duchy is relatively large at around 1% of the overall population, mostly young and talented people who make a substantial contribution to the country’s wealth and wellbeing. Earlier this year Vnesheconombank, one of the four largest financial institutions in Russia, opened for business in Luxembourg, which Entin says represents a kind of visiting card

for the Russian banking system. Vnesheconombank has also established an investment foundation in the Grand Duchy to invest in small and medium-sized enterprises.

Bright futureEntin argues that the relationship between the two countries has a bright future. “Luxembourg has started to deepen the relationship with countries outside the EU,” he says. “It has built economic, trade and financial links with these countries.”Luxembourg’s embassy in Russia plays a critical part in this process, he says, by inviting businessmen, investors and other representatives from the financial world to meet with their counterparts from the Grand Duchy.The result is a dynamic process characterised by the initiation of new common projects and a steady

increase in the volume of investment.

Beyond the headlinesEntin is critical of the role of polemic in the mass media in shaping perceptions of other countries, noting that some people are unable to see past sensationalist headlines – a problem that has affected Russia’s image in recent months. Nevertheless, he expresses the hope that the European Union will remain competitive, resolve its problems – some of which are self-inflicted – and remain a strong and economically successful partner for the Russian Federation.Says the ambassador: “Through economic co-operation, cultural exchanges and scientific projects, I believe we can overcome the problems thrown up by the economic crisis and strengthen societies all over Europe.”

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“Today Russia plays an important role in safeguarding this independence.”Mark Entin

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The founders of the China-Luxembourg Chamber of Commerce ChinaLux have declared that the organisation sets out to give new impetus to commercial and economic relations between the Grand Duchy and the emerging global economic superpower.

Cooperation with the world’s most dynamic economy

Making up for lost timeThe promoters of the China-Luxembourg Chamber of Commerce ChinaLux hope that the new organisation, officially established on the 31st of May, will accelerate the development of relations between the two countries. They point out that opportunities to develop trade relations with China are huge and that the regular exploration of areas of common interest within the Chamber will make it possible to reinforce these opportunities. Chinese institutions are already a rising force within the Luxembourg financial community, as six Chinese banks should operate between

now and 2015 as the hubs of pan-European investment platforms.For ten years now, efforts have been made to establish a forum to support the interaction between Luxembourg and China and the new organisation is considered as an important step in this direction. According to Dirk Dewitte, co-founder and newly elected President of the Chamber, very short lines of communication between the Luxembourg government and business, as well as the flexibility, speed and pragmatism of the latter in decision-making, attract Chinese companies looking for a gateway to Europe.

Official supportThe initiative is being enthusiastically received by official bodies and representatives, including the Luxembourg Ministry of Foreign Trade, the Chinese Embassy and the Luxembourg Chamber of Commerce, according to Dirk Dewitte. The financial sector will be a key area of cooperation. The new organisation will be responsible in Luxembourg for the organisation of financial trade missions abroad, will assist businesses organising seminars and inter-company exchanges, and will host the Chinese guests – “essential

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activities”, says Mr Dewitte. The presence on the Advisory Council of the new ChinaLux Chamber of Nicolas Macker, Luxembourg’s Consul General in Shanghai, who is soon to take over from Fernand Grulms as CEO of Luxembourg for Finance, can only contribute to the success of these efforts. The founders and Mikkel Strørup, a fluent Chinese speaker who is closely involved in the project, explain that the ChinaLux Chamber should facilitate the transition from intergovernmental relations to direct connections between entrepreneurs of the two countries, taking advantage of one of the major

forces of Luxembourg: the internationalisation and diversity of its business community.

First membersAmong the founding members of the new Chamber, we should have twenty organisations that develop or seek to establish trade relations in China, including law firms, the “Big Four” in the financial audit world and several of Luxembourg’s large commercial and service companies, who will be joined by Luxembourg’s residents, members of the Chinese-speaking community of the Grand Duchy and other expatriates. The

first members of the Chamber should help develop a programme of activities as part of an elected executive committee composed of 16 Executive Directors and with the help of an advisory board of eminent personalities from the business world. Events on topics such as introduction to Chinese culture and the international competitiveness of Luxembourg are already scheduled. “We intend to start at a run,” promised Mr Dewitte. Moreover, the first event dedicated to the internationalisation of RMB, held on the 13th November, was fully attended and evoked a big interest.

“Six Chinese banks should start their operations here in 2015 as hubs for Paneuropean platforms of investment.”Dirk Dewitte

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ChinaLux, the China-Luxembourg Chamber of Commerce

Carlo Thelen, the new Director General of Luxembourg’s Chamber of Commerce, is a qualified economist. Interview.

Luxembourg: a new paradigm!

How would you analyse the current political and environmental situation in Luxembourg?We have now entered a key phase for the country’s future: Luxembourg has all the assets it needs to succeed and now, more than ever, is the time to focus on our future development. Take, for example, inter-generational equity. Budget consolidation is finally receiving the attention it deserves. And with good reason, the Grand Duchy has real room for manoeuvre. Public expenditure currently represents €34,000 per citizen and per year, i.e. double the European average. Even if we cut this contribution by 10%, Luxembourg will still rank among the most generous countries. As well as the budget, we need to ensure that other projects are not pushed into the background. For example, the social model, housing or even competitiveness. Budgetary balance is not something that can be decreed. It is driven by a consistent socio-economic policy mix. This dynamic is fuelled by growth, attractiveness and competitiveness.

What are your priorities as Director General of the Chamber of Commerce?At the end of 2012, together with my predecessor Pierre Gramegna, (now Minister of Finance, editor’s note), we introduced the Chamber of Commerce’s 2020 strategy. I am continuing to implement this strategy with my team. The Chamber aims to remain the key contact for companies, professional organisations and the government. Our main objective is defending companies’ general economic interest, beyond individual interests. We are maintaining an overall perspective as part of a long-term approach. We are continuing to be a critical partner of policies implemented, refraining from personal criticism at all times and instead supporting our arguments with facts and addressing the government as a whole.

What threats and opportunities are on the horizon?The financial crisis has changed the paradigm: we no longer have the growth rates we enjoyed in the past. To make the Luxembourg model sustainable, we need to redefine it and

target it more effectively. Our philosophy revolves around doing better with less, to further improve our competitiveness and social cohesion. Having said this, Luxembourg has many assets. First and foremost, we need to look after what exists: by opening up new markets for our companies, promoting innovation, capitalising on the financial market, industry, trade and tourism. But we also need to develop new niches. For example, the RMB platform, philanthropy, gaming, cloud computing, eco-technologies and logistics. We have some great entrepreneurs and start-ups in these fields, creating strong foundations for the future.

What about property?Corporate property is developing favourably, recording performance above the European average and very low vacancy rates. Our financial market also supports the structuring of property funds and even “Sharia compliant” funds. Home to more than 160 nationalities, Luxembourg is a real cultural crossroads, a laboratory of ideas and a smaller scale version of Europe.

www.cc.luwww.carlothelen.lu

“Our philosophy is to do better with less.”Carlo Thelen

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Chairman Jean-Noël Lequeue says the Luxembourg Association of Financial Sector Compliance Officers (ALCO) is adapting its services to members to meet the challenges of an ever more complex regulatory environment.

Compliance profession at full stretch

Last year you highlighted the scale of the challenges facing compliance officers. Will 2014 be a bit quieter?The challenges for compliance officers in 2014 will be no less daunting than those of last year. The avalanche of regulation continues to roll on, stronger than ever – the EMIR, MiFID II, market abuse and AIFMD measures will continue to have a massive impact in the course of the year. In many cases we need to put in place new processes and oversight mechanisms even before the authorities have finalised the practical implementation details. The CSSF’s circulars and regulations place an increasing emphasis on the role of internal oversight functions and especially that of the compliance officer. This is helpful in raising the profile of the compliance function, but it also represents a steady expansion of its responsibilities. Even the biggest institutions are struggling at times to keep up. That makes it all the more important for ALCO to be able to help the compliance officers of all institutions, large and small.

What trends do you see in the recruitment of compliance officers in Luxembourg’s financial sector?It’s worth noting that financial institutions are not the only companies where compliance functions are being put in place. A significant range of fund industry players that have hitherto been exempt, including accountants, lawyers and insurance companies, see an increasing need for a well-qualified compliance officer. ALCO now has 750 members, which is a huge number given the size of the country. This growth has lead to the evolution of an employment market featuring highly trained and experienced compliance professionals that may consider changing institution or taking on a more specialised role. Internal recruitment remains highly important for the sector. The training of compliance officers may be carried out through dedicated courses or on the job, and ALCO certification is increasingly sought after. Job vacancies can be posted on ALCO’s website. Another option is outsourcing, either assignment-by-assignment or on a full-time basis, usually for smaller companies.

How will these trends influence the development of your association?ALCO has just completed a survey of its members that indicates a high overall level of satisfaction. However, expectations of the association are substantial, especially with regard to disseminating information. The board of directors has already decided to review fundamentally the quality, timeliness and interactivity of our site and to develop a more up to date and attractive formula for our newsletter. We are examining ways to communicate more rapidly on urgent regulatory matters and to extend the scope of such information to a greater number of members. We are looking to develop and improve initiatives such as round-table discussions, other events and working groups. We will continue to share our experience of regulatory compliance issues with other industry associations such as the ABBL, ALFI, ILA, IIA and ALRIM, as well as with the CSSF.

www.myofficialstory.com/jeannoellequeue

“The challenges for compliance officers in 2014 will be no less daunting than those of last year.”Jean-Noël Lequeue

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When an association as prestigious as the Rotary Club lends its name to a cause such as research into brain-related diseases in Luxembourg the outcome can be nothing but positive.

Rotary: Hope ahead thanks to Espoir en tête

Espoir en tête“Espoir en tête”, which translates as Hope Ahead, is a national campaign initially set up by the French Rotarians who joined forces with Luxembourg’s Rotary Clubs in early 2013. This campaign is in sup-port of brain research and aims to raise funds earmarked for a specific research project at the Uni-versity of Luxembourg, conducted within the Faculty of Science, Technology and Communication. This project investigates and analyses the inflammatory reactions of the brain associated with neuro-degenerative diseases such as Alzheimer’s or Parkinson’s with the aim of developing effective thera-pies. The research team recently succeeded in identifying a new feature of these cell types, repre-senting a considerable breakthrough in the research into these diseases.

22,000 euros collectedIn 2013, the film “The Fantastic World of Oz” was premiered in several Utopolis cinemas with a share of profits being donated to “Espoir en tête”.

