Best private bank: Quintet Private Bank
Quintet Private Bank delivered a strong financial performance in 2023, showing resilience amid market volatility and inflationary pressures, while strategically expanding its investment offerings and geographic presence.
The bank demonstrated strong performance, with total group income climbing 15% to €602.4 million ($653 million), compared to €524 million the previous year. This increase was achieved despite significant market volatility and sustained inflationary pressure.
Contributing to this positive trajectory, total client assets stood at €92 billion at the end of the year, up from €86.7 billion the previous year. In tandem with these financial achievements, Quintet reinforced its organisational foundation and continued its transformation by standardising core processes and boosting agility. The firm enhanced its investment capabilities through a refreshed philosophy and new partnerships.
Notably, its recent partnership with digital investment platform Moonfare broadened access to an end-to-end digital platform offering top-tier private-market funds, while its agreement with BlackRock expanded Quintet’s investment toolkit without relinquishing decision-making control.
As part of the latter collaboration, Quintet launched the first in a series of actively managed, single asset class multi-manager UCITS funds, blending select third-party managers to support performance and diversification.
Beyond investment enhancements, Quintet pursued targeted geographic expansion. In Luxembourg, it launched a Finnish desk staffed by experienced professionals, and it continued to build its presence in Denmark, a market in which it first opened its doors in 2020.
Best international private bank: Indosuez Wealth Management
Indosuez Wealth Management had a strong year relative to its rivals in Luxembourg’s private banking space. It demonstrated a solid financial performance and expanded its product.
The bank reported net banking income of €220 million ($239 million), an annual increase of €31 million, alongside an operating result of €45.2 million. Total client assets under management jumped 11% to €34 billion as of the end of June 2024.
In tandem with its financial success, Indosuez has seen significant enhancements in its market positioning in the ultra-high-net-worth (UHNW) segment. At the end of September 2024, clients in the segment accounted for 78% of bank-wide assets under management, up from 64% at the end of December 2023. The bank established 15 new UHNW client relationships during the awards period, with each contributing over €20 million in net new assets.
In a key development, the wealth provider launched an in-house green bond fund – the first of its kind in Luxembourg to be classified Article 9 under European SFDR regulations – offering a fixed income investment with a maturity set for December 2028. An impact fund was also introduced within the Tiera Capital range, targeting global corporates that contribute to the UN’s Sustainable Development Goals, with plans for an annual impact report to track progress.
On the technology front, Indosuez Luxembourg developed a new order management system to streamline external asset manager transactions. It also rolled out MySignCorner, a digital tool for life insurance policy management.
Best for alternative investments: Quintet Private Bank
Quintet Private Bank’s alternative investments team has carved out a reputation as a leader in the alternatives space in Luxembourg through a structured, conviction-driven approach that balances cost efficiency with outperformance potential.
By employing a core-satellite strategy, the firm combines passive investments tracking major indices with actively managed satellite positions, resulting in a diversified, cost-effective portfolio. This approach enables targeted thematic investments in digitalisation, demographics, deglobalisation and decarbonisation – leveraging private markets as the vehicle for long-term structural trends.
A key area of focus is liquid alternatives, where Quintet manages a reference portfolio of up to 12 UCITS hedge funds. Designed as a defensive allocation, this portfolio provides downside protection while preserving attractive long-term returns. The firm focuses on true diversifiers – strategies offering differentiated exposure unavailable to traditional long-only managers – thereby enhancing overall portfolio resilience.
In private markets, Quintet was among the early adopters of the ELTIF structure, granting individual investors regulated access to institutional-grade alternative investments. This innovation broadens participation in private equity, private debt, private infrastructure and private real estate through clearly defined investment guidelines and regulatory oversight. The firm’s selection process, guided by independent research, ensures access to top-tier fund managers.
Additionally, Quintet has partnered with Moonfare, a Berlin-based fintech platform. This collaboration streamlines private-market investments for eligible clients via an end-to-end digital subscription process, facilitating seamless, paperless transactions and digital reporting.
Beyond investment strategies, Quintet prioritises investor education, equipping client advisers and clients with the knowledge to navigate alternative markets. Webinars, educational content and bespoke insights underscore the firm’s commitment to a comprehensive and informed investment approach.
Best for next-gen: Indosuez Wealth Management
Indosuez Wealth Management has made significant strides in addressing the needs of next-gen clients through its dedicated coverage model, which integrates wealth planning, impact investment and financing solutions under one personalised contact.
This approach is reinforced by the Indosuez Academy, designed to guide entrepreneurial families – especially their children – through seamless transitions. In parallel, its Next Gen bankers programme delivers specialised support for technology entrepreneurs. By bringing together the bank’s comprehensive expertise, clients benefit from guidance on industrial, capital and inheritance strategies, all while receiving responsible and impact-focused opportunities.
