David Suetens
Executive Vice President and Country Head of State Street Bank Luxembourg
Finance / Luxembourg
“We represent roughly 25% of the fund industry”
As the largest single player in Luxembourg’s fund industry by assets, State Street has come to discover why the Grand Duchy has become such a global success in this financial service. David Suetens, the bank’s country head, explains.
What role does your bank play in the fund industry, and what explains Luxembourg’s rise?
When Luxembourg crossed the record €4 trillion mark, State Street crossed the $1 trillion threshold, and now we represent roughly 25% of the fund industry. Luxembourg is unique in that its innovation agenda is dedicated to the fund industry, making it a highly attractive and efficient platform for fund distribution to asset managers and investors. Moreover, it also offers a very specialized business environment that focuses on asset managers and providers.
What makes the bank stand out in the fund industry?
Given our global footing, we often attract clients from newer markets into Luxembourg, including Asia, South Africa and Latin America; with Luxembourg funds often seen as best-in-class for governance and regulatory oversight.
What are some of your main growth strategies?
State Street is a leading provider of ETF servicing not only in Luxembourg, but also globally. This is definitely a differentiator for the future. We are one of the sole providers that offer a combined package within Luxembourg, which includes fund accounting, custody, and the transfer agent, which monitors and calculates impacts on the funds.
How are you adapting to new regulations?
New regulations are creating further pressures on our clients; we can help them navigate this challenge through our regulatory offering. Safeguarding our clients’ assets and offering these specific regulatory solutions allows our clients to focus on their core investment mandate.
