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Lisa Backes (Hauck & Aufhäuser Fund Services) : The development of the Luxembourg fund hub had immense significance for our own growth story


German private bank Hauck Aufhäuser Lampe has been active in Luxembourg for 50 years. Today, the group is one of the largest service providers in the Luxembourg asset servicing business. We spoke to Lisa Backes, Member of the Board of ManCo Hauck & Aufhäuser Fund Services S.A., about the role of Luxembourg in the history of the bank.

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Why have you been present in Luxembourg for more than 50 years? How you perceive the Luxembourg Fund System from a German speaking perspective?

Luxembourg has a long-standing significance for Hauck Aufhäuser Lampe. In 1973, Georg Hauck & Sohn became the second German private bank to establish a subsidiary in Luxembourg: Hauck Banquiers Luxembourg S.A. The roots of Bank Georg Hauck & Sohn in turn date back to 1796, making Luxembourg a significant part of Hauck Aufhäuser Lampe's 227-year history. Today, Luxembourg is one of the bank's most important offices. Here, HAL combines a wide range of services relating to investment products - and for good reason: over the past 30 years, Luxembourg as a fund location and its industry have developed magnificently. Today, Luxembourg is the largest fund hub in Europe and is also highly regarded internationally. Many investors trust in the excellent reputation and long-standing expertise of the location and its service providers. At the same time, the regulatory framework offers good opportunities for fund launching and administration. Hauck Aufhäuser Lampe has been able to profit from the location to a particular extent with its services and owes its current market position to the great conditions offered by Luxembourg. Today, HAL is one of the largest third-party ManCos and one of the largest AIFMs in Luxembourg.

"50 years in Luxembourg, our fund hub drives growth. As a leading ManCo and AIFM, Luxembourg's fund leadership, regulations, and our ESG commitment fuel success."

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What exactly do you do in Luxembourg?

As mentioned before, Luxembourg is one of the bank's most important locations. Here HAL bundles a wide range of services relating to investment products, for example via the fund company Hauck & Aufhäuser Fund Services S.A., Hauck & Aufhäuser Alternative Investment Services S.A. or the bank branch's own custodian. In this regard, Hauck Aufhäuser Lampe is capable of offering the complete range of services for investors from a single source in a one-stop shop. This enables HAL at the same time to react to different and demands and also to offer individual services. Moreover, many employees in key central functions of the group, such as IT, Human Resources or Legal, work in Luxembourg. In 2023, Hauck Aufhäuser Lampe has more than 630 employees across all entities in the Grand Duchy, once again illustrating the importance and special growth story of the location for the bank.

What do you see as the current major challenges for Luxembourg ManCos?

The variety of topics poses challenges for the entire financial sector. For instance, the numerous new regulations - especially in the area of ESG - the fight for talent or the shift in the work environment due to artificial intelligence.

How is ESG impacting your clients and your company?

The required contribution of the financial sector to the transformation into a sustainable economy has a significant influence on the business policies of banks and financial service providers. As a company, ESG criteria have a very high priority both in our own operations, but also with our clients. In our view, the fund industry itself is pioneering the transformation of the sector towards a more sustainable financial system. We play our part by advising and supporting clients in setting up, managing, evaluating and reporting on sustainable financial products. In order to be able to do this in the best possible way, we have, for example, set up a separate unit of ESG specialists within our fund services division in Luxembourg, who deal with various topics relating to ESG regulation, data and reporting.

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