Another pillar of the bank proposition to next-gen clients is the bank’s Startup Connections platform. Developed six years ago, the platform draws on Crédit Agricole Group’s international startup accelerator network, to connect investors, business angels, and entrepreneurs across more than 40 European locations.
In 2024, it expanded its reach in Luxembourg, with early adoption demonstrating heightened engagement and new client sign-ups. Two Luxembourg startups and one from Italy are already listed, and plans are under way to extend the service to clients in Switzerland.
Another notable development was the launch of the new monthly Startup Connections newsletter, which achieved a nearly 70% open rate in March. This heightened enthusiasm was also evident at a recent client event hosted in Luxembourg, where the bank onboarded two entrepreneurial clients and received a referral to a prospect.
Best for discretionary portfolio management: BGL BNP Paribas
BGL BNP Paribas’s discretionary portfolio management (DPM) service has achieved significant progress over the past year, leveraging a globally integrated yet locally adaptable investment strategy.
Rooted in the bank’s global investment philosophy and strengthened by close collaboration with BNP Paribas Group’s economic research department, the investment decision-making process follows a two-tier framework. At the global level, committees composed of DPM teams and strategists from the chief investment office set strategic asset allocation, while regional investment committees adapt these strategies to local market conditions. This structured process ensures a balance between global alignment and flexibility in portfolio management.
In Luxembourg, a team of 11 specialised portfolio managers underpins this expertise, averaging 15 years of experience and collectively speaking seven languages. Their proactive engagement with clients – including regular follow-ups and swift responses to market events – has reinforced trust and transparency in investment decisions.
This client-centric focus is further reflected in the bank’s broad range of mandates tailored to investor needs. The Crystal mandate, accessible from €250,000 ($271,000), offers flexible asset allocation through the bank’s portfolio management system. Its Classic mandates, available from €1 million, integrate fundamental and technical analysis to refine allocation, while its Smart mandates, starting at €5 million, provide bespoke portfolios with in-depth monitoring and personalised reporting across three investment themes: asset allocation, fixed income, and global income.
A strong commitment to responsible investment is also evident in the bank’s LuxFlag-certified responsible mandates. The PMS Balanced SRI EUR mandate has demonstrated robust performance, ranking in the top five of its benchmarks with a 4.4% return over three years.
Enhancements in client experience – including improved quarterly reports via myWealth, a transparent, all-in pricing structure for new mandates, and the addition of extra-financial reporting for responsible mandates – have contributed to an 11.2% increase in assets under management. This growth underscores the strength and appeal of BGL BNP Paribas’s DPM offering.
Best for family-office services: Indosuez Wealth Management
Indosuez Wealth Management has notably strengthened its commitment to family offices, which now account for almost 80% of total assets under management in Luxembourg.
The bank welcomed eight new family offices during the awards period, bringing in €265 million ($287 million) in additional assets.
Recent developments centred on Indosuez’s drive to simplify client journeys and expand operational capabilities. In the third quarter of 2024, it introduced a streamlined onboarding procedure with multi-booking capabilities, enabling clients to move easily between various entities under a centralised booking system.
This was followed by the launch of My eSign Corner, a secure platform that digitises the entire life insurance contract process for the bank’s European entities, reducing paperwork and expediting account openings.
Indosuez also extended its booking services for private market funds, ensuring that external asset managers and family offices benefit from an enhanced proposition backed by dedicated specialists. The bank also expanded its team, appointing a new head of corporate, institutional and external asset managers in September 2024, putting the firm in a good position to leverage synergies within Crédit Agricole Group.
Best for HNW: Quintet Private Bank
Quintet Private Bank has demonstrated tangible progress in the high-net-worth (HNW) segment, in line with its ambition to be among the most powerful and relevant market leaders in private banking in Luxembourg.
Over the 12-month period ending 30 September 2024, the bank experienced significant growth in assets under management, driven by a surge in HNW client acquisitions. These results highlight the bank’s ability to attract and retain clients with €1 million-€30 million ($1.08 million-$32.6 million) in liquid assets despite competition from large international organisations and smaller local firms.
By concentrating on families’ needs and allocating them more time, Quintet differentiates itself from global competitors with greater resources. At the same time, it leverages its extensive local presence in over 30 cities to offer a richer array of opportunities than many small-scale rivals. The bank’s collaborative culture underpins partnerships with industry-leading firms such as BlackRock and Moonfare, enabling a broader investment universe for clients and reinforcing its position as a pure-play private bank.
