Opening session: Luxembourg, futur composé
Par Fouad Rathle, President at IFBL
Branch Manager at Garanti Bank Luxembourg and Board Member at ABBL
Portrait de la place financière et des talents à l'oeuvre
• la situation aujourd'hui
• ce qu'il faut faire
• ce qui est fait
• ce qui reste à faire...
Au cours des 10 dernières années la tendance de l'augmentation des qualifications au secteur financier luxembourgeois s'est accélérée de manière considérable. En 2008, le taux des employés des membres de l’ABBL qui ont au moins un diplôme de type « master » ou du type « bachelor ». Cette tendance reflète la complexité et la diversification croissantes du monde financier.
Il est évident qu’un haut niveau d’études représente un point de départ idéal. Il est toutefois indispensable que les employés du secteur financier se tiennent au courant des derniers développements financiers, réglementaires, légaux et fiscaux. Dans un environnement financier en flux permanent, la formation continue est devenue incontournable.
L'IFBL
L’Institut de formation bancaire (IFBL), fondé par l’ABBL en 1990, offre des formations adaptées aux besoins de la place financière du Luxembourg et de ses acteurs. Les formations sont orientées vers la pratique et se greffent par conséquent parfaitement sur le quotidien professionnel des participants. En collaboration avec des organisations professionnelles nationales et internationales, l’Institut a aussi développé un nombre de qualifications dans des domaines professionnelles spécifiques, notamment dans les domaines de la Compliance, des fonds d’investissement, de la banque privée, des marchés financiers, des marchés des capitaux et du financial risk management. Fouad Rathle Opening Session
LUXEMBOURG, FUTUR COMPOSE
Ladies and Gentlemen, Dear Colleagues
Cpt. Basil Liddleheart, the father of mechanized warfare inspired from the Peloponnese wars developed his “Strategy of Indirect warfare”, and postulated that against difficult odds commanders should develop a series of side shows, of strategic “distractions”. Not all generals have followed his advice, but many politicians use it regularly, especially across our borders.
Indeed foreign politicians seeking to distract their public from their own local problems, and aided and abetted by a possy of foreign journalists in search of inspiration have perpetrated this urban legend that our private banking activities are centered around banking secrecy, with the suggestion that we merely open accounts designed to protect the identity of customers, who in turn proceed to effect all sorts of nefarious transactions, and offer no portfolio management services of any kind.
The reality is different.
We DO dispense investment advice to our clients.
The private bankers of Luxembourg are an experienced, respectable, and thoroughly competent body of men who are just as jealous of their reputation as they are concerned by the welfare of their clients.
For various reasons, costing for instance, economies of scale, it was deemed judicious in many financial institutions - and it was- to refer to their head offices, which could draw on larger resources in research and portfolio management. For a long time we have accepted this logic, and operated in this way; recent events, however, have strengthened the resolve of many of us to develop further existing capacities, and grow a strong, stronger, local base of private banking practitioners. This can only be done in a durable manner by building a broader base of experts, and do it in Luxembourg. To that effect, a course dealing with that specific concern had to be designed.
This is what we’ve done.
In 2008 The Institute, at the behest of the ABBL and mandated by its Private Banking Cluster, we created an English-based 180 hrs portfolio management course, The “IFBL Certified Private Banker”, with the following course content:
Legal and regulatory framework,
Portfolio management,
Wealth management,
Alternative investments,
Interpersonal skills,
Knowledge transfer workshops
This was closely followed in 2009 by the “Certified International Wealth Management” course, developed in partnership with the Swiss Institute the Association of International Wealth is a natural evolution of our earlier and very successful PBing course, indeed a high level training that will confer upon its takers international recognition…
The topics covered include
Wealth Management,
Real Estate,
Behavioral Finance,
Tax & Wealth Planning,
Relationship Management,
and is dispensed over 129 hrs of teaching, each hour requiring six hours of preparation from the student. I am told the rate of success is estimated at 60 %.
Finally we have also launched in the same year the “Tax Planning for PB Advisors “a 100 hrs. course, made of 8 modules targeting French and Belgian tax systems.
In the period 2008-2010 we‘ve had 51 participants to the CPB, 22 participants to the CIWM, and some 359 enrolments in the Tax courses.
This is an encouraging start, and I believe it is now a trend; I am confident that we are moving forward, and that any upheavals that may have befallen us will be largely compensated by a stronger, better equipped economy.
“for everything there is a season, a purpose under heaven,
A time to reap, a time to sow…”
We have reaped a lot, now is the time to sow.
