Luxembourg: ‘We still want partnership post-Brexit’

A Luxembourg finance chief who met with officials from the UK government, including the Treasury, this week says Luxembourg wants to maintain the long-standing financial services partnership between the two countries. Nicolas Mackel, chief executive of Luxembourg for Finance, said British and Luxembourgish interests in financial services have always been “very much aligned” and that it was in no-one’s interests for this to end when Britain leaves the EU. There was no sign from Mackel that Luxembourg intends a difficult divorce over Brexit, such as by proposing laws obstructive to UK financial services firms. Saying there could be certain activities by City firms that may be affected after the Brexit, Mackel said Luxembourg aimed to aid firms to carry on with as little disruption as possible. “We are asking how we can help you as a partner; we are not saying you must set up your HQ here [in Luxembourg],” Mackel told Funds Europe. He added: “All people we have spoken to say they want a situation after Brexit as close as possible to the situation we have now, and everyone agrees with that.” Pierre Gramegna, Luxembourg’s minister of finance, led the Luxembourg delegation, which met with City representatives of asset management and banking firms, as well as government officials from the Treasury. Luxembourg for Finance is an agency that supports the Grand Duchy’s development as a financial centre. ©2016 funds europe

Executive Interviews

INTERVIEW: ‘It is what it is’

Dec 22, 2016

Jeff Conway, regional chief executive for State Street, talks to David Stevenson about regulation and how the firm will handle the challenge of tech disruption.

MASHREQ CAPITAL INTERVIEW: A new direction

Dec 22, 2016

The new chief executive of Mashreq Capital talks to George Mitton about fund launches, management style and why he is the right person for the job.

Roundtables

SEC LENDING ROUNDTABLE: Both a borrower and a lender be

Jan 11, 2017

Industry heavyweights, including agent lenders, discuss issues affecting the securities lending sector such as regulation and the types of collateral being used.

EMERGING MARKETS ROUNDTABLE: The re-emergence

Jan 03, 2017

2016 was the year emerging markets returned to the spotlight, as they regained ground since the 2012 sell-off. Funds Europe asked our panel if this appetite will persist in 2017.