2017, a stable year for Private Banking in Luxembourg

ABBL Published 21.09.2018

Presentation of the results of the 11th CSSF / ABBL 2018 study by the Private Banking Group, Luxembourg

The evolution of assets under management of private banks in Luxembourg was stable, growing by 0.7% compared to the previous year. Total assets under management amounted to € 363.4 billion, 35% above the level reached before the 2008 financial crisis.

In terms of geographical origin of assets, the EU remains the main market. Nevertheless, banks are expanding their geographic reach in the rest of Europe as well as beyond Europe, including Latin America and the Middle East.

The Private Banking Survey of 2018 also highlights a stabilisation of the market structure. Clients with assets under management of more than € 5 million represent approximately 70% of the total assets under management for the sector.

In terms of revenue, 2017 seems to have been a rather positive year, with an overall increase of 5.5%.

After a slight decrease in the number of people employed in the private banking sector over the 2014-2015 period, this figure has now stabilised at around 7,000, covering all business and support functions.

The evolution of the private banking sector in Luxembourg remains positive, given a number of specific challenges that remain to be resolved in order to maintain the competitiveness of private banks in Luxembourg. These challenges can also be opportunities for growth and development.

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