Luxembourg has a formidable momentum of Inertia ( and I use this in the mathematical sense), it has the largest number of banks per capita, a sophisticated and multilingual financial administration task force, a strong yet flexible regulator, in short, it has everything to become a major financial player in tomorrow’s world.
I know my colleagues in management have to manage the crisis, and they have had to contend with awkward questions like balancing their budget, pressure from their head office, sometimes even dealing with difficult and exacting issues like cost cutting; I would however respectfully suggest that the recovery has to be planned, and that those who have the resources and who have prepared themselves will take the lead… so maybe this is time the to look at your future recruits.
AND BOOK COURSES FOR THEM AT THE IFBL!
PART II
When I came to Luxembourg in January 1990, I was told of the “Mir wellen bleiwen wat Mër sin” dictum, suggesting a measure of advanced conservatism.
I must say that events have revealed that reality is quite different, that Luxembourg, its people, its Government have not only a highly developed talent for responsive action, but a genuine capacity to analyze problems, formulate solutions, and rally around a common cause.
I know this has often been said, but I must underline the fact that this state of affairs is only rendered possible thanks to the attitude of our authorities, accessible, responsive and attentive to the needs of the financial community, and indeed the other social and professional communities.
This will become sorely necessary in future years. To survive this international crisis and other imported future ones, to survive the new challenges meted by an ever rising cost base, driven by the increasing regulation climate, we will need to do all the things I mentioned, but I suspect we will be required to do more, to go further in reinventing ourselves. We will need to add new products and indeed new skills, as well as provide more traditional services. What and how remains to be determined, but Islamic finance services, maybe in funds, could be a lead; traditional corporate credits and project finance could be another way. But more is needed, and not necessarily in finance. I will skip the usual about work permits, more housing, more entertainment, more transport, etc, but it is clear that any expansion in economic activity has to be carried, lifted, supported by an equal if not greater amount of technicity, innovation , and technological advance.
Together, in as many groups as possible, from all sectors of the nation, and disregarding the usual issues of competition, we must systematically and critically analyze the paths opened to us, assess the importance of the task that lies ahead, and act in consequence. We must be assisted in this by the authorities and the regulators.
The old notions of management/workers, natives/foreigners, men/women, all this must be cast aside if we are to survive. This is a time of efforts, a time for builders, a time for men and women of good will to band together, for the greater common good.
Branch Manager at Garanti Bank Luxembourg and Board Member at ABBL
Portrait de la place financière et des talents à l'oeuvre
• la situation aujourd'hui
• ce qu'il faut faire
• ce qui est fait
• ce qui reste à faire...
Au cours des 10 dernières années la tendance de l'augmentation des qualifications au secteur financier luxembourgeois s'est accélérée de manière considérable. En 2008, le taux des employés des membres de l’ABBL qui ont au moins un diplôme de type « master » ou du type « bachelor ». Cette tendance reflète la complexité et la diversification croissantes du monde financier.
Il est évident qu’un haut niveau d’études représente un point de départ idéal. Il est toutefois indispensable que les employés du secteur financier se tiennent au courant des derniers développements financiers, réglementaires, légaux et fiscaux. Dans un environnement financier en flux permanent, la formation continue est devenue incontournable.
L'IFBL
L’Institut de formation bancaire (IFBL), fondé par l’ABBL en 1990, offre des formations adaptées aux besoins de la place financière du Luxembourg et de ses acteurs. Les formations sont orientées vers la pratique et se greffent par conséquent parfaitement sur le quotidien professionnel des participants. En collaboration avec des organisations professionnelles nationales et internationales, l’Institut a aussi développé un nombre de qualifications dans des domaines professionnelles spécifiques, notamment dans les domaines de la Compliance, des fonds d’investissement, de la banque privée, des marchés financiers, des marchés des capitaux et du financial risk management. Fouad Rathle Opening Session
LUXEMBOURG, FUTUR COMPOSE
Ladies and Gentlemen, Dear Colleagues
Cpt. Basil Liddleheart, the father of mechanized warfare inspired from the Peloponnese wars developed his “Strategy of Indirect warfare”, and postulated that against difficult odds commanders should develop a series of side shows, of strategic “distractions”. Not all generals have followed his advice, but many politicians use it regularly, especially across our borders.
Indeed foreign politicians seeking to distract their public from their own local problems, and aided and abetted by a possy of foreign journalists in search of inspiration have perpetrated this urban legend that our private banking activities are centered around banking secrecy, with the suggestion that we merely open accounts designed to protect the identity of customers, who in turn proceed to effect all sorts of nefarious transactions, and offer no portfolio management services of any kind.