Cinema tickets were sold for 15 euros, 8 euros of which went to Luxembourg brain research. Following this event, the Rotary Clubs of Luxembourg presented a check in the amount of 22,000 made out to “Espoir en tête”. This will make it possible to fund the testing and analysis equipment necessary for its research work.

An on-going campaign...This campaign was repeated in early February with the screening of the premiere of the film “Saving Mr Banks” in two cinemas of the Utopolis chain, in Kirchberg and Belval with the much appreciated support of Walt Disney Company and Utopolis. In June 2014, the second cheque will be handed over for the donations collected in 2014 and a new campaign will be launched in 2015. The Rotary Clubs are hoping to bring on board other major sponsors and thus continue to raise funds for similar organ-isations.

If you wish to support “Espoir en tête”, you are welcome to make a donation to the Association Lux-embourgeoise des Œuvres du Rotary.

www.espoir-en-tete.lu

“Following this event, the Rotary Clubs of Luxembourg presented a check in the amount of 22,000

made out to “Espoir en tête”.”

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MixCity Luxembourg is BGL BNP Paribas’ internal professional network, set up in 2009 when the original BNP Paribas MixCity Association embarked on its international expansion. This network aims to promote equal opportunities for men and women in the workplace and promote values that will serve both the company and the economy on the whole. The first success stories bear witness to its vitality.

MixCity Luxembourg investing in diversity

The first success storiesAfter nursing their project, in 2013, the seven founding members, including the Association’s President, Fabienne Dasnoy, obtained the green light from their company’s top management. This

was milestone enshrined by the signing of the “Positive Action” Agreement of the Ministry of Equal Opportunities, and the creation of the post of Country Diversity Officer within the group in Luxembourg. Some important

landmarks: the statutes of the de facto association (2013), Board of 10 female executives, 122 members, including 34% non-executives. It operates through different types of networking activities such as Mixmornings, Mixnetworks ...

www.myofficialstory.com/mixcity

the first Mixconnect attracting no fewer than 15 networks.

A synergy of consensus valuesThe network’s vitality is underpinned by its values, the emphasis being on respect, sharing, professionalism and loyalty, along with an open mind: the opening up of the network to women and men (17% men, including Vice-President), to executives and non-executives, but also an opening to the outside world. The value of close bonds is very strong, as illustrated by the chosen logo. Diversity comes in many shapes and form, such as equality and integration,

contributing to a work/life balance and therefore to a certain well-being, increased accountability of all, facilitating an internal dynamism and communication within the framework of an employer/employee relationship based on the win/win model.

ProspectsFabienne Dasnoy is both a visionary and a realist: “In an ideal world, an association such as ours should not even be necessary... But that ideal world is around 10 years away.” For now, she wants to see the network grow in importance and influence and become a

recognised partner for the professional world. She sees this as the best way to detect female talent, to work towards a male/female balance, particularly in key posts, to nurture ties between the diversity stakeholders within different companies, and together create a diversity lobby in its own right with a leading role to play in Luxembourg’s economy.

“In an ideal world, an association such as

ours should not even be necessary.”

Fabienne Dasnoy

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Training finance professionals means investing in the future of the Grand-Duchy. An interview with Fouad Rathle and Werner Eckes, President and Director respectively of the Luxembourg Institute for Training in Banking (IFBL).

The Institute (IFBL): longevity for the economy

You said recently that the Institute represents a patriotic challenge. Why? Fouad Rathle: The future of Luxembourg depends on the economic sustainability of the banks. Following the lifting of banking secrecy, banks must reinvent themselves. In particular, they must offer their clients excellent service that rivals the most advanced competitive markets such as London or Zurich, in terms of quality and skills. The Institute offers a range of 450 courses to meet this challenge. In our opinion, this is the only hope for assuring the future longevity of the market, and therefore the country.Werner Eckes: We mustn’t forget that the financial sector employs 26,000 people. By developing their skills, we guarantee that people are employable, that they will keep their jobs and ensure the vitality of the economy.

How do you see the future of the Institute?W.E.: The Institute benefits from a unique position at the centre of an ecosystem consisting of professional associations, government ministries and direct links to companies. We exchange ideas with HR Departments, Company Chairmen and experts on a daily basis. This means we can provide training for a sector that is in the process of transformation, and can develop our courses in a very responsive way. However, we also play an active role in protecting jobs, in partnership with the Ministry of Employment and Adem (the job centre), via the Fit4job programme.F.R.: Since 1990, the Institute has trained around 150,000 professionals, who are all ambassadors for the Institute within their companies. When someone is looking for a job in the financial market, we often know a company that will want to hire them.

Next year, you will celebrate your 25th anniversary. What assessment do you make of this watershed?F.R.: I would say that above all the Institute owes its success to the enthusiasm of a united, unconditionally committed team: 250 trainers and 15 employees who have made IFBL the benchmark in financial training. Where other than the Institute can you take a 5-day course given by the prestigious Professor Philippe Jorian for example – an expert in “Risk” based in California – for less than €3,000 all included. Our non-profit status means we can offer cheaper courses.W.E.: The Institute definitely benefits from the President’s significant involvement on a daily basis. Currently, we issue 23 certifications, but given the national and international economic situation, the Institute has a strategic role to play in the coming years.

www.ifbl.lu www.myofficialstory.com/ifbl

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“Training is a patriotic challenge.”Werner Eckes (left) and Fouad Rathle

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THOUGHT LEADERSHIP FACTORY

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For this new edition, Duke innovates and gathers the biggest opinion leaders of Luxembourg. Together, they brainstorm and analyze the situation of the country, under the leadership of Josée Lynda Denis.


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360Crossmedia and Gaelle Vaucher have interviewed 103 talented foreigners working in Luxembourg. Here are the results.

“If I need to use two words to describe Luxembourg than I would use: Jewelry box.”

“I loved visiting the “old city” in Luxembourg guided by a Luxembourgish friend.”

“Job is really non-recurring and can be challenging, but the spirit in the team is always really great.”

“As a women I would say that the safety of the city is one of the top advantages for me.”

Would you recommend Luxembourg to one of your friend ?

What do you like best in Luxembourg ?

“The smallest capital in Europe is human Sized.”

11 %89 %

No

Safety

International business

Multiculturalism

Nature

Restaurants

Swimming Pool

Rockhal

Bars

Shops

People

Yes

68 %

57 %

54 %

51 %

49 %

46 %

42 %

38 %

37 %

23 %

MingGaoICBC sets strategy for European growthwww.myofficialstory.com/gaoming

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Why did ICBC select Luxembourg as a base for operation in Europe?ICBC opened in the Grand-Duchy in 1998 with a representative office, which was upgraded to a branch a year later. In September 2006 the group set up the ICBC Luxembourg subsidiary – renamed ICBC Europe in 2011 – with the goal of further expanding its network using the EU single banking passport. Soon after, the bank opened branches simultaneously in Paris, Amsterdam, Brussels, Milan and Madrid; Warsaw and Barcelona followed a year later. ICBC chose Luxembourg for its regional headquarters because after having been active in the country for more than 15 years, we find it offers an attractive legal framework and business environment with political and social stability, a well-regulated financial industry, a skilled multilingual and multicultural workforce in the sector, an advantageous tax regime, and a convenient geographic location. Not least, Luxembourg is one of the few remaining European countries with an AAA sovereign debt rating from all the major agencies. So far ICBC Europe and its branches have found operating from a base here highly satisfactory.

How do you manage effectively all your branches around Europe?ICBC (Europe) and its branches benefit from a single management and operating team while sharing with each other the advantages of their various banking licences, local business resources and a centralised business processing function. As the regional headquarters, we act as a management centre and middle/back office facility for our branches around Europe. Last year we established credit examination, parameter and financial management centres in Luxembourg. We plan to consolidate all the financial reporting to the Luxembourg regulator

and our head office, the IT system and network management within ICBC Europe this year or next. Beside the centralised processing business, we have three business centres in private banking, investment banking and global cash management, which support and guiding the various underlying branches in these new business areas. What are the core elements of your growth strategy? What is your vision for the future?We will continue to develop our existing commercial banking activities such as trade finance, project finance and bilateral and syndicated loans, but we are diversifying our range of services into areas including investment banking, private banking and asset management, cross-border renminbi business and global cash management. Fortune 500 companies have a strong footprint in China, and an increasing number of European companies are growing there too. The number of merger and acquisition deals between European and Chinese groups is growing, and most of the Chinese clients coming to Europe are major clients of ICBC at home; we will provide advisory services and tailored financial solutions to help them complete the deals irrespective of whether they are buyers or sellers. As regards the private banking business, as European institutional investors and high net worth individuals increasingly seek RMB-denominated products and investment products focusing o China, we are planning to launch an asset management company to distribute RMB funds through our European network to meet those clients’ needs. As China’s largest bank we offer a trade and investment bridge between the country and Europe. We attach great importance to local relationships and expertise, and are actively developing our customer base among clients from both regions.

Our goal is to be the prime choice of bank for companies and institutions doing business with China or in need of RMB solutions.

Comparing with other banks here, what advantages does ICBC (Europe) offer?First is the strength and growing profile of the ICBC Group in the global marketplace. ICBC is the world’s largest bank in terms of total assets, core capital, customer deposits and profits, with 4.8 million corporate clients and around 422 million retail clients, served through China’s largest network comprising 17,245 branches and offices across the country’s urban areas. As China progressively integrates with the global economy, our internationalization strategy has chalked up remarkable achievements over the past 20 years; our overseas network now encompasses nearly 400 institutions in 40 countries. All this adds to our resources and competitiveness as we explore opportunities for development in Europe. Secondly, we benefit from the constant growth in mutual trade and investment. Europe is China’s largest trading partner, and the country is in turn the second largest trading partner of the European Union. The expansion of business relationships offers unprecedented opportunities to develop both traditional commercial banking business and new areas such as investment banking and private banking. The third factor is internationalisation of the renminbi, whose acceleration will bring huge new opportunities for overseas business development for ICBC as the world’s largest bank in RMB business. In recent years, we have increasing demand for RMB products from both corporate and individual European clients, and our financial strength and capabilities will increase further our competitiveness in the provision of customised products and solutions.

>>

“ICBC has 4.8 million corporate

clients and around 422 million retail

clients.”Ming Gao

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Ming Gao, chairwoman of ICBC’s Luxembourg-based European subsidiary, explains why the Chinese bank chose the grand duchy for its base and outlines the group’s strategy for the coming years.

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“Moreover, the Grand Duchy is the second largest investment fund center in the world.”Nicolas Mackel, CEO of Luxembourg for Finance

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When in 1979 Bank of China took the decision to open in Luxembourg its first international presence since the creation of the People’s Republic, little did anyone expect that tiny Luxembourg would one day play a prominent role in China’s quest to internationalise its currency.

