Driving trust, innovation and talent: Luxembourg’s depositary banking sector in focus

The Depositary Banking & Custodian Services Survey 2025, conducted by the ABBL in collaboration with KPMG Luxembourg and the CSSF, sheds new light on how Luxembourg’s depositary and custody sector is evolving to meet market, regulatory, and technological change.

Now in its fourth edition, the survey confirms the sector’s strong performance and resilience, with:

• €7.54 trillion in total assets under deposit in 2024 (+13%)
• €3.95 trillion in total assets under custody (+9.7%)
• 92% growth in ELTIFs

The report highlights an ecosystem that continues to diversify across asset classes, embrace digitalisation, and reinforce operational excellence. It also explores workforce transformation and the growing importance of innovation and talent to sustain Luxembourg’s leadership as a trusted international fund hub.

A renewed leadership for a transforming sector

Alongside the release of this year’s survey, the ABBL welcomes Brenda Bol, Country Head and Managing Director of Cecabank SA, Luxembourg Branch, as the new Chair of the Depositary and Custodian Banking Cluster (DBCL).

With over 25 years of experience at institutions such as The Bank of New York, Brown Brothers Harriman, and Clearstream Banking, Brenda brings deep expertise in governance, regulatory engagement, and innovation. Her appointment reflects the ABBL’s continued focus on strengthening collaboration and foresight in this strategically important sector.

“The Luxembourg depositary and custodian banking sector stands at a pivotal moment. We are navigating an environment defined by regulatory complexity, digital transformation, and evolving market expectations—but these challenges also bring new opportunities,” explains Brenda Bol.
“By leveraging automation, data analytics and innovation, Luxembourg can lead the way in digital custody, tokenisation, and sustainable finance servicing. And to sustain this leadership, we must continue investing in education, upskilling, and attracting new professionals to our field.”

As Chair of the DBCL, Brenda aims to deepen dialogue between industry, regulators and academia, ensuring that the sector remains a cornerstone of trust, transparency and talent development in Luxembourg’s financial ecosystem.