The Private Banking Cluster groups professionals active in private banking and wealth management with the primary objective to advocate for and promote the private banking industry, both within Luxembourg and abroad.

In a fast-changing market and regulatory environment, the qualification and professionalism of our members is our priority and key mission. By promoting standards, best practices, ethical and deontological norms we strive to continuously progress.

ABBL/CSSF Private Banking Survey

The latest CSSF / ABBL Private Banking Survey highlighted the following key findings:

  • AUM: Assets under management in Luxembourg reached a total of €508BN by the end of 2020. This is a 130% increase since 2008 (€225BN); a doubling of assets, the result of 11 consecutive years of growth
  • Wealth bands & number of accounts: Clients with assets over €20M represented 58% of total AUM at year end of 2020. The number of clients with assets of less than €1M continues to decrease (only 7% of total AUM in 2020)
  • Geographic analysis: In terms of geographic origin of assets, Europe is undoubtedly the core market (85% of total AUM)
  • Employment: The private banking sector employed 6,097 people in 2020 (6,131 in 2019)
  • Surveyed population: 54 banks, representing over 95% of the private banking industry in Luxembourg

ABBL/CSSF External Asset Managers Survey

The ABBL/CSSF EAM Survey was designed to collect relevant statistics related to the external asset managers servicing business in Luxembourg, in particular, assets booked within the Luxembourg custodian bank and assets booked within the European branches. The total AUM in Luxembourg reached the total sum of €45BN as of 30 June 2020, an amount standing 12% above the level of 2019.

Fabio

Mandorino

Adviser

Private, Corporate and Depositary Banking Adviser

Fabio Mandorino is a senior adviser in the ABBL's Member Relations unit, in charge of coordinating 3 business areas: private banking, corporate banking and custody.

Fabio studied Financial Market and Institutional Management at the Bocconi University in Milan (IT) and furthered his knowledge of impact investing at the Said Business School in Oxford (UK).