Luxembourg Minister of Finance Pierre Gramegna highlights complementarity between the financial centers of Paris and Luxembourg

Luxembourg Finance Minister Pierre Gramegna, is today in Paris with a delegation of professionals of the financial sector on the occasion of a seminar for bankers and fund managers held by LFF.

Commenting on the delegation’s visit, Luxembourg´s Finance Minister reinforced the long-standing economic ties uniting the two countries and how their strengths can be leveraged to mutual benefit.

French financial institutions have a long-established presence in Luxembourg, which dates back to the 1890s. France is the second largest player in Luxembourg with a total number of 15 banks, while some are also among the highest employer in the country. A great number of these institutions have decided to use Luxembourg either as a hub or as a competence centre for their private wealth management activities.

The majority of French asset managers use Luxembourg as their global distribution platform for investment funds. As of late 2014, 49 French promoters and locally based asset managers in Luxembourg managed a total of euros 299.4 million.