Luxembourg is looking to expand their international finance cooperation with Singapore on the basis that both countries share the best practice in private banking and asset management industries and are two key international finance centres. The country is attractive to investors and fund promoters thanks to its legal framework; Luxembourg is an open door to Europe as is Singapore to Asia therefore it seems evident to improve connections between the countries.
The growth of Luxembourg’s assets under management was largely due to net inflows, increasing by €94bn in the first quarter of 2014 to a record peak of €2.7trn; 49 out of the top 50 Singaporean asset management groups are based in Luxembourg and 1,678 out of 2,418 of Luxembourgish funds registered for distribution are based in Singapore.
