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A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL AND GLOBALISED WORLD

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Page 1: A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL ... · a new era for wealth management in an increasingly digital and globalised world

A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL AND

GLOBALISED WORLD

Page 2: A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL ... · a new era for wealth management in an increasingly digital and globalised world

Experts:Pierre Even, Head of Relationship Management Private Equity & Real Estate, Banque de Luxembourg Christian Kratz, Co-Founder, InvestifyDennis Nygren, Head of Wealth Management, Catella Bank S.A.

Moderator:Yves Maas, Chairman, The Luxembourg Bankers’ Association (ABBL)

Panelists

Page 3: A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL ... · a new era for wealth management in an increasingly digital and globalised world

Wealth Management in LuxembourgGlobal results

Page 4: A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL ... · a new era for wealth management in an increasingly digital and globalised world

Evolution of Wealth Bands in terms of Assets

Page 5: A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL ... · a new era for wealth management in an increasingly digital and globalised world

Evolution of Geographic Origin of Client Assets

Page 6: A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL ... · a new era for wealth management in an increasingly digital and globalised world

Wealth management and digitalisationü  Shifting client needs combined with available technology are disrupting traditional private

banking models while also creating huge opportunitiesü  Growing demand for digital:

•  from customers: high demand for digital tools to improve the global interaction experience. New generation of clients is digital.

•  from Wealth Managers: growing demand for digital instruments to better reach and interact with client. Capgemini study reveals that 80% of Wealth Managers believe digital tools have positive impacts on their overall ability to interact with customers

ü  Traditional and digital channels no longer co-exist but merge => hybrid model (Robo advisor, RegTech,…)

ü  Increasing digitalisation implies increasing investments and recurring costs (tools development, cyber-security,…)

Page 7: A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL ... · a new era for wealth management in an increasingly digital and globalised world

Luxembourg Wealth Management Service Offer

Page 8: A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL ... · a new era for wealth management in an increasingly digital and globalised world

KAPITALFÖRSÄKRINGAR - FÖRMÖGENHETS- OCH SUCCESSIONSPLANERING UR ETT

PAN-EUROPEISKT PERSPEKTIV

Page 9: A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL ... · a new era for wealth management in an increasingly digital and globalised world

Experts:Cecilia Bjerke-Quirke, Country Manager Sweden, Foyer InternationalRoberth Josefsson, Sales Director Sweden, Swiss Life Luxembourg Daniel Starberg, Senior Wealth Planner, Lombard Intermediation Services

Moderator:Marc Lauer, Vice-Chairman, Luxembourg Insurance and Reinsurance Association (ACA)

Panelists

Page 10: A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL ... · a new era for wealth management in an increasingly digital and globalised world

Non LifeLocal Market

4%Non Life Insurance

abroad11%

Life InsuranceLocal Market

7%Life Insurance

abroad78%

CROSS BORDER LIFE INSURANCE EXPERTISE

Source: Luxembourg Insurance and Reinsurance Association (ACA), Q4 2016

Luxembourg Insurance Premiums

Page 11: A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL ... · a new era for wealth management in an increasingly digital and globalised world

Source : ACA Source : Commissariat aux Assurances (CAA)

20,4

13,5

19,818,4

21,919,7 20,3

0

5

10

15

20

25

2010 2011 2012 2013 2014 2015 2016

PremiumsBn €

82,4 85,7101,1

111,1

136,6148,7

159,8

020406080

100120140160180

2010 2011 2012 2013 2014 2015 2016

Assets under ManagementBn €

Life insurance

Page 12: A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL ... · a new era for wealth management in an increasingly digital and globalised world

France31%

Italy21%

Germany7%

Belgium6%

Luxembourg8% Sweden

5%Portugal

4% UK3%

Spain3%

Finland2%Poland

1%Other EU countries

1%

EEE2%

Outside EEA6%

Other12%

CROSS BORDER LIFE INSURANCE EXPERTISELife Insurance Premiums 2016 - Split

Source : Luxembourg Insurance and Reinsurance Association (ACA)

Page 13: A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL ... · a new era for wealth management in an increasingly digital and globalised world

Source : Luxembourg Insurance and Reinsurance Association (ACA)

377258

1140

287169

1359

960

0

200

400

600

800

1000

1200

1400

1600

2010 2011 2012 2013 2014 2015 2016

PremiumsMn €

1,61,4

1,61,8

1,2

2,8

3,7

0

0,5

1

1,5

2

2,5

3

3,5

4

2010 2011 2012 2013 2014 2015 2016

Assets under ManagementBn €

Luxembourg life insurance for Swedish customers

Page 14: A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL ... · a new era for wealth management in an increasingly digital and globalised world

Principle (since 1994): 1 European country authorised to market its products and provide cross-border services in other European states

3rd European life insurance directive framework

14

26,46 billion € Contract law

=Policyholder country of residence

Luxembourg prudential rules

Page 15: A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL ... · a new era for wealth management in an increasingly digital and globalised world

_  bank_  insurance_  reinsurance _  securities_  Investment funds_  EU passport being implemented_  hedge funds_  private equity_  real estate

EU Passport

15

26,46 billion €

1 500 KM

2 100 KM

LUXEMBOURG

2 100 KM

Page 16: A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL ... · a new era for wealth management in an increasingly digital and globalised world

Clients’ needs

FlexibilityPrivacy

Asset & Investor protection

Insurance Tax Framework Portability

Estate Planning

Page 17: A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL ... · a new era for wealth management in an increasingly digital and globalised world

_  CAA Investment rules _  Quarterly checks _  Protection against creditors_  Separation of clients' assets_  ‘Super Privilege’

Luxembourg’s unique policyholder protection

CAA

Insurer

Policy -holder

CAA Approved Custodian

Bank

Page 18: A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL ... · a new era for wealth management in an increasingly digital and globalised world

INSURER

Key players

Policyholder

CAA

Tax Advisor

Legal Advisor

Family Office

Asset Manager

Intermediary Custodian Bank

Page 19: A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL ... · a new era for wealth management in an increasingly digital and globalised world

Authorised financial instruments

* Circular letter 15/3 (CAA)

Specialised Investment Funds Unlisted assetsAssets with reduced liquidityHedge fundsRaw materialsPrecious metals

External fundsUCITSEquitiesBonds

Other EU countries

Luxembourg*

Page 20: A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL ... · a new era for wealth management in an increasingly digital and globalised world

Why choosing Luxembourg life insurance?

