CFA Society Luxembourg

A Member of the CFA Institute Global Network of Societies


 Soft skills event: Influencing Skills - February 2018

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On Ferbuary 19th, Chris Lemke presented Members with tools to increase their influencing skills through the examination of the different influencing styles, how to identify one's own, and how to adapt it to the audience.

 New Year’s Cocktail - January 2018

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On January 16, 2018 braving the cold wet weather, about 60 CFA Society Luxembourg members came out to celebrate the New Year together. Guests were able to network and catch up over cocktails and hors d’oeuvres at The Game in the Kirchberg Kinepolis complex. 

 Charter Award Ceremony 2017

On the evening of December 5, 2017, CFA Society Luxembourg held its annual Charter Award Ceremony at Cercle Munster. Twenty-four new Charterholders were present to receive their diploma and listen to Kati Eriksson, CFA, Presidents’ Council Representative for EMEA-West, share her inspiring journey in the CFA Program. Congratulations to our new Charterholders and welcome! 


 ​ Event on Sustaining Long-Term Economic Growth - November 2017

​On November 29, Michael S. Falk, CFA visited from the Chicago region of the US as part of a multi-leg European Travelling Conference and presented his recent work done in conjunction with the support of the CFA Institute Research Foundation. His talk was highly interactive and dynamic as he illustrated to the audience how we might re-imagine health care, retirement and education policies to usher a new ERA (from Entitlement to Re​sponsibility with Appreciation) of sustainable long-term economic growth. Hardcopies of the CFAI Research Foundation works were available to event participants. Members can learn more about Mr. Falk's views and the book here and directly obtain a softcopy (Acrobat version) of the work here.

 Real Estate Risk Management under AIFMD Event - October 2017

On the evening of Wednesday, October 25, 2017 and in cooperation with CAIA and the The Royal Institution of Chartered Surveyors (RICS), participants were able to learn more about the final version of the RICS guidance note on “Real Estate Risk Management under the AIFMD” from seasoned industry veterans Jürgen Wiegand, MRICS and Jean-Eric Vimont, MRICS. They shared a recent paper that they co-authored reviewing the topic and impact in the industry. Following a lively Q&A session, members were able to speak informally with the presenters at the networking cocktail.

 Bocconi Series 2017: From Nudging to Engaging in Pensions - October 2017

​​On the evening of Tuesday, October 17, 2017, Professor Barbara Alemanni from SDA-Bocconi spoke to Society members and Bocconi alumni on the topic of retirement saving in personal finance. She demonstrated current schemes and highlighted some advantages of nudging people to save further to be ready for retirement. Using concepts from behavioural science, she demonstrated how future retirees can better their situation and how governments and companies can work together to make a stronger system going forward, with more support from the personal pillar. Both the Bocconi alumni and CFA Society members enjoyed a networking cocktail afterward.

 ​ Back2Work Drink - September 2017

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On September 18, after the summer break, roughly 70 CFA Society Luxembourg members came out to network and catch up over cocktails and hors d'oeuvres at The JFK.

  European Stability Mechanism Event - June 2017

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On the evening of June 12, Mr. Kalin Anev Janse from the ESM and EFSF spoke to CFA Society Luxembourg about Europe's comprehensive policy reaction to the Euro debt crisis of 2010 and the financial support programmes from the European Financial Stability Facility (EFSF) and the European Stability Mechanism (ESM). Coinciding ​with the announcement of the approval to grant Greece additional aide, the discussion timely demonstrated to participants how public-sector programmes work and provided a limited outlook on future steps.

 Post-Exam Drink - June 2017

Post Exam drinks pic 3.jpg Post Exam drinks pic 7.jpgOn June 6, approximately 75 CFA Society Luxembourg members and CFA Program Candidates met up at The JFK to celebrate havin​g sat for the June 2017 CFA Exam. Experiences were shared and relief abounded as Candidates took a break in their CFA journey to network and relax.

 Putting Investors First Event - May 2017

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As part of CFA’s global Putting Investor’s First initiative, on May 16, Lena Komileva, Managing Partner and Chief Economist at G+ Economics discussed the mega trends that have shaped the course of the finance industry's direction. She offered insight into the macro-systemic factors that continue to shape the strategic value proposition of the investment profession and influence both planning decisions and human capital investment ahead as investment managers strive to focus on their investors’ needs.