Luxembourg plays out its strengths in renminbi business

Bank of China was indeed followed in the nineties by ICBC and more recently by China Construction Bank, all operating a network of branches in other European jurisdictions out of their Luxembourg hub. These three are the drivers for renminbi business in Luxembourg.

Moreover, the Grand Duchy is the second largest investment fund center in the world and thus when the world’s major asset managers started launching renminbi denominated investment funds, it came only naturally that they did so out of their Luxembourg platforms. With its authorisation of the first RQFII UCITS to invest in China A-shares, the Luxembourg regulator CSSF confirmed its openness towards renminbi related investment products.

More recently, the Luxembourg Stock

Exchange registered the first listing of an Dim Sum bond issued by a Mainland Chinese company outside China in the Eurozone, the so called “Schengen Bond”. This is in addition to the 45 renminbi denominated bonds listed by other multinationals after the Luxembourg Stock Exchange premiered such listings outside Greater China in May 2011.

Both funds and bonds denominated in renminbi are addressed to a pool of international investors who look for exposure to the Chinese growth and more particularly to the medium-term appreciation of the Chinese currency.

Figures show an impressive growth in volumes since their first evaluation in 2012. Q1 2014 figures will again show a 20% growth compared to Q4 2013. Luxembourg can thus claim to show

highest RMB volumes in Europe in deposits, loans, trade finance, RMB investment funds, Dim Sum bonds and RMB securities settlement.

However, helping China in internationalising its currency is not the preserve of a single financial centre. Joining efforts all over Europe will eventually be for the benefit of the whole financial world. The soon-to-be largest economy in the world needs partners for different activities and sectors and many financial centres will each be able to play out their traditional strengths.

Luxembourg certainly stands ready to do its part in this new, fascinating chapter of world economy and show that, never mind its geographic minuteness, Luxembourg is a major player in international finances.

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“We’re taking nothing for granted.”Marc Saluzzi

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Following the renewal of his term of office as Chairman of the ALFI, Marc Saluzzi gives us an overview of the European investment fund industry, in which Luxembourg is in pole position.

Initial assessment & outlook

What’s your assessment of your first term?The last 2 years have been very encouraging in terms of volume. In the wake of the relative setback in 2011, the assets under management increased by 120 billion euros in 2012, and in the first seven months of 2013 the increase was already 140 billion. [ed: The total figure for assets under management in Luxembourg was 2,523 billion euros at the end of July.]The volume of assets has increased and the number of funds is stable, whereas it has declined in most other countries. Finally, we are taking on fund managers from new corners of the world, for example Africa, China, Latin America and the Middle East.I should mention that the industry stakeholders develop in their own respective groups. In the past, we had simple subsidiaries, but today they often become centres of excellence within their global network, so it’s a win-win situation: at a local level, where companies develop, and at an international level, where they attract managers based in other countries. This all demonstrates Luxembourg’s maturity as an investment hub.

Luxembourg funds seem to be immune to the crisis. What’s your take on this?Well, I think I ought to mention two reservations in this regard. First, the situation is still rather fluid, as we can see from the highs and lows we’ve been recording. In June 2013, for example, we lost assets worth 97 billion euros in the space of 1 month. We are still very much tied to the financial markets. And you’ll be aware that we’re currently faced with a highly stringent regulatory agenda that may in fact be damaging to the industry due to its impact and complexity.

How do you mean to use the AIFM directive to develop alternative funds in the Grand Duchy?This directive is pushing our industry to adopt the UCITS model. We have what it takes to make this a success, and we have a clear objective: Luxembourg UCITS have a market share of 32%, while non-UCITS have 15%. We will have to double the latter figure and get beyond 30%.But there’s a big difference between the AIFMD and the UCITS success story. When UCITS were introduced, there were no cross-border activities: a French firm, for example, would invest and

distribute its funds in France. Nobody saw any advantage in developing what has become UCITS and the UCITS passport. But Luxembourg believed in it, so we gained a first mover advantage. As regards the alternative fund industry and the AIFMD, all the stakes were already global when the directive was implemented. What matters this time is not speed of implementation, but rather how intelligently it can be implemented in such a way that it gives alternative fund managers an advantage. For example, the SIF and SICAR regulations are affected by the AIFMD. We feel it’s absolutely essential to update these specific regulations in step with the AIFMD. In addition, this might be what it takes to give Luxembourg a competitive edge. Another example is limited partnerships. In this context, we implemented the Anglo-Saxon model and thereby further increased Luxembourg’s European leadership and appeal. More than ever, the ALFI will be doing everything it can to help fund managers and institutional investors take advantage of the development of regulated alternative funds within the framework of the AIFM directive. This is one of our 5 priorities.

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“Work-life balance is firmly enshrined in the culture and is reflected in the

country’s broad range of leisure activities, from golf and shopping

to restaurants and nightlife.”

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Luxembourg’s readiness to accept and absorb people of disparate cultures and backgrounds has proved a critical asset in attracting talent from all over the world and harnessing it for the common benefit.

Luxembourg: Land of empowerment

The minister next doorLuxembourg is a European and global business capital unlike any other – and it’s not just that a firm’s offices may overlook a 16th century fortress or an idyllic river valley, or that more than a dozen languages may be spoken on a daily basis between the firm’s employees.The size of the country and its eponymous capital, together with a national commitment to its traditions and history, bring people of authority and influence within close reach. Government ministers, regulatory officials and corporate CEOs are all readily accessible in a way they would never be in London or Paris.European institutions, too, from the EU Court of Justice and Court of Auditors to departments of the European

Commission and the headquarters of the European Investment Bank, are dotted around Luxembourg’s Kirchberg plateau, testimony to the grand duchy’s longstanding commitment to European co-operation and integration.

A revolving doorLuxembourg’s European vocation is just one facet of a broader openness to the outside world, a revolving door through which the grand duchy carves out a place in a globalised world while welcoming and absorbing people and businesses from abroad.The absence of barriers to outsiders and the embrace of diversity in all its aspects are a key strength of the country. They create an environment that draws the best and the brightest from all over the world and offer the

opportunity to build fascinating and challenging careers. Logically enough, Luxembourg’s international community provide its most enthusiastic ambassadors.

Keeping a balanceOne of the qualities that make Luxembourg so successful as a business centre, paradoxically, is the fact that business is not its be-all and end-all. Work-life balance is firmly enshrined in the culture and is reflected in the country’s broad range of leisure activities, from golf and shopping to restaurants and nightlife.Culture, always an important aspect of Luxembourg’s national make-up, has been enhanced by the growth of the country’s university over the past two decades, bringing an infusion of talent

and energy in everything from music to the visual arts. It’s also brought a breath of fresh air, comprising entrepreneurship, innovation and discovery, to the grand duchy’s economic life.The global environment in which Luxembourg operates is in flux, but the country has long demonstrated a talent for reacting dynamically to changes elsewhere. A central part of that is a readiness to accept individuals without concern for their background and to put individual interests aside for the progress of all.

Freddy Brausch, Managing Partner, Linklaters LLP

Bob KneipCEO, KNEIP

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Investors’ appetite for risk is back and with that shift comes a change in the investment industry’s philosophy, asset management and distribution approach.

Alternatives, a paradigm shift in the investment industry

Why is the industry changing?Investors have recovered their appetite for risk. Strengthening economic growth in most of the Eurozone and in the United States has boosted stock markets in 2013. Consequently, investors are looking at new opportunities and sources of performance. Institutional and retail investment profiles become more and more similar: institutional investors’ appetite for alternative vehicles is currently increasing as institutions seek to boost their returns and diversify their asset allocation. They now account for about half of all inflows into hedge funds, which are typically quite large. So much so that only a small increase in net allocations represents a significant inflow of assets.

Retail investors are polarizing their investments into low-cost passive vehicles and higher risk vehicles with better returns. Since 2008, a sustained period of low interest rates has encouraged retail investors to invest in absolute return funds in pursuit of these higher returns. Listed private equity funds are also becoming increasingly popular, demonstrating the growing appetite for alternative products besides hedge funds.

This shift in investment patterns means that the global investment industry has now to deal with a much larger range of fund structures and a growing variety of alternative asset classes: hedge funds, private equity,art, venture capital and real estate.

What is the impact?As a consequence of that shift, there is a growing demand for regulated structures that meet both institutional and retail investors’ appetite for alternative investment vehicles. The traditional aspects of mutual funds - such as liquidity, risk management and regulation - are being combined with alternative characteristics such innovative investment approaches, instrument types and fee structures. The resulting vehicles are designed to meet the growing range of investors’ needs. However, they also present demanding challenges for the market players and the industry’s regulators.

The Alternative Investment Fund Managers Directive (AIFMD) is

www.myofficialstory.com/thoughtleadershipfactory

certainly a catalyst in this process. The Directive is an attempt to learn from governance as well as checks and balances of the well-established UCITS model which has established itself as the gold standard for mutual funds in Europe and much of Asia. AIFMD aims at applying similar rules for the management and distribution of alternative products in a manner that will protect investors and at the same time boost the alternative investment industry.

What part can Luxembourg play?The Grand Duchy already is very well established as the leading domicile for UCITS funds globally. Going forward, it aims at leveraging this clear competitive advantage to build a

similar position in the alternative space. As a centre for investment, asset management and administration, Luxembourg can tap a wide pool of talent supporting the fund industry. Luxembourg is also a world center for the protection of Intellectual Propriety Rights (IPRs) which is relevant in venture capital related funds. A lot of that expertise is transferable to the world of alternative fund management. Luxembourg gets votes of confidence in its mission to be the centre of excellence for alternative products but it cannot take anything for granted. In 2013, a survey conducted by Multifonds (*) showed that 89% of respondents placed Luxembourg in their list of top three domiciles likely to be most successful in attracting

new business or funds re-domiciling under the AIFM Directive. Ireland came second in the poll, with 73% of the votes, followed by the UK. Healthy competition between jurisdictions will be a powerful driver to foster best practice and innovation, which will ultimately benefit investors.

To conclude, a new era begins for the investment industry. Investor protection will go hand in hand with building an innovative and diverse asset management sector. And Luxembourg will continue to play a key role in our industry’s development by welcoming and serving investors from around the world, irrespective of the asset class they wish to invest in.

(*): reference of survey

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Pierre Antoine Boulat, CEO, UBS Funds Services (Luxembourg) S.A.

Keith HaleExecutive VP, Multifunds Services

Yves SpeeckaertSenior VP, Alternative Investment Funds, Banque de Patrimoines Privés

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All that many people know about Luxembourg is its banking and financial sector. They are missing out on the many captivating secrets of a country at the heart of Europe with a character all its own.