A simplified operating model has played a central role in this success. With fewer layers of complexity and swifter decision-making closer to clients, Quintet has become more agile and efficient. This transformation also provides colleagues with new opportunities to collaborate and focus on client-centric solutions, ensuring that personal relationships and tailored advice remain at the heart of its approach. By encouraging the exchange of insight and expertise, the bank’s culture of teamwork continues to strengthen the shared sense of purpose among its employees, creating a virtuous cycle of growth and service excellence for its HNW clientele.
Best for investment research: Quintet Private Bank
Quintet Private Bank’s investment research team has demonstrated significant achievements in enhancing portfolio performance and expanding investment solutions.
Comprising 25 experienced professionals, the team plays a central role in shaping the firm’s house view, which directly influences asset allocation and investment decisions. Their open architecture approach integrates in-house expertise with external research from firms such as Morningstar, Kepler, CreditSights and Moonfare, ensuring a well-rounded investment perspective.
A key highlight of the past year has been Quintet’s strategic partnership with BlackRock, which granted access to cutting-edge analytics, technology and investment insights while preserving independent decision-making through the firm’s investment committee. This collaboration led to the launch of a series of multi-manager UCITS funds, incorporating Quintet’s ‘protect and grow’ philosophy and capitalising on long-term trends to generate alpha.
The team has also made decisive portfolio adjustments in response to market dynamics. Recognising stronger earnings prospects, it shifted allocations toward US equities while implementing downside protection through derivatives strategies amid geopolitical risks. It also enhanced diversification by incorporating asset classes such as broad commodities, European inflation-linked bonds, Asia-Pacific equities and hedge funds.
Best for philanthropic advisory: Julius Baer
Julius Baer’s innovative approach to philanthropy in Luxembourg combines structured guidance, interactive tools and hands-on engagement to foster meaningful discussions across generations.
Its eight-step methodology, supported by a range of tools, templates and best practices, enables families to engage in meaningful discussions about their values and giving strategies. Alongside one-to-one family meetings, the bank offers workshops and roundtables to share best practices in philanthropy, ensuring high-net-worth families are equipped with robust planning solutions.
A notable recent development was the launch of its “55 Ways to Discuss What Matters to You” values cards, which provide a practical framework for aligning perspectives across generations. Certified wealth planners facilitate workshops where family members identify shared principles, culminating in “3i” family philanthropy days. These gatherings inspire younger generations to contribute to the family’s philanthropic legacy. To date, the new tool has been rolled out with 600 client-facing employees, enhancing their capabilities in guiding clients through these values-based conversations.
The bank’s dedication to social impact is evident in its ongoing support for the SOS Kannerduerf Foundation, which helps children in need. The bank’s staff participated in social days at the foundation’s headquarters several times over the review period, contributing donations that bolster the organisation’s mission.
Best for succession planning: Societe Generale Private Banking
Societe Generale Private Banking has reinforced its position as a leader in wealth and succession planning in Luxembourg by integrating these services at the core of its client offering.
The bank provides an extensive suite of wealth-planning solutions, ranging from fundamental life assurance to more sophisticated structures such as dedicated family funds and family trust arrangements.
A key focus has been supporting entrepreneurs throughout their wealth journey. The bank recently established dedicated teams across its network to cater to this segment, ensuring a seamless transition from business development to wealth realisation. This initiative aligns with its broader commitment to simplifying financial complexities for clients by deploying multi-skilled teams across private banking and investment services. Wealth planning remains central to this strategy.
The bank has also undertaken digital innovation to enhance client accessibility to wealth-planning services. Clients can now utilise Kwiper, an in-house digital wealth-planning tool, and inWealth, which has further expanded mobile access to wealth-planning resources.
Engagement via digital channels has also intensified, with the introduction of expert-led podcasts allowing clients to access tailored wealth-planning advice at their convenience. Cross-border wealth planning has become an essential component of the bank’s strategy, enabling its multinational client base to navigate the complexities of succession planning across jurisdictions.
Best for sustainability: BGL BNP Paribas
BGL BNP Paribas has been a pioneer in sustainable investment, launching its first responsible mandate in 2009. Over the past 15 years, it has refined an open-architecture approach, drawing on specialised ESG expertise to evaluate investment opportunities.
The bank leverages its parent group’s proprietary ESG assessment methodology, the Clover Rating, which covers all asset classes – including funds, exchange-traded funds, equities, bonds, structured products, and private assets. Deloitte’s audit validated the robustness of this methodology, reinforcing its credibility in sustainable finance.
BGL BNP Paribas continues to expand its ESG-focused product offerings, integrating sustainability bonds and private equity funds targeting environmental and social challenges such