 Round Table on Regulatory Functions in Portfolio Management - April 2017

Rountable pic.jpgOn April 26th, Luxembourg CFA Society Board members Léon Kirch, CFA and Marc Fohr, CFA participated in a panel discussion at the Hotel Le Royal on the Added-Value of Regulatory Functions to Portfolio Management. In collaboration with ALCO, ALRiM and IIA Luxembourg, the event attracted over 100 people and provided the audience with many different perspectives on how the changing regulatory landscape is affecting their activities. A special thanks to both Léon and Marc for participating and voicing their views.

 Soft-Skills Event on How to Network Effectively - April 2017

In early April 2017, a soft-skills event on effective networking was given by CFA Society Luxembourg Director, Christoph Lemke. His extensive knowledge in HR, training and personal development facilitated the instruction of approximately 35 members who received an introductory course in effective networking. Attendees rotated in pairs and worked to put into practice some of the techniques and golden rules that were imparted to them. A more advanced session may be offered at a later date (as well as other related subjects), so keep watching this space.

 Blockchain Event - February 2017

Blockchain Event pic.jpgOn February 27th, 2017, CFA Society Luxembourg welcomed Mr. Thibault Chollet, Director Technology & Enterprise Application from Deloitte Tax & Consulting. He spoke about how Distributed Ledger technology (also known as Blockchain) is bringing disintermediation to all industries.

Thibault shared with the audience his views on how the whole fund sector will be affected as it continues seeking levers for process optimization. Particularly affected could be financial service intermediaries such as transfer agents, fund registries, and fund administrators. Considering that the fund sector represents a very important part of its economy, Blockchain has the potential power of an earthquake, which could have important effects on the entire Luxemburgish financial services industry.​

 ​Post-Exam Drinks - June 2016

After the June 4th CFA exam, where more than 350 Candidates in Luxembourg sat one of the three levels of the exam, CFA Society Luxembourg congratulated them on their efforts at the annual Post-Exam Drink on June 7th. More than 100 people came to JFK to talk about the recent exam over drinks and snacks.​ ​

 ​Investing in Music Event - May 2016

On May 25, Mr. Johan Ahlström from Kobalt Capital came to share with CFA Society Luxembourg the advantages of investing in music royalties. In a period of low bond yields, this alternative asset class was shown to attract participant’s interest. By describing how such an investment fund functions from collecting royalty revenue streams to managing the ownership of the royalties, investors were able to get a better insight into the capabilities of this unique investment vehicle, which shows little correlation to the economic cycle.​

 Putting Investors First Event - May 2016

CFA Society Luxembourg hosted a Putting Investors First event on May 11 with Mr. Rhodri Preece, CFA, head of Capital Markets (EMEA) at CFA Institute, during which he presented insights from his research on the new regulatory environment impacting cross-border funds distribution and retail financial services. Mr. Preece was also joined by Mr. Julien Schmid from Deloitte & Touche, who shared what some practitioners were doing in reaction to the changing environment. Putting Investors First Month takes place each May and is a global initiative created to build awareness around the importance of putting clients first and their duty to protect investor interests.​

 ​Performance Measurement & GIPS Event - March 2016

On March 21, 2016 Mr. Geoffrey Hecht from Ash​land Partners in New York came to present different approaches in performance measurement and applications toward alternative asset classes as well as implications for GIPS. Practitioners were able to ask him a variety of different questions and he shared his experience and knowledge gained from multiple client engagements. For members keeping track of their CE activities, the event qualified for SER credit.​ ​

 Added Value of Interaction between Risk and Portfolio Management - October 2015

​On the evening of 14 October 2015, Dr. Luc Neuberg, CEO of BCEE Asset Management, presented his views on the importance of risk management​ in portfolio management to CFA Society Luxembourg. He drew upon his extensive experience to passionately demonstrate the importance of this interaction and the benefits of enhanced collaboration. Moving risk management from an activity where limits are checked and reported to one where more active input can be used to shape strategy and portfolios for the future would be highly beneficial. Employing some models used in practice, he illustrated how probabilistic methods generated by risk managers could aide in asset allocation decision-making and called for more use of them, since they aide in establishing a coherent and consistent decisional framework. Reviewing the history of risk management over the past decades, he agrees the activity has come a long way, but has much further to go in order to generate synergies that will give the ultimate clients a better result. CFA Society Luxembourg was grateful to be enlightened by his discussion.

