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Publié le 18/06/2020 par

MANAGING THE CRISIS IN THE FINANCIAL SERVICES SECTOR

MANAGING THE CRISIS IN THE FINANCIAL SERVICES SECTOR

SINCE THE MIDDLE OF MARCH, LUXEMBOURGISH COMPANIES AND COMPANIES FROM ALL OVER THE WORLD HAD TO ADAPT TO THE COVID-19 CRISIS.  HERVÉ COUSSEMENT GIVES US A GENERAL OVERVIEW: CRISIS MANAGEMENT, INVESTMENT FUNDS INDUSTRY, COMPANY MANAGEMENT AND CONSEQUENCES FOR THE FUTURE.

 

ALFI has witnessed 121 billion losses in AuM over the past few months. In 20 years of your career, could you have predicted such a crisis and anticipated the risks?

The stock markets had reached considerable highs in 2019 as never seen before in market history. These levels did not represent the real economy, which could have led to predictions of a new financial crisis before the end of 2020 or beginning of 2021. However, nobody had imagined the covid-19 pandemic the way it would affect not only the financial markets but also the entire global economy. At the end of January 2020, our office in Hong Kong raised the alarm, saying that Europe was not understanding the seriousness of the situation concerning the impact of the virus. This early warning allowed us to organise ourselves and prepare for this crisis in a very timely manner, even though the gravity of the situation was very difficult to predict. 

Once the Luxembourgish government announced the guidelines for the pandemic, we were able to react very rapidly. Fortunately, we had prioritised the development of technologies over the past few years. Our teams worked on developing digital tools like Lemanik Connect or different remote working systems, allowing almost our entire employees to be able to work from home in the most comfortable way possible.

In your opinion, why has there been such an impact on the financial markets? What conclusions can we draw?

We have a tendency to forget that the financial markets depend primarily on all the economy of real assets. With the Covid-19 crisis, all industry sectors are affected, implying strong consequences for traditional investments funds. However, unlike in the financial crisis of 2008, we are not witnessing massive redemptions by investors who, despite losses of the capital, are keeping their positions in investment funds. (...)

 

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