Taxation of the country of policyholder country of residence

Centralisation of financial assets and estate planning while abroad

Centralisation

Security triangle with separated assets

Dedicated FundsSpecialised Insurance Funds

Tax neutrality Policyholder protection

Tailor-made Management

An integrated and sophisticated solution

Page 21: A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL ... · a new era for wealth management in an increasingly digital and globalised world

KAPITALFÖRSÄKRINGAR - FÖRMÖGENHETS- OCH SUCCESSIONSPLANERING UR ETT

PAN-EUROPEISKT PERSPEKTIV

Page 22: A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL ... · a new era for wealth management in an increasingly digital and globalised world

Experts:Cecilia Bjerke-Quirke, Country Manager Sweden, Foyer InternationalRoberth Josefsson, Sales Director Sweden, Swiss Life Luxembourg Daniel Starberg, Senior Wealth Planner, Lombard Intermediation Services

Moderator:Marc Lauer, Vice-Chairman, Luxembourg Insurance and Reinsurance Association (ACA)

Panelists

Page 23: A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL ... · a new era for wealth management in an increasingly digital and globalised world

Non Life Local Market

[POURCENTAGE] Non Life Insurance

abroad [POURCENTAGE]

Life Insurance Local Market

[POURCENTAGE] Life Insurance

abroad [POURCENTAGE]

Cross-border life insurance expertise

Source: Luxembourg Insurance and Reinsurance Association (ACA), Q4 2016

Luxembourg Insurance Premiums

Page 24: A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL ... · a new era for wealth management in an increasingly digital and globalised world

Source : ACA Source : Commissariat aux Assurances (CAA)

20,4

13,5

19,818,4

21,919,7 20,3

0

5

10

15

20

25

2010 2011 2012 2013 2014 2015 2016

PremiumsBn €

82,4 85,7101,1

111,1

136,6148,7

159,8

020406080

100120140160180

2010 2011 2012 2013 2014 2015 2016

Assets under ManagementBn €

Life insurance

Page 25: A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL ... · a new era for wealth management in an increasingly digital and globalised world

Cross-border life insurance expertiseLife Insurance Premiums 2016 - Split

Source : Luxembourg Insurance and Reinsurance Association (ACA)

Page 26: A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL ... · a new era for wealth management in an increasingly digital and globalised world

Source : Luxembourg Insurance and Reinsurance Association (ACA)

377258

1140

287169

1359

960

0

200

400

600

800

1000

1200

1400

1600

2010 2011 2012 2013 2014 2015 2016

PremiumsMn €

1,61,4

1,61,8

1,2

2,8

3,7

0

0,5

1

1,5

2

2,5

3

3,5

4

2010 2011 2012 2013 2014 2015 2016

Assets under ManagementBn €

Luxembourg life insurance for Swedish customers

Page 27: A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL ... · a new era for wealth management in an increasingly digital and globalised world

Principle (since 1994): 1 European country authorised to market its products and provide cross-border services in other European states

3rd European life insurance directive framework

27

26,46 billion € Contract law

=Policyholder country of residence

Luxembourg prudential rules

Page 28: A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL ... · a new era for wealth management in an increasingly digital and globalised world

_  bank_  insurance_  reinsurance _  securities_  Investment funds_  EU passport being implemented_  hedge funds_  private equity_  real estate

EU Passport

28

26,46 billion €

1 500 KM

2 100 KM

LUXEMBOURG

2 100 KM

Page 29: A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL ... · a new era for wealth management in an increasingly digital and globalised world

Clients’ needs

FlexibilityPrivacy

Asset & Investor protection

Insurance Tax Framework Portability

Estate Planning

Page 30: A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL ... · a new era for wealth management in an increasingly digital and globalised world

_  CAA Investment rules _  Quarterly checks _  Protection against creditors_  Separation of clients' assets_  ‘Super Privilege’

Luxembourg’s unique policyholder protection

CAA

Insurer

Policy -holder

CAA Approved Custodian

Bank

Page 31: A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL ... · a new era for wealth management in an increasingly digital and globalised world

INSURER

Key players

Policyholder

CAA

Tax Advisor

Legal Advisor

Family Office

Asset Manager

Intermediary Custodian Bank

Page 32: A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL ... · a new era for wealth management in an increasingly digital and globalised world

Authorised financial instruments

* Circular letter 15/3 (CAA)

Specialised Investment Funds Unlisted assetsAssets with reduced liquidityHedge fundsRaw materialsPrecious metals

External fundsUCITSEquitiesBonds

Other EU countries

Luxembourg*

Page 33: A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL ... · a new era for wealth management in an increasingly digital and globalised world

Why choosing Luxembourg life insurance?

Taxation of the country of policyholder country of residence

Centralisation of financial assets and estate planning while abroad

Centralisation

Security triangle with separated assets

Dedicated FundsSpecialised Insurance Funds

Tax neutrality Policyholder protection

Tailor-made Management

An integrated and sophisticated solution