Speaking to a floor of around 300 professionals from the financial services industry, HRH Crown Prince Guillaume highlighted the strong ties that bind our two nations and the important role that Italian immigration has played in the development of Luxembourg’s economy and prosperity since the 19th century.
Luxembourg Minister of Finance Pierre Gramegna, for his part, addressed the macro-economic situation in Europe, pointing out that both Italy and Luxembourg are benefitting from the economic upswing across the EU and the Euro zone, and discussed some of some of the key challenges that the EU is currently dealing with: digitalisation and sustainable finance. Stressing Luxembourg’s leading role as an international platform for sustainable finance, Jane Wilkinson, Head of Sustainable Finance at the Luxembourg Stock Exchange, presented the Luxembourg Green Exchange, which already displays a number of green bonds by Italian issuers, and the recent expansion of this unique platform to sustainable and social bonds.
During the various workshops on investment funds, wealth management and life insurance, the Italian financial community had the opportunity to have a more in-depth exchange of views with Luxembourg delegates on recent regulatory developments, market trends and industry challenges.
10 Italian banks are present in Luxembourg and most of Italy’s leading asset managers have established fund platforms in the Grand Duchy. At December 2016, 56 Italian promoters and asset managers managed over €350 billion in Luxembourg UCITS and alternative funds.
Italy is also the 8th country in terms of the number of listings on the Luxembourg Stock Exchange, with 234 Italian issuers having listed more than 1300 securities in Luxembourg to reach international investors.
Moreover, over the past years Italy has become the second largest market for Luxembourg’s life insurance industry.