L-R: Stacey Cunningham, President of the NYSE; Pierre Gramegna, Minister of Finance; John Tuttle, NYSE Vice President and COO;
Credit: NYSE
Luxembourg's Minister of Finance Pierre Gramegna visited Boston and New York from 16 to 18 October 2019 for a financial promotion mission.
In Boston, Pierre Gramegna had high-level meetings with senior asset management groups such as Brown Brothers Harriman and Fidelity Investments, State Street Corporation. He also visited the insurance group Liberty Mutual, which chose Luxembourg as the basis for its European operations in the framework of Brexit.
Discussions focused on the strategy and priorities of these groups for the European and Luxembourgish market. In this context, new opportunities for cooperation were examined in the areas of sustainable finance and the digitisation of financial services. These meetings were also an opportunity for the Finance Minister to share his understanding of current issues such as Brexit and the economic and political situation in Europe.
In New York, Pierre Gramegna attended the opening of the New York Stock Exchange (NYSE) and had an exchange with Stacey Cunningham, NYSE President, and Vice President John Turttle on the latest developments in the financial sector in Europe and the United States.
Minister Gramegna, together with the new CEO of JP Morgan Asset Management, George Catch, and the CEO of JP Morgan Wealth Management Solutions, Brian Carlin, then took stock of the role that the Luxembourg financial centre now plays in the group's post-Brexit strategy and how relationships can be strengthened in the field of wealth management and investment funds. Minister Gramegna also met with representatives of Nuveen, a very active player in sustainable finance and one of the world leaders in the field of alternative fund management.
As part of this promotional mission, Luxembourg's Finance Minister also spoke at conferences organised by the Luxembourg Association of Investment Funds Industry (ALFI) for professionals in the financial sector. In his opening speech, Pierre Gramegna emphasised the importance and the potential of green and sustainable finance in the fight against global warming and the pioneering role played by Europe and more particularly Luxembourg in this domain.
Pierre Gramegna stated: "The United States is Luxembourg's most important financial partner outside the European Union. Fund managers of US origin represent about 20% of the entire Luxembourg financial centre and our financial centres, representing the two largest fund industries in the world, have a special relationship, which we need to develop further, particularly in areas of FinTech and sustainable finance".
The Minister of Finance will continue his trip to the United States in Washington from 18-19 October 2019, where he will attend the annual meetings of the World Bank and the International Monetary Fund.
