Luxembourg private bankers consolidate their lead within EU

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Cost controls, outsourcing and Brexit effect boost bottom line.

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23/11/2023 |
  • kpmg

In a challenging global environment characterized by geopolitical instability, high inflation, regulatory change but also rising client expectations, it seems an important time to assess the health and outlook of Luxembourg’s private banking sector.

The story turns out to be one of remarkable resilience; the third edition of the annual survey conducted by KPMG Luxembourg and the Luxembourg Bankers’ Association (ABBL) Private Banking Cluster (PBGL) finds the sector thriving despite undeniably tough economic, market and recruitment conditions.

"Helping our members to better understand the challenges facing their businesses is one of the ABBL's main missions. Our Private Banking Cluster, the PBGL, offers industry leaders a unique platform for critically analysing the evolution of the business models of private banks operating in the Luxembourg market, as well as the priorities for continuing to strengthen Luxembourg as a 'domicile of choice' for wealthy clients. Surveys such as the one we have just conducted with KPMG are extremely valuable decision-making tools in this context", says Fabio Mandorino, PBGL's coordinator.

Here’s a snapshot of some of the key indicators from 2022[1]:

New net money of €31.7bn (compared with €45bn for Swiss private banks).

All four different models studied – private banks that are part of universal banking groups, boutiques with or without branches across Europe, and specialist wealth management firms – are demonstrating that they can be successful in adverse conditions.

Luxembourg’s private banks are evolving to keep pace with clients’ demands, illustrated by increased investment opportunities in private equity and private debt.  

The headline figures remain positive despite global economic turbulence. Although total assets under management declined by 2.3% in 2022 as a result of falling equity and bond markets, it proved to be a solidly profitable year for Luxembourg’s private banking sector, with net income up by 24%. 

“Luxembourg private banks, large and small, are punching above their weight – they continue to demonstrate their resilience, resourcefulness and international appeal,” says Anne-Sophie Minaldo, partner and head of regulatory services at KPMG Luxembourg.

Please see the whole document attached.

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