 A discussion of On- and Offshore Renminbi (RMB) Bond Markets

Wednesday, February 11, 2015

in partnership with



Approximately 35 members of the Luxembourg CFA Society gathered at the Sofitel in Kirchberg to listen to an interesting presentation on the Renminbi Bond Market by Prof. Jot Yau (Seattle University), Glenn Ko (UBS), and Bing Li (ICBC).


 Jot Yau and Glenn Ko (pictured left) began with a review of the evolution of the Offshore Renminbi Bond Market (aka Dim Sum Bonds). The market first appeared in 2007 with an issue in Hong Kong, and a total of 5 bonds were issued in 2007. The market has developed significantly since 2007, with 191 issues in 2014, with Hong Kong remaining the leading market. At the same time the market has been diversifying with issuers from industry, and governments. The tenor of the bonds remains short term, with 80% of the bonds being of 2 or 3 years. 38% of the bonds are rated with the interesting anecdote that the funding cost of the rated issues is higher than the non-rated issues. Glenn Ko put forward the theory that this is a result of the more credible issuers feeling that they don’t require a rating, so it is the lower quality issuers that have their bonds rated. Of the bond issues, 51% are listed on exchanges, with the top exchanges being Hong Kong, Singapore, Luxembourg, London and Dublin. Investors in the bonds are mostly in Asia (88%), with the remainder (12%) in Europe.

There is an increasing demand for Renminbi, which has risen to 5th in a ranking of currencies used to settle international payments from 13th one year earlier. With the tightening of the Chinese economy, the offshore market has become more attractive to Chinese issuers. In comparison to the USD bond market there is less liquidity and issuances are smaller – investors tend to buy and hold – however the presenters expect the market to continue to grow.

Bing Li then gave a presentation on the onshore Renminbi bond market, which is the third largest bond market in the world, after the US and Japan – and at USD 5.75tn much larger than the offshore market. The development of the bond market has reduced reliance on banks for financing. A series of reforms starting in 1981 have gradually opened up the bond market, by creating different markets for trading, eventually leading to opening up to individual savers (in 2002) in the OTC market. The interbank market dominates the other markets and commercial banks dominate most of the markets. Of the bonds issued, 60% of the value is rated AAA, with defaults being exceedingly rate in China. The first default occurred in 2014, when an issuer was unable to make payment, however that payment was later rectified. Yields are 3-4.5% for maturities up to 30 years. Questions from the audience followed and further illuminated the potential of this category of investments.


Written by: Iain Hackston, CFA

 10th Anniversary Celebrations




On 10 June 2013, we celebrated our 10th Anniversary during which we were honoured to welcome:
H.E. Mr Luc Frieden
Minister of Finance of the Grand Duchy of Luxembourg
Mr Frederic P. Lebel, CFA 
Board of Governors, CFA Institute
Mr Nitin Mehta, CFA 
Managing Director EMEA, CFA Institute  
Our keynote speakers presented the CFA Institute Future of Finance project, a long-term global effort to shape a trustworthy, forward-thinking financial industry that better serves society.  The project aims to provide the tools to motivate and empower the world of finance to commit to fairness, improved understanding, and personal integrity.
Together with CFA Institute, we will continue to be a driving force working with regulators and other stakeholders to shape an investment industry that serves the interests of investors and society.

 One of the first outputs from the project is the Statement of Investor Rights, a list of principles intended to help buyers of    financial service products demand the conduct they are entitled to expect from financial service providers.
The Future of Finance project is focused on six primary topics of interest for all who rely on finance:


• Financial Knowledge - Empowering investors to make better decisions
• Putting Investors First - The fiduciary duty to protect investor interests
• Regulation & Enforcement - Protecting investors and preserving capital market integrity
• Retirement Security - Sensible solutions to protect pension systems worldwide
• Safeguarding the System - Promoting stability and minimizing systemic risk
• Transparency & Fairness - Standards to promote an open and honest financial system

The cocktail recepetion was Kindly supported by J.P. Morgan Asset Management.


Read about our event in the press:

Ethik ist ein Erfolgsfaktor - Tageblatt

Une charte professionnelle d’excellence - Luxemburger Wort

Doing the right thing - Luxembourg for Finance

L'homme pressé - Journal