The reality is different.
We DO dispense investment advice to our clients.
The private bankers of Luxembourg are an experienced, respectable, and thoroughly competent body of men who are just as jealous of their reputation as they are concerned by the welfare of their clients.
For various reasons, costing for instance, economies of scale, it was deemed judicious in many financial institutions - and it was- to refer to their head offices, which could draw on larger resources in research and portfolio management. For a long time we have accepted this logic, and operated in this way; recent events, however, have strengthened the resolve of many of us to develop further existing capacities, and grow a strong, stronger, local base of private banking practitioners. This can only be done in a durable manner by building a broader base of experts, and do it in Luxembourg. To that effect, a course dealing with that specific concern had to be designed.
This is what we’ve done.
In 2008 The Institute, at the behest of the ABBL and mandated by its Private Banking Cluster, we created an English-based 180 hrs portfolio management course, The “IFBL Certified Private Banker”, with the following course content:
Legal and regulatory framework,
Portfolio management,
Wealth management,
Alternative investments,
Interpersonal skills,
Knowledge transfer workshops
This was closely followed in 2009 by the “Certified International Wealth Management” course, developed in partnership with the Swiss Institute the Association of International Wealth is a natural evolution of our earlier and very successful PBing course, indeed a high level training that will confer upon its takers international recognition…
The topics covered include
Wealth Management,
Real Estate,
Behavioral Finance,
Tax & Wealth Planning,
Relationship Management,
and is dispensed over 129 hrs of teaching, each hour requiring six hours of preparation from the student. I am told the rate of success is estimated at 60 %.
Finally we have also launched in the same year the “Tax Planning for PB Advisors “a 100 hrs. course, made of 8 modules targeting French and Belgian tax systems.
In the period 2008-2010 we‘ve had 51 participants to the CPB, 22 participants to the CIWM, and some 359 enrolments in the Tax courses.
This is an encouraging start, and I believe it is now a trend; I am confident that we are moving forward, and that any upheavals that may have befallen us will be largely compensated by a stronger, better equipped economy.
“for everything there is a season, a purpose under heaven,
A time to reap, a time to sow…”
We have reaped a lot, now is the time to sow.
Luxembourg has a formidable momentum of Inertia ( and I use this in the mathematical sense), it has the largest number of banks per capita, a sophisticated and multilingual financial administration task force, a strong yet flexible regulator, in short, it has everything to become a major financial player in tomorrow’s world.
I know my colleagues in management have to manage the crisis, and they have had to contend with awkward questions like balancing their budget, pressure from their head office, sometimes even dealing with difficult and exacting issues like cost cutting; I would however respectfully suggest that the recovery has to be planned, and that those who have the resources and who have prepared themselves will take the lead… so maybe this is time the to look at your future recruits.
AND BOOK COURSES FOR THEM AT THE IFBL!
PART II
When I came to Luxembourg in January 1990, I was told of the “Mir wellen bleiwen wat Mër sin” dictum, suggesting a measure of advanced conservatism.
I must say that events have revealed that reality is quite different, that Luxembourg, its people, its Government have not only a highly developed talent for responsive action, but a genuine capacity to analyze problems, formulate solutions, and rally around a common cause.
I know this has often been said, but I must underline the fact that this state of affairs is only rendered possible thanks to the attitude of our authorities, accessible, responsive and attentive to the needs of the financial community, and indeed the other social and professional communities.
This will become sorely necessary in future years. To survive this international crisis and other imported future ones, to survive the new challenges meted by an ever rising cost base, driven by the increasing regulation climate, we will need to do all the things I mentioned, but I suspect we will be required to do more, to go further in reinventing ourselves. We will need to add new products and indeed new skills, as well as provide more traditional services. What and how remains to be determined, but Islamic finance services, maybe in funds, could be a lead; traditional corporate credits and project finance could be another way. But more is needed, and not necessarily in finance. I will skip the usual about work permits, more housing, more entertainment, more transport, etc, but it is clear that any expansion in economic activity has to be carried, lifted, supported by an equal if not greater amount of technicity, innovation , and technological advance.
Together, in as many groups as possible, from all sectors of the nation, and disregarding the usual issues of competition, we must systematically and critically analyze the paths opened to us, assess the importance of the task that lies ahead, and act in consequence. We must be assisted in this by the authorities and the regulators.
The old notions of management/workers, natives/foreigners, men/women, all this must be cast aside if we are to survive. This is a time of efforts, a time for builders, a time for men and women of good will to band together, for the greater common good.
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