Types of Family Offices in Luxembourg Presented at LAFO AGM

The Luxembourg Association of Family Offices (LAFO) held its Annual General Meeting (AGM) in the Deutsche Bank building in Luxembourg-Kirchberg on Wednesday 30 October 2019.

LAFO was created in 2010 to contribute to the development and promotion of family office activities within and outside of Luxembourg and to establish a standard of best practice for the profession by providing continuous education and advice to the industry.

The activities of multi-family offices have been regulated in Luxembourg since the adoption of a specific piece of legislation in December 2012. LAFO was instrumental in supporting the Family Office Law of 2012. As a member of the Haut Comité de la Place financière, the association is currently working with the Luxembourg authorities to adapt and improve the Law of 2012. 

At the AGM, Serge Krancenblum, Chairman of LAFO, explained: “We have two types of family offices in Luxembourg and this makes us different from other places such as Monaco, London or Geneva. We have resident very wealthy Luxembourg or foreign families who have their family office next to them and we have also non-resident families having their top-level structures in Luxembourg, not advertised as a family office but acting fully as their investment office”.

Serge Krancenblum concluded: “Luxembourg is a very specific market. People choose to be served from Luxembourg because of the efficient ecosystem and the legal framework and not necessarily because they live here”.

On this occasion, LAFO also welcomed Christian Nolting, Global Chief Investment Officer (CIO) of Deutsche Bank Wealth Management, as keynote speaker. Mr. Nolting  presented Deutsche Bank’s “Global Economic Outlook”, which included the financial markets’ evolution since the beginning of the year and the forecast moving forward, long-term investment themes and the impact of ESG (environmental, social and governance).