The secret garden

A bastion of civilisationAs befits a country at the time-honoured crossroads of northern Europe, Luxembourg is steeped in history. Its capital dates back more than a thousand years, but long before, the Romans has brought their civilisation and culture, building villas and leaving an enduring tradition of wine-making along the slopes of the Moselle valley.The fact that Luxembourg is the world’s only remaining grand duchy indicates how it escaped being swallowed up amid the coalescence of its neighbouring nations. The battlements of Luxembourg City, those that survived the dismantling of its fortifications nearly 200 years ago, are part of a spectacular heritage of castles – equivalent to one for every 10,000 inhabitants.There are more modern aspects of civilisation, too: an enjoyment of food and drink that reflects the country’s multinational population and has given Luxembourg more Michelin stars per head of population than any other country.

But Luxembourg boasts outstanding natural beauty, too: its rolling hills, rivers, valleys and forests. And it’s all

highly accessible – the grand duchy is within easy reach of Europe’s biggest capitals by road, rail and air.

Quality of lifeThe country’s reputation as a bustling business hub sometimes obscures its extremely high quality of life, bolstered by a comprehensive social security system that ensures the benefits of affluence are spread around.Not coincidentally, the crime rate is among the lowest in Europe. Luxembourg also enjoys a top-quality heath care system, enhanced by international expertise, medical innovation and a flourishing research sector focused to biotechnology. Its education system has an international flavour too, reflecting the increasing diversity of the country’s population.

The archetypical melting potA combination of a turbulent, much fought-over history and modern-day openness to global business and people has made Luxembourg a genuine melting pot of cultures, religions, and nationalities. It has made fluency in many languages a national gift and helped instil a spirit of tolerance to differences rarely matches elsewhere.That outward-looking attitude has

enabled the grand duchy to flourish in a globalised world, while preserving the human qualities of a small country and the villages that still make up an important part of the national fabric.It’s no surprise to find that throughout the history of the European Union, Luxembourg has been one of the most committed advocates of sinking national differences within a framework of co-operation and interdependence.

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Rafik FischerHead of Global Investor Services of KBLepb

David MicallefManaging Director of The Bank of New York Mellon

Peter MeijerDeputy Director of Banque Internationale à Luxembourg

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Luxembourg attracts some of the most highly talented individuals to move within its borders, inspiring many people from across the world to join its dynamic environment.

Luxembourg: attracting inspired minds

This isn’t an accident, the open nature of the locals coupled with a very high-performing business context, ensures the centre out-performs in the region. Most people who live in Luxembourg are very well-travelled, and speak several languages, propelling an worldly mind-set, as well as world-class working practices. While other cities have struggled with infrastructure and resources, Luxembourg has grown.

Back to the futureLuxembourg was first known for its capabilities in back office, and this has led to almost every major fund and asset manager having some form of establishment here, which has propelled the industry forwards very quickly. The centralisation of top global firms has created a super-performance

environment, where many competitors in the same area are running side by side, raising the bar. This has transformed the local skills base from a back office to a middle office environment, as the local expertise becomes ever more skilled, and its client-base ever larger.

Technology tapping the talent poolThrough the use of more flexible ways of working, VPN connections, conference calls, and Ipad access to board packs, technology is helping win the war for talent. As firms become ever more demanding, technology is helping build the bridge to the most qualified individuals though keeping more skilled individuals in the workforce. Skilled managers can

remain in the workforce while raising children, and leaders can be kept on-board throughout the most busy travelling schedule.

Building future leadersAttracting, developing, and retaining staff is difficult. This is where companies struggle the most. Building a career path amid the crisis isn’t easy. The model to leadership is changing, because the world is changing. It all starts with having the right people on board, exactly the right ones, those who ‘click’, and who think the same way as you. Give them the space and room to grow, with a little guidance, and they will flourish. Talent leaves when there is no career path, if talent sees your vision and it engaged with it, they will create their own in line with yours.

www.myofficialstory.com/ranaheinhartmann

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J’aime avoir toujours un temps d’avance,pour mon patrimoine comme pour moi.Votre patrimoine est unique. Exprimons ses ambitions

grâce à nos solutions innovantes.

Plus d’informations sur bgl.lu/banqueprivee La banque d’un monde qui change

Meilleure banque privée au Luxembourg

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January 1, 2015 will mark the start of a new era for the information and communications technology sector in Luxembourg. Despite the end of the special VAT rate for electronic content, many opportunities await if all market participants come together to seize them.

ICT in Luxembourg: Seizing the post-2015 opportunities

The smoke has clearedOver the past 18 months, the information and communications technology industry in Luxembourg has faced uncertainty resulting from the abolition of the special reduced VAT rate on electronic transactions from the beginning of 2015. There were fears that high-profile players such as Amazon, iTunes or Skype would leave the Grand Duchy. But prime minister Xavier Bettel has noted: “While many international companies came to Luxembourg thanks to its attractive VAT rate, that was not the only factor.” Now the smoke has cleared, most of the big players appear set to keep Luxembourg at the heart of their European strategy to leverage the country’s top-class infrastructure, multilingual capabilities and unique expertise in areas such as IP and tax. Pooling Luxembourg’s resourcesThe main priority is to raising Luxembourg’s profile on the international stage. Entrepreneurs from

around the world with promising projects to launch do not necessarily think of the Grand Duchy as a hub from where they can conquer the world. Even for fundraising, the financial industry is not internationally recognised as a magnet for start-ups. Outside the country, few people remember that Skype was primarily a Luxembourg venture capital story. The priority is therefore to mobilise all the available resources available to promote Luxembourg, including FedilICT, APSI and Luxembourg4ICT, pooling efforts, budgets, networks and expertise. Events such as ICTSpring should also be supported as a way to attract international industry players to Luxembourg for a day or two. And as we all know, many people come to Luxembourg for a short visit and end up staying for decades. Innovative players in the spotlightIt is crucial to pay attention to the foreign companies already established in Luxembourg – and not just the

big names such Amazon, Big Fish or Rakuten. A carbon nanotubes company is established in the Grand Duchy, ready to conquer the world with a disruptive technology. Another one specialises in portable 3D scanners. A third is investing in gene technology. Fast growing companies with massive potential expect to be in the spotlight! They need a rapid response to their requests, easy access to the country’s decision-makers and strong support when it comes to promotion. In Silicon Valley, such CEOs are asked daily to speak at events or to the press. Their high profile around the world can help put Luxembourg more firmly on the international ICT map – faster response can mean more deals and more jobs. Together Luxembourg’s ICT professionals have an opportunity to create a unique culture where businessmen, investors and authorities share big ambitions and achieve them by accepting higher risks in order to reap the huge potential rewards.

www.myofficialstory.com/joellehauser

“A carbon nanotubes company is already

in Luxembourg, ready to conquer

the world with a disruptive

technology.”

From a 157 years old start up to delivering 150 years of Chinese expertise to/from Luxembourg and Hong Kong.

RMB internationalization

A relative “newbie” on the Luxembourg financial sector scene, Standard Chartered Bank, a 157 years old Bank, recently opened its doors on 6 May 2013. Standard Chartered Bank’ Luxembourg Branch’s main objective being to handhold and serve new and existing Asset Manager clients in their Luxembourg UCITS strategies, particularly as Luxembourg enters the RQFII scheme (renminbi qualified foreign institutional investor) world at a quick pace, ever since the launch of the first Luxembourg-domiciled RQFII in November 2013.

Do you Renminbi?Standard Chartered has an unbroken history of 150 years of operation in China. In 2007, Standard Chartered Bank (China) Limited) became one of the first foreign banks to incorporate

officially in China, demonstrating its commitment and leading position as a foreign bank in this important market. Since this local incorporation, all of its 22 branches in China are able to serve the RMB requirements of clients in and outside of China.Building on its long history in China and Hong Kong, on-the-ground presence and intimate understanding of the Chinese currency, Standard Chartered has been a pioneer in the RMB business and continues to lead as the market develops. The international use of RMB has increased faster than many had expected. Today, the currency is poised to become a major force in global business. As the offshore RMB market continues to develop, Standard Chartered assists to navigate the changes and seize growing opportunities.

Luxembourg – an International RMB centreI strongly believe that Luxembourg stands a very good chance to succeed in the RMB space. For instance, the importance of Luxembourg as an offshore investment centre for RMB is a much bigger deal than the UK: as the

home of many UCITS, Luxembourg serves as a central point for marketing funds across Europe, Asia, the Americas and the Middle East – efficiently using one fund structure. Today, Luxembourg’s RMB deposits exceed those in both Paris and London. More than half of Chinese investment in Europe gets structured through

Luxembourg. The increasing presence of Chinese banks will also give this country an edge.

All this provides a compelling story on the evolution of Luxembourg as a recognised International RMB Centre. Going forward, this can only lead to success as more Chinese and

other international players target Luxembourg as their European centre for their RMB business growth strategies.

Josee Lynda DenisCEO LuxembourgStandard Chartered Bank, Luxembourg Branch

www.standardchartered.com/en/banking-services/renmimbi/index.html

“I strongly believe that Luxembourg

stands a very good chance chance

to succeed in the RMB space.”Josée Lynda Denis

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Frédéric Perard, head of BNP Paribas Securities Services in Luxembourg, explains how the organisation is developing its presence in China and the opportunities and threats posed by its emergence on the global stage.

The importance of being in China

What does the Chinese market represent for a global organisation like BNP Paribas Securities Services?It is a critical market for development at the heart of Asia, and one where we are investing substantial resources, as befits one of the key areas of focus of the BNP Paribas Securities Services “Ambitions 2016” plan.Our group has had a presence in China since 1860, when we opened an office in Shanghai. The Hong Kong office opened in the 1950s, since when our business has started to accelerate. Today we have around 2,000 people split between Hong Kong, Shanghai and Beijing, where we opened a representative office in 2010.Our presence is set to expand further

given the development of fund business in the Chinese market. When UCITS invest in China, a local presence is preferable for optimum protection of its assets – and also to match up to our competitors, who are also there on the ground.

How do you build up your relationships with your Chinese partners?It helps that BNP Paribas Securities Services’ business in the Asia-Pacific region is headed by a Chinese national, Lawrence Au. Our client service experts are for the most part local people or at least speak Mandarin and Cantonese. Our priority is to immerse ourselves in the culture – we have special training for that.

