Deloitte report highlights steady evolution in Luxembourg's PSF Sector

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Deloitte Luxembourg’s report on Professionals of the Financial Sector (PSF) shows continuous maturation in Grand Duchy’s regulatory and tax landscape, while providing a valuable analysis for decision-makers.

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06/12/2023 |
  • Charlier Raphael HD 01

    Raphael Charlier, Partner at Deloitte Luxembourg

On Tuesday 5 December, Deloitte Luxembourg presented its 14th study of the PSF market at its premises in Gasperich. The comprehensive report discloses a detailed view of the PSF ecosystem, covering essential aspects of the legal and regulatory framework and relevant tax matters, while exploring key trends and the sector’s evolution.

“Deloitte has diligently tracked the sector’s evolution from the first registration of a PSF in Luxembourg. Now, for the third consecutive year, the PSF market shows signs of evident maturation and ongoing resilience,” says Raphaël Charlier, Partner and PSF Leader at Deloitte Luxembourg. “For that reason, we thought it was appropriate to share with decision-makers a comprehensive view of the implications associated with the PSF designation and summarize all the essential requirements for acquiring such status in the Grand Duchy.”

Key findings of the 2023 market study include:

  • By the end of 2022, the number of PSF entities under CSSF supervision slightly decreased to 260 entities as compared to end of 2021. As of 30 September 2023, the consolidation trend observed over the last years continued with 255 PSF subject to the prudential supervision of the CSSF.
  • PSF workforce has on the other hand registered a 4.6% growth with 17,514 professionals employed over 2022compared to 16,744 as of December 2021.
  • As per CSSF statistics, the net profit of PSF entities grew from €277 million in 2021 to €422 million in 2022. However, without an outlier part of the Specialised PSF category, the 2022 net profit would have amounted to €252 million showing a decrease of 9% as compared to 2021.
  • Between 2021 and 2022, the net result of investment firm PSF dropped by 33%, but rose by 28% for support PSF, and 180% for specialized PSF. The total balance sheet of PSF remained relatively stable with €8,892 million as of 31 December 2022, compared to €8,864 million as of 31 December 2021.

“Luxembourg’s reputation among clients for its quality services is built on the expertise, innovation and know-how of its professionals of the financial sector,” says Adil Sebbar, Audit Managing Director at Deloitte Luxembourg. “PSF are seizing the many market opportunities served by new trends and regulations, while reinforcing efficiency and synergies. Deloitte has the right competencies and services to support and advise all types of PSF throughout every stage of their development.”

The 2023 report confirms a positive outlook for the sector, with a variety of opportunities to explore but also challenges to overcome. Access the full report at the following link: A sector in motion: Opportunities explored in the 2023 PSF report / Deloitte Luxembourg / PSF

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