On the other hand, a growing number of Chinese professionals are studying in the US or in Europe – they benefit from a kind of dual culture, which helps us to communicate in English.But aside from the human relationships, the most important thing is to help our clients to grasp the benefits of Luxembourg and its financial industry. For this reason we offer educational trips – in 2010, 40 senior Chinese managers from the banking and insurance sectors

took part in the first Sino Euro Asset Management Forum for Chinese Senior Executives, which took place in Luxembourg and in Paris. The second edition was organised from May 19 to 23 this year, again in partnership with EY.

How do you see financial relations developing between China and Europe over the coming years?I see both opportunities and threats!

Opportunities first: Chinese asset managers want to sell their expertise and are creating UCITS in Europe for distribution throughout the world. The trend began in 2008 through subsidiaries based in Hong Kong, although for a time is was dampened by the financial crisis.We are now seeing a new wave of asset managers seeking RQFII [Renminbi Qualified Foreign Institutional Investor] scheme quotas to distribute products in China and

benefit from the emergence of the country’s middle classes.As for the risks, they lie mostly in China’s economic firepower and its ability to buy companies all over Europe. One could realistically imagine a Chinese bank acquiring service providers to make itself one of the world’s biggest custodians. To sum up, everyone wants to be Asia’s funds champion, but to achieve this, UCITS and Luxembourg will need to follow an ambitious strategy.

www.myofficialstory.com/fredericperard www.securities.bnpparibas.com

“China represents one of the key areas of focus of the BNP Paribas Securities Services “Ambitions 2016” plan.”Frédéric Perard

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An interview with Joëlle Hauser, Head of the Investment Funds Department at Clifford Chance Luxembourg.

Looking over the Great Wall of China since 1980

Is your firm increasing its activities in China?Our firm is already very active in the People’s Republic of China. Clifford Chance’s roots go back to 1802, with our Hong Kong office opening in the early eighties as our firm. At the time, our finance practice was driving the firm’s international expansion, exporting English law financing to upcoming financial centres in Asia. China continues to be one of our key focal points, which we currently cover via offices in Hong Kong, Beijing and Shanghai. We have thus been looking over the Great Wall of China for over 30 years now.We are actively developing our relationship with our Chinese clients with respect to both Chinese outbound investments into Europe and European inbound investments into China. On the outbound side, our team recently advised a Chinese policy bank on setting up the first Chinese sovereign wealth fund in Europe to make private

equity investments in Central and Eastern Europe. This fund was one of Luxembourg’s first AIFM compliant funds. On the inbound side, we are seeing major fund promoters setting up investment schemes that invest in China under the QFII or RQFII regimes.

How do Chinese clients perceive Luxembourg?PRC managers and investors are very interested by Luxembourg. Recent marketing efforts have put Luxembourg on the map within the Chinese business community, and my Chinese partners and I experience a general awareness and curiosity about our country.In recent years, Chinese banks have set up in Luxembourg. This development has been followed with great interest by the asset management community. We note that they tend to consider Europe as a single market and Luxembourg as their gateway into this market. Funds such as our sovereign wealth fund

form a cross-cultural bridge to facilitate investment co-operation between China and Europe.

What is your agenda for the future?We must now build on the general awareness and curiosity by informing the Chinese business community about Luxembourg. This year is the Chinese year of the horse, and just as a horse symbolises travel, we will be reaching out, visiting our Chinese clients and continuing to build mutual understanding.The future of investment management lies in tailor-made interdisciplinary and cross-border structures. We must offer products that appeal to both sides: on the one hand solid from a legal and tax perspective, but on the other hand also understandable and appealing from a Chinese perspective. With our dedicated funds teams, I am confident that we have the appropriate tools to continue building this bridge.

www.myofficialstory.com/joellehauser

“Luxembourg funds form a cross-cultural bridge to facilitate investment

co-operation between China and Europe.”

Joëlle Hauser

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“Clients’ rights must and will be protected by the Bank.”Svetlana Fedotova

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Svetlana Fedotova, the managing director of East-West United Bank says that the bank is ready to provide foreign investors who are interested in the European market with its expertise and wide network of partners.

Svetlana Fedotova: west meets east

Is the current tension over the situation in Ukraine affecting the relationship between the bank and Luxembourg?Svetlana Fedotova: The Grand Duchy is an ideal place for a dialogue. It is a small country with a broad variety of nationalities and different points of views. Luxembourg can afford to have an independent opinion and stay neutral at the same time. Naturally, significant discussions concerning Russia and its role in international business are taking place here. As Ukraine is one of our major markets, we understand what people think, how they feel, what problems they face and what their companies have to deal with on a daily basis. The same applies to other countries of the former USSR. Current situation in Ukraine is forcing us to be even more cautious: we aim to anticipate the events and the risks associated with them. On the other hand, such circumstances create an advantage for the development of the business.

EWUB has four decades of successful trading experience in Luxembourg and thorough knowledge of Russian, CIS and, in particular, Ukrainian markets. Consequently, it is becoming the only possible partner customers can rely on. Our role as a bank is to provide the clients with a possibility to work with us, not to close the doors in front of them. We welcome all clients, unless they fail to meet compliance requirements.

What growth opportunities do you see for the bank and for Luxembourg?Svetlana Fedotova: One of the most important activities for us is the establishment of closer ties with clients from countries such as Azerbaijan, Kazakhstan, China, etc. We are constantly on the lookout for the latest services that may be of interest to our customers. At the same time, we try to take advantage of all the existing and emerging opportunities in Luxembourg. For example, Freeport

- the construction is well underway and it is to be launched in September 2014. Storing art collections and other valuables in Luxembourg “free zone” is sure to attract many more private banking clients. We always promote Luxembourg as a market with various new projects and ideas which we offer to our clients. EWUB’s small size is its advantage: it grants us flexibility and independence in decision-making. Our goal is not to sell products, but to provide customers with access to the widest range of services available and to find the best solutions and the most suitable partner for them.

So you see China as an interesting target market for the bank?Svetlana Fedotova: I think that there are major opportunities both for Russians investing through our bank and for Chinese entering the European market. The trend is easily recognisable as Chinese banks are establishing their

European headquarters here. We intend to use the unique platform of Luxembourg to avoid unnecessary risks for the clients and to find opportunities for both sides in terms of investments and payments. It has already become clear that Chinese businessmen prefer to invest into Russia via Luxembourg to take advantage of its competitive tax rates. I believe that in the future there could be settlements between Russia and Europe in roubles; later it might be settlements in renminbi through Luxembourg or settlements in securities. We are ready to structure

such deals, with both Chinese state and big private investors.

What specialised expertise can the bank offer its clients?Svetlana Fedotova: EWUB can provide customers with access to the markets they are interested in, owing to our team of highly skilled professionals who have extensive and diverse international experience and a wide network of partnerships. We cooperate with first-class banks such as ING, UBS, Credit Suisse, Goldman Sachs and Deutsche Bank. Our French partners,

who have access to European and Asian markets, and particularly, Singapore, assist us in finding solutions in the field of securities. We build our business on the principles of partnership. We are looking for professionals who have expert knowledge of the Russian business and who understand Russian mentality. Our bank sees itself as a two-way bridge between Russian and Chinese investors that runs via Luxembourg and has a strong foundation as our shareholder is the largest publicly-traded Russian holding JSFC Sistema.

www.myofficialstory.com/svetlanafedotovawww.ewub.lu

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At the forefront of the constantly developing Luxembourg financial market, Marie-Jeanne Chèvremont has worked tirelessly to achieve recognition for women’s skills and their contribution to that market.

A look at Balance in the Workplace

Give us a little insight into your career so farWhen I joined Coopers & Lybrand in 1975, it was the first time that the partners had begun recruiting women as audit assistants. There were four of us in Luxembourg, where I stayed for two years. I then spent two years in Brussels, during which time I led an assignment in Zaire. On my return, in 1980, I became the manager of the Luxembourg office, with a team of six people and a very clear strategy: position the firm in the Investment Funds market in order to enter the banking sector, international taxation and eventually management consulting. I was promoted to Partner in 1987. After many months and countless hours as member of the workgroup that created the UCITS directive, I remember well the 31st March 1988, when it was introduced by the IML (Luxembourg Monetary Institute). Twenty-five years later, UCITS is now a global brand. When Coopers & Lybrand merged with PriceWaterhouse in 1998, our headcount increased over 500 employees. I was appointed Managing Partner, with responsibility for Investment management in Europe, and then Human Capital, where I was joint leader at worldwide level. At the end of my term of office in 2007, I became a director at KNEIP, a consultant for Arendt & Medernach, and then for the Edmond de

Rothschild Private Bank. Today, I work via my company MJC CONSEIL as a business advisor and independent director.

How has the role of gender in business changed over time?The topic was rarely acknowledged, let alone discussed, until the 1990s. In 2001, while delivering the closing speech to over 150 senior managers at PwC, it occurred to me that there was a problem. The vast majority of them were men, despite the fact that we had been recruiting an equal number of men and women for the previous ten years. In an effort to understand and rectify this imbalance that clearly existed at a senior level, we put in place a working group that subsequently proposed a series of practical actions. To remain competitive, and be the industry leader, we were committed to investing in keeping our best talent, regardless of their gender.Things have developed in Luxembourg, especially in terms of infrastructure, which makes life easier for families. For example, my daughter has a child and has never had difficulty finding a nursery. However, I’m not in favour of on-site company nurseries, as very often it results in the woman still being distracted, checking up repeatedly on their children throughout the working day. Women must feel free to make choices

that allow them to combine their family with their career, but clearly these women also have to accept the professional ramifications that such choices entail. If a woman takes two years off, she shouldn’t necessarily expect to return and be at the same level in terms of grade, experience and salary as the men or women who are still there when she returns.

How is gender balance addressed at KNEIP?KNEIP’s HR department monitors employees’ careers and ensures that there is no discrimination on any level. However, the example must always come from above and at KNEIP, it does. Currently, on the KNEIP Board of Directors—of which I am the Chairman—there are 2 men and 2 women. Bob Kneip, the majority shareholder, set one immutable condition when he founded the Board: a man and a woman must be co-opted into the board at the same time, whenever changes occur in its composition. As CEO, he also appointed Stéphanie Nöel to the Executive Board as Head of Operations, after 12 years of rising through the company’s ranks, helping to make KNEIP what it is today through her business acumen and exceptional operational expertise. It’s a great example to follow.

www.myofficialstory.com/mariejeannechevremont

“Women must feel free to make choices that allow them to combine their family with their career.”Marie-Jeanne Chèvremont

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Venetia Lean and Jean-François Willems say Luxembourg is the perfect environment to enable a bank like Havilland to go from strength to strength.

Banque Havilland: by entrepreneurs, for entrepreneurs

www.myofficialstory.com/banquehavilland www.banquehavilland.com

What are the values of your organisation?Venetia Lean: Our values are focused around the idea of providing safety and security for our clients’ wealth and a strong emphasis on family. These values really come from my family background and the career of my father who has worked incredibly hard from a very young age and has managed to protect what he has built over the last 50 years. When my father was very young he inherited a scrap metal yard from his father, sold it and started buying and investing in properties. This was the start of a career that spanned Canada, Asia, the Middle East, Europe, UK and Africa and many different areas of business. He owned a port in Canada, a forestry business in Gabon - always investing in opportunities that the economic environment at the time offered. More recently and as the family has grown – there are eight children, hence the eight dots on the logo – he wanted to create a legacy for his family. The idea was that this legacy conveys the values that have been important to him throughout his life on a professional and a personal level.

How did he create this legacy?Venetia Lean: The first step was Blackfish Capital Management, an investment company established in 2006 specialising in hedge funds focused around investment themes where the family had a strong competence such as natural resources, and distressed debt. The vision was simple – to manage money the same way the family had managed their own, and it proved highly successful. When the financial crisis erupted a couple of years later, the way in which the banks were managed and behaved towards their clients was of immense concern to my father.Money no longer seemed safe in banks,

and the service level was non-existent. He believed there must be a better way.Jean-François Willems: So when the family acquired the bank that is now Banque Havilland, what they wanted to offer was a conservative money management style where asset preservation is key. It was to be a bank that a UHNW person such as our shareholder would want to bank with for both their personal and business needs.

How do you view the market in Luxembourg?Jean-François Willems: The banking industry is facing challenges as

everyone learns the lessons of the crisis years. There is more regulation, and lately there has been a strong focus on transparency. However, the changes to banking secrecy are not impacting our bank or our clients as the bank is new and has been founded on a different philosophy.As a small institution, Banque Havilland can adapt more rapidly than the bigger players. We take faster decisions and are not afraid to be opportunistic. Today several banks that had to be bailed out by their governments are refocusing on their core activities and are trying to dispose

of some of their businesses. This is a clear opportunity for us.Venetia Lean: The business environment in Luxembourg is perfect for us and the client base we are targeting. It is politically stable and AAA-rated. We are very interested in the new initiatives such as the Freeport and the Fondation Patrimoniale. All this is making Luxembourg a viable option for Ultra High Net Worth people. We feel we have unearthed a hidden gem.

How is Havilland preparing for the future?Jean-François Willems: We have only

one shareholder, and he is extremely ambitious, so we can look ahead with a great deal of confidence. We have made two recent acquisitions, in Monaco and Luxembourg; this is how we aim to achieve critical mass in the jurisdictions we are targeting. We are also looking at entering new markets where we don’t yet have a presence, particularly Latin America and the Middle East. Venetia Lean: One of the most important factors for our success lies in the service we are able to provide to our highly demanding client base, and this means having good, professional people on our team.

For talented individuals, Banque Havilland is a great place to work. It is a young, dynamic and fast-growing with a story to write. We are also unusual in that our headquarters are here in Luxembourg. Decisions are made here not in some remote parent company in another part of the world.It is of utmost importance that we can adapt quickly and provide a relevant service to our clients in this rapidly changing world. In many ways my father is our archetypal client – he’s a successful entrepreneur. We know that if we can keep him happy, we can keep most of our clients happy!

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“We manage our clients’ money as carefully as if it were our own.”Jean-François Willems

“My father is our ideal client. If we can keep him happy, we can keep most

of our clients happy.”Venetia Lean

Since the Alternative Investment Fund Managers Directive (“AIFMD”) entered into force on 21 July 2013, most of the non-UCITS industry in Luxembourg has been focussed on getting authorised as an Alternative Investment Fund Manager (“AIFM”) in the one-year ‘grace’ period for existing managers. Now that is almost over, thoughts are turning to how AIFMD’s marketing provisions will work across the EEA.

Navigating the new marketing landscape under AIFMD

The Current StatusThe CSSF confirmed recently that 33 AIFMs are now ‘on the list’, 28 are ‘approved subject to documentation’ and a total of 200 authorisation files have been received. This means that Luxembourg is a significant AIFM centre, with almost as many authorised AIFMs as London (+/-250 applications received to date).

Marketing OptionsLuxembourg is the European leader in the “UCITS” fund arena, with the highest proportion of cross-border registrations in EU countries and across the world. The distribution of more sophisticated Alternative Funds (e.g. Hedge Funds, Private Equity and Real Estate Funds) to Professional Investors has always

been more challenging and has been achieved through a patchwork of methods across Europe, relying on domestic rules in each country which govern (and/or restrict) the sale of such fund products (the National Private Placement Rules or “NPPRs”). AIFMD now offers EU-based AIF funds the passport route to EU Member States, similar to UCITS.

The Immediate FutureThe core questions Managers should be asking themselves at this stage should be – What tools do I need? Who can I rely on to be my guide? Where can I find a decent pith helmet and compass? Whilst there is much potential for increased cross-border distribution and thus increased capital raising, the

passport and private placement routes still contain significant challenges and require Managers to fully consider their distribution strategies, which channels and partners they want or need to use on a market by market basis and to act well before needing to.

The MarketsManagers should prioritise which EU markets to distribute in, and assess the costs and the local requirements versus how much capital they expect to raise, to narrow the number of markets to initially operate in until fund sizes are sufficiently large enough to sustain wider marketing efforts.Please see our website for a more in-depth version of this article.

www.myofficialstory.com/keithburman

“While there have already been huge efforts to become AIFMD compliant, the challenge is not yet over.”Keith Burman

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“Our international experience in IT solutions

and our logistics expertise also benefit Luxembourg.”

Arnaud Lambert

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By Arnaud Lambert, Vice-Chairman of Global Solutions Delivery.

Global know-how that also benefits Luxembourg

How would you define your particular know-how?What we have to offer is know-how that is totally independent and totally Luxembourg. Champ Cargosystems is one of a rare breed, an IT company in which the global strategy and policy are decided in total freedom in Luxembourg. It’s not just that the company has its headquarters in the Grand Duchy: Luxembourg is not just in the address on our business card, it’s also in our DNA and it’s part and parcel of everything we do. In addition, of the 400 people who work for this company around the world, 120 work from Luxembourg. More importantly, our CEO and our CFO are based in Luxembourg. As regards infrastructure, we have two data centres in Luxembourg, and the country has launched a major government initiative involving IT and logistics. That’s where we come in, because our know-how is positioned exactly between these two poles.

What are you doing to promote your “made in Luxembourg” label around the world?In the course of our prospection work abroad, we present Luxembourg to our clients, highlighting its influence and what the country has to offer. We are deeply embedded in Luxembourg’s government policy, and in this regard we often take part in trade missions and state visits to many countries, including Portugal, China and Turkey. Our participation in these delegations to promote the Grand Duchy at an international level opens up many business opportunities and helps forge new partnerships between the countries we visit and Luxembourg.

What initiatives have you taken in Luxembourg to share your know-how in the sector?There are various Luxembourg-based programs and initiatives

that allow us to share our know-how in the field of IT and logistics. For example, we are taking part in the Cluster event organised by the Luxembourg Chamber of Commerce and the “Single Window for Logistics” program launched by the State Information Technology Centre and the Chamber of Commerce. Furthermore, we attract airlines to Luxembourg by hosting their systems here (their databases and their information processing systems), while in fact the client company may be based in Mexico or in Asia. Finally, we bring all our international clients together to discuss products, strategy, etc. In 2014, we will be organising this event in Luxembourg to celebrate our 10th anniversary. Inviting clients to the Grand Duchy is another way to get the country’s economy working, and it also helps project a positive image of the country around the world.

www.myofficialstory.com/champwww.champ.aero

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Champ Cargosystems:

“The ongoing changes are a source of strength

for Luxembourg.”Sandrine de Vuyst

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In late 2013 Sandrine de Vuyst was put in charge of ING’s private banking division. She gives us her analysis of how the industry is evolving.

Sandrine de Vuyst: A paradigm shift in private banking

What is your view of the paradigm shift affecting private banking in Luxembourg?Change brings opportunities. The main change which we face today is the introduction of the automatic exchange of information. At ING we saw this coming a few years ago, so we were ready. Today people are looking for performance, transparency and tailored services. Most clients invest on a global scale and rely on the advice of our experts and want to make the most of the amazing concentration of specialists in the Grand Duchy: lawyers, bankers, tax experts. So I think the paradigm shift is good for Luxembourg.

What opportunities do you see coming from this?I see three key opportunities that tie in with the 3 main segments of our customer base: 1. First, the local market, where ING now ranks as a first-rate institution, partly of course due to our partnership with the Luxembourg Marathon. We are taking on more and more Luxembourg employees, and a growing number of Luxembourg investors are putting their trust in ING. Private banking services are geared towards clients who invest at least one million euros, but ING is a universal bank that can serve all its customers. 2. Ultra High Net Worth Individuals [i.e., clients who invest 5 million euros and have a minimum net worth of 15 million

euros] have an ideal environment in Luxembourg to coordinate their international strategy. ING has for a long time been gearing its services specifically to cater for the needs of this type of investor, and in Luxembourg we can give them what they’re looking for. 3. Finally, we are well placed to offer our services to other entities of the group which are unable to offer robust

private banking services, for example in Eastern Europe. Thanks to the combination of these three segments, ING’s earnings from its private banking services increased in 2013 and its assets under management remained stable.

How is ING adapting to this paradigm shift?I think ING is adapting in two main

ways: first, we are strengthening our tailored service culture. Of course, we already have a model framework and portfolio, but our clients want us to go the extra mile to meet their requirements on an individual basis. The second adaptation concerns our teams. We have restructured the teams to make them even more

efficient. Private bankers are now distributed around three market hubs: the local market, our key markets (France, Belgium and the Netherlands) and the new markets (Russia, Italy, etc.). Training is very important at every stage, because this helps us to keep in step with the constant changes affecting our industry.

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“Luxembourg has more success stories than you might think.”Laurent Schummer

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SMEs are facing more and more legal problems. Increasingly local contractors need help to cope with complex administrative issues. We decided to ask Christian Point and Laurent Schummer a few questions.

Arendt & Medernach: Entrepreneurship in our DNA

What has changed in the legal environment, and how is this affecting businesses?Christian Point: The phenomenon we are witnessing can be described as legislative inflation. Independent operators are having to come to grips with increasingly voluminous and complex texts. This of course generates risks, especially in terms of the criminal liability of the management, but it also creates opportunities. For many years we have been helping entrepreneurs by providing them with advice on useful tools and strategies, because it happens sometimes that different administrations issue instructions which are conflicting a the end. Indeed, at times independent operators find themselves in a hall of mirrors and feel totally bewildered.Laurent Schummer: We’re also working with new stakeholders such as start-ups that have no problem with regulation, but who just want to talk to the regulator. For a long time, this approach was reserved for bankers, but

entrepreneurs have now stepped up to the plate.

What kind of businesses are you working with?Christian Point: Many different types of businesses, in a number of broad categories: transport and logistics, e-commerce, energy, the environment, public procurement and PPPs, construction and industrial companies, not forgetting the health sector and services for the elderly, who are among the country’s biggest employers. All these companies have something in common: in addition to their day-to-day activities, they are called upon to deal with issues connected with company law, VAT, labour law, the environment, competition and regulation.Laurent Schummer: Luxembourg has more success stories than you might think. For example, IEE (which was taken over by the Chinese), Ceratizit, Cebi International, Goodyear, not to mention Skype now held by microsoft.

How long have you been working with these entrepreneurs ?Christian Point: These services were already up and running when the Firm was set up in 1989. Jean Medernach and Ernest Arendt have always attached tremendous importance to businesses and the environment. And we have seen a constant development and diversification of this field of activity. We were also approached by clients from the world of finance thanks to a case involving a public procurement contract.Laurent Schummer: Because of the way in which Luxembourg has developed, many have focused their attention on finance. We, like others, seek to bring together a group of specialists from a wide variety of fields to serve entrepreneurs. Our office in Luxembourg offers entrepreneurs the most diversified range of tailored services in various legal aeras, and we pool our resources to enable entrepreneurs to cope with the current challenges.

www.www.myofficialstory.com/arendtwww.arendt.com

Several improbable candidates are now seriously looking into renewables… Russia and Kazakhstan, waking the green giants.

New Frontiers

The developmentTRenewable energy in Russia mainly consists of hydroelectric energy. The country is the fifth largest producer of renewable energy in the world, although it is 56th when hydroelectric energy is not taken into account. The challenge is to develop solar and wind. 16% of Russia’s electricity is generated from hydropower, and less than 1% is generated from all other renewable energy sources combined. Roughly

68% of Russia’s electricity is generated from thermal power and 16% from nuclear power.Russian leaders have shown a strong political will to support the development of renewable energy by adopting a target of 4.5 per cent of all electricity generation and consumption from renewable sources by 2020. National legislation on the electricity sector has been amended to move towards meeting this target.

Russian renewable plantsEnd of 2013 Russia has offered its first ever state-backed support for renewable energy, offering subsidies for 39 clean power ventures with a combined capacity of 504 MW. Solar power won the day, with 399 MW secured, while the wind power sector won just one-tenth of the 1,100 MW of wind capacity offered in the auction. By contrast, solar developers bid for nearly 1,000 MW, winning 32

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projects to be built between 2014 and 2017.There are just a handful of renewable energy plants in the entire country, with installed solar capacity standing at a meager 3 MW. In Russia’s remote far east, which is not connected to the grid, the Russian Solar Industry Association calculate that solar PV can be three- to four-times cheaper than conventional fuel, which has to be transported across vast distances at considerable cost.A second auction is scheduled for next June, when a further 1,645 MW of wind power and 496 MW of solar will go under the hammer.

A promising marketAt the moment, 85.5% of Kazakhstan’s electricity comes from coal-fired plants and 8.7% from hydroelectric sources. The coal fired plants are located in north coal producing regions. Hydroelectric facilities are located mostly along the Irtysh River. The southern regions of Kazakhstan do not have an enough energy resources and electricity consumption is covered by import from the Kyrgyz Republic.August 2013, Kazakhstan has adopted the “Energy Efficiency 2020” programme that aims to reduce energy use by 10% every year until

2015. 22 legal acts and 3,000 energy standards have been approved to implement the scheme.Kazakhstan is very promising emerging market for wind and photovoltaic (solar PV) energy investments amongst CIS countries. With the introduction of support mechanisms in the law in 2009, 2010, 2012 and the subsequent amendments in 2013, Kazakhstan photovoltaic and wind energy market is supposed to start growing in next years. Kazakhstan has also adopted at the end of August 2013 a new feed-in tariff law.

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RACETRAX is a Luxembourg based company with its own racing team; ‘Lamborghini Racing Team Luxembourg’ that participated for the first time in 2013 in the Lamborghini Blancpain Super Trofeo championship.The team is headed by Team Director Claude Roth, a seasoned engineer with many years of experience in different GT categories in international motorsport.

RACETRAX

Lamborghini Blancpain Super Trofeo 2014The Lamborghini Blancpain Super Trofeo is known worldwide as one of

the most luxurious and exciting race events and is the world’s fastest one-make series. In its 6th year, the 2014 European season will see all 10

teams and 20 cars participate in a total of six races at some of the world’s most famous circuits, including Monza in Italy, Silverstone in the UK,

www.myofficialstory.com/racetrax

Paul Ricard in France, Spa-Francorchamps in Belgium and Nürburgring in Germany and World final in Sepang Malaysia.The teams’ first season in 2013 was a successful one; team driver Dimitri Enjalbert became third at the Super Trofeo World Championship in Vallelunga, Italy.While this season the team is participating with 3 cars and 4 drivers.

RACETRAX ServicesRACETRAX does more than just preparing and servicing race cars. The

drivers also get a lot of attention. Through intensive coaching, data- and video-analysis the team supports the drivers in all necessary ways to improvement. In this way not only the cars but also the drivers are pushed to the limits. RACETRAX is proud of its own facilities in Kehlen, Luxembourg: over 500 square meters of workshop space, fitted out with state-of-the-art equipment. They also proposes a professional engineering force to meet any demand, using its experience to

take up new challenges. Subcontracting proposals can be developed upon request.

A.S. Starteam for childrenWe are honoured to have Mr Serra racing with them at Circuit Paul Ricard, France, in June this year at the third Lamborghini Blancpain Super Trofeo race. Also we would like to say a big thanks to Automobili Lamborghini, who will make this possible by providing a Gallardo Super Trofeo racing car for this day.

“Through intensive coaching, data - and video - analysis

the team supports the drivers in all necessary ways to

improvement.”

Chapo à venir

Titre: à venir

InterTexte à venir

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www.masinternational.com

6C, RUE GABRIEL LIPPMANN

L-5365 MUNSBACH

T: +352 26 25 88 88

F: +352 26 25 88 79

[email protected]

MAS International, established in March 2003, has offices in 4 countries (Luxembourg, France, Mauritius and the United

States) and can call upon the expertise of 80 employees.

The 7 partners come from diverse backgrounds and they all work in the management of clients-companies, accounting

or audit.

key peopLeFor key MoMenTS In

LUXeMBoUrGFrAnCe

MAUrITIUSUnITeD STATeS

Our Services:

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A brushwith weightlessnesswww.redbullairforce.com/tag/wing-suit

Man has always wanted to fly, but aeroplanes and helicopters have not been enough. Red Bull has had to make special wingsuits so that people can fling themselves from the highest cliffs. Base jumpers can finally experience what it feels like to fly.

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The wingsuitsFor around a thousand euros, you can kit yourself out with a wingsuit and take the plunge. It’s an essential piece of equipment which is made to measure for each base jumper, allowing them to glide through the air at speeds of around 200 km/h for the fastest jumps. Of course, the

suits also include a parachute, and are designed to precise measurements to resist air pressure. Leonardo da Vinci and Icarus were the first to consider the idea, but these enthusiasts have actually done it. The risksAlthough many have tried the

experience, a few have flown too close to the sun. They have defied gravity, and nature has taken its course. However, even though they sometimes lose their best friends, these adrenalin addicts can’t stop reliving this unforgettable experience. They put on their wingsuits once more and seek out the thrill of the

breathtaking landscapes, and the feeling of being alive and free offered by this improbable extreme sport.

The best seconds of your lifeThey climb onboard a helicopter, and jump from height, or go to the summit of the highest mountains in Europe and elsewhere, usually taking

only their wingsuit and a camera to immortalise the moment. Then they leap into the unknown, often several at a time. Like flying angels, for a few seconds they forget everything and their weightlessness carries them along. The traces of colour they leave in the sky are ephemeral, but their memories stay with them forever. Up

to the moment when the freefall stops and the parachute is opened, speed records are constantly being broken. The sport has now been going for 20 years, since the first flight by the experienced parachutist Patrick de Gayardon, and there are bound to be many more.

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Since it was first opened, the Grand-Ducal Golf Club has experienced many changes and now has over 1,000 members. For the current Chairman, Bernard Clasen, the Grand-Ducal Golf Club is above all a family story.

Grand Ducal Golf Club: a passion, not a sport

FoundationThe story began in 1934 when the real estate company, Société Immobilière du Golf SA, was founded by a group of businessmen, led by Gaston Barbanson and Max Lambert, the Chairman. His Royal Highness Prince Felix of Luxembourg, the husband of Her Royal Highness the Grand-Duchess Charlotte, backed the project by giving the Société Immobilière du Golf some land on the Findel plateau, in exchange for 800 shares. Over the months, the development of the Golf club aroused more and more interest, in particular from the City of Luxembourg and the Ministry of Tourism, which gave their financial backing to the Sports Association founded in 1936. The Grand-Ducal Golf Club was born.

A family storyMax Lambert, the grandfather of the current Chairman, was the first Chairman of the Golf Club on its foundation in 1936. His view was that golf was a means of communication, a way to create social links between people and countries. People played golf because they had the common desire to belong to a high-level social circle. In 1937, the club was involved in setting up the “European Golf Association”, which now has 36 member countries, and has had its head office at the Grand-Ducal Golf Club ever since it was started. From 1967 to 2004, Marco Lambert, Bernard Clasen’s uncle, was the Chairman. Having been brought up next to the greens, it was therefore only natural that Bernard Clasen would follow

in the footsteps of his predecessors, becoming Chairman of the Golf club in 2004. He was keen to continue what had been started in previous years, and to make the Grand-Ducal Golf Club part of the modern world, without losing sight of the spirit in which his uncle and grandfather had created it.

Future On 2 June, the 12th anniversary of the EY International Fund of Golf Day will be held at the Grand-Ducal Golf Club, an event that brings together golf fans with people who have never played the game. As for the future of the Grand-Ducal Golf Club, one thing is certain: the construction work in progress will enable us to improve the practice green even further, without altering the initial architectural design.

www.gcgd.lu

“Golf creates social links

between people and countries.”

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We live in times where we start to question if everyone who owns a camera is a photographer. Does talent really matter and exist nowadays? We had the pleasure to meet a talented photographer- David Uzochukwu. He shows and shares the real talent of photography while being only 15 years old.

The 15 year old photo prodigy

Finding the style of his ownDavid Uzochukwu was originally born in Austria. He moved to Luxembourg at the age of 6 and has lived, studied and appreciated Luxembourg’s nature ever since. While still being a schoolboy, David has managed to develop his own style of photography to the point where his name is not needed on the photos for us to recognise that it is his. When asked how he started with photography, he answers modestly, “I started with seeing pictures online of portraits. But I was never brave enough to ask people to pose. So I started with taking self-portraits”. A year ago the photographers hopes were low “I thought that I will never find my own style, but then I realised that the key is to stop caring and thinking what other

people think”.

Timeless emotionsThe young artist has only had one exhibition- in Netherlands, but nonetheless it has been a successful one. David has also been featured in many magazines and blogs. For example his photo was chosen amongst thousands of applicants for Vogue Italia blog. When asked about this achievement the photographers says, “I’ve only done one photo collaboration. I’m not really a fashion photographer. Timeless look is what I appreciate, images that don’t look too old or too young. Many people who do photography make things really obvious, and it takes out all the fun of the process”. The possibility of being able to tell a story through a photo and

to subtly put other persons emotion in it is what really excites the young photographer.

Criticism-best thing everWhen asked if photography is being something generic and everyone can do it, David gives an honest answer, “I’m trying not to call myself a photographer. I think that it is very pretentious at my age. It is a though business. But I do believe that taste is what makes a good photographer. You have to know what works and what doesn’t”. David believes that constructive criticism is what permits him to grow and to develop himself as an artist, “Criticism is the best thing ever. I’m tired of hearing, nice work, good job. I respect opinions and take criticism.”

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“As long as it makes me feel something it is interesting to me.”

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After more than three decades in the public eye, globetrotting Jean Nouvel remains one of the world’s most sought-after architects, bringing his unique vision to a host of projects taking shape around the globe.

Jean Nouvel: A unique style with global appeal

Four decades of pursuing new ideasFor the past 40 years Jean Nouvel has left the imprint of his unique architectural style all over the world. Born in Fumel in south-western France in 1945, Nouvel today heads one of the country’s largest architectural practices, with 130 staff at its Paris head office.

The originality of Nouvel’s work, to begin with throughout his native country but increasingly across Europe and further afield, has attracted honours including architecture’s most distinguished award, the Pritzker Prize, in 2008.

The Pritzker jury cited Nouvel’s “courageous pursuit of new ideas and challenge of accepted norms in order

to stretch the boundaries of the field”, producing work characterised by “persistence, imagination, exuberance, and … an insatiable urge for creative experimentation.”

High-profile projectsNouvel studied at the École Nationale Supérieure des Beaux-Arts and went into practice in 1970. A decade later he won the design competition for the Arab World Institute building in Paris, which when completed in 1987 brought him international fame as well as, two years later, the Aga Khan Award for Architecture.

In recent years Nouvel and his partners have worked on high-profile projects both in France and around the world, including the Musée du Quai Branly in Paris, Montpellier’s

new city hall, Barcelona’s striking Torre Agbar, Copenhagen’s concert hall and an extension to the Reina Sofia Museum in Madrid.

Looking to new horizonsToday, with financial constraints limiting the number of new prestige projects in Europe, Nouvel and his firm are increasingly active in up-and-coming regions of the world such as the Middle East, China and Brazil.

Projects currently underway include

the Louvre museum in Abu Dhabi, the Qatar National Museum in Doha, and an extension to New York’s Museum of Modern Art, as well as a tower block in Beirut.

Despite his 67 years Nouvel continues to demonstrate personal commitment to his firm’s projects, constantly travelling from one site to the next and remaining true to a philosophy that rejects ‘globalised’ architecture in favour of attention to context and surroundings. “The location is what creates the architecture,” he says.

www.myofficialstory.com/jeannouvel

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The 12th EY International Fund of Golf Day was organized in prestigious Golf Club Grand Ducal, Luxembourg on June 2nd 2014.

More than 100 players and non players participated in this exciting tournament. The players benefited from a great atmosphere provided by Maserati test drives, car cleaning services, cigars and singer, and a superb terrace to create new relationships or to reinforce existing ones.MORE INFORMATION: www.golfluxembourg.com

PALMARES 2014NETT SCORESWINNERS 12TH ERNST & YOUNG INTERNATIONAL FUND OF GOLF DAYLee Godfrey, Britta Borneff, John Li, Ulrich Binninger 2nd place: Paul Carr, Brice Bultot, Joseph Hendry, Garry Pieters3rd place: Marc Kriegsmann, Patrick Renard, Ken Hay, Luc De Vet

GROSS SCORES1st place: Craig Fedderson, Peer Rosenberg, Jean-Benoît Lachaise.

ROOKIESAnabela Lourenço, Kai Braun, Alexandre Pirlet, Nicolas Bannier, Pascal Vaucouleur.

LONGEST DRIVEMen: Gareth Pugh.

NEAREST TO THE PINMen: Georg Lasch – Women: Britta Borneff.

TITLE SPONSOR: EYCO-SPONSOR: MDO, BNP Paribas Securities Services, KR international Recruitement, Maserati, AviatraxPARTNERS: Citabel, Funds Europe, 360Crossmedia, LuxembourgOfficial

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EATING

UPSCALEBouquet garni: www.lebouquetgarni.luClairefontaine: www.myofficialstory.com/clairefontaineFavaro: www.favaro.luLa Rameaudière: www.larameaudiere.luLe Windsor: www.windsor.luLéa Linster: www.lealinster.luMa langue sourit: www.mls.luMosconi: www.mosconi.lu

CASUALBrasserie Mansfeld: www.mansfeld.lu Brasserie Schuman: www.myofficialstory.com/brasserieschumanBoos K Fé: www.boos.luIkki: www.ikki.lu

La Bergamote: www.labergamote.luUm Plateau: www.myofficialstory.com/umplateau

SPECIALITIESBurger: Le Booster’s: www.booster.luItalian: Villa d’Este: www.villa-deste.luIndian: Maharaja: Tel.: (+352) 24 17 45Middle East: Dubaï Palm: Tel.: (+352) 26 20 22 72Sushi: Yamayu Santatsu Tel.: (+352) 46 12 49

CIGAR2 rue de la Loge: www.myofficialstory.com/ 2ruedelalogeLa tabatière: www.la-tabatiere.lu

LEASURE

CASTLES Beaufort: 24 Rue du Château, L-6310 Beaufort

Bourglinster: 8 rue du Château, L-6162 BourglinsterClervaux: Am Schlass, L-9774 UrspeltVallée des sept châteaux: Leesbach, L-8363 SeptfontainesLarochette: 4 rue de Medernach, L-7619 Larochette

CULTUREMudam: 3 Park Drai Eechelen 1499, Luxembourg www.myofficialstory.com/mudamPhilharmonie: Place de l’Europe L-1499, LuxembourgCasemates: 30, place Guillaume II, LuxembourgPalais Grand ducal: 17 Rue du marché-aux-Herbes, Luxembourg

PARTYRives de Clausen: www.myofficialstory.com/rivesdeclausen

Bypass: www.bypass.luWhite House: www.white.lu

HOTELS

Sofitel Grand Ducal: www.myofficialstory.com/sofitelHotel Le Royal: www.hotelroyal.luLe Place d’Armes: www.hotel-leplacedarmes.comMelia: www.melia-luxembourg.com

Ceos’ favourite addresses

Clairefontaine. Um Plateau. Bourglinster. Sofitel Grand Ducal.

www.luxembourgofficial.com

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Networking in Luxembourg

SOCIAL CLUBSCercle Munster: www.munster.luGolf Club Grand Ducal: www.gcgd.lu

SERVICE CLUBSRotary: www.rotary-interclub.luLions Club: www.lions.luRound Table: www.trl.luJCI: www.jci.luKiwanis: www.kiwanis.lu

SPORTSPolo Club: www.poloclub.luTennis clubs: www.scheiss.lu, www.tennisspora.luGolf Clubs: www.golfdeluxembourg.lu,www.kikuoka.lu, www.golfclervaux.lu, www.golfgaichel.com, www.golfclubchristnach.luFitness: www.justmove.lu, www.coque.luYacht Club: www.mycl.luPool: www.Q42.lu

CHAMBERS OF COMMERCEChamber of Commerce of Luxembourg: www.cc.luAmerican Chamber of Commerce: www.amcham.luItalian Chamber of Commerce: www.ccil.luFrench Chamber of Commerce: www.cfci.lu

British Chamber of Commerce: www.bcc.luIndian Chamber of Commerce: www.ibcl.luNordic countries: www.nobelux.se

PROFESSIONAL ASSOCIATIONSBanks: www.abbl.luInvestment Funds: www.alfi.luPrivate Equity: www.lpea.luIndustry and Trade: www.fedil.lu

OTHER BUSINESS LINKSEntrepreneurs Task Force: www.etfl.luLuxinnovation: www.luxinnovation.luIncubator: www.technoport.luRegulator: www.cssf.luResearch: www.tudor.luGovernment: www.gouvernement.lu

OTHER WEBSITESFormalities: www.guichet.luSchools: www.euroschool.lu, www.islux.lu,www.st-georges.lu, www.vauban.lu, www.empf.luFoundations: fdlux.luTourism: www.visitluxembourg.comAutomobile Club: www.acl.lu

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360CROSSMEDIA ORGANISED AN EVENT FOR THEIR 150 GUESTS ON THE 20TH NOVEMBER 2013. THE EVENT WAS ORGANISED FOR THE LAUNCH OF THE 2ND EDITION OF THEIR MAGAZINE DUKE. IT TOOK PLACE IN BRASSERIE SCHUMAN, LUXEMBOURG, IN A WARM AND WELCOMING ATMOSPHERE.

LUXEMBOURG MAGAZINE DUKE

www.duke.lu

Watch the video of the last Duke Party in november

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Duke presents a selection of Euro-Toques members based in Luxembourg.

MORE INFORMATIONSDownload Spoon magazine.www.spoon.luwww.euro-toques.lu

Le Clairefontaine

Ma Langue Sourit

Ristorante Favaro

Le Bouquet Garni

Windsor

Les RosesLa Rameaudière

Brasserie

Schuman

De Jangeli

Lea Linster

Um Plateau

The cream of the cropGASTRONOMY

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www.360crossmedia.com

Sharetalent!

We are looking for articles

for the next edition of “Duke”

Topics: technical subjects, testimonies, your hobbies

Format: 1 title, 1 short introduction

(200 characters maximum), 3-4 titled paragraphs – totalling a maximum of 2.300 characters

(including spaces).

Contact us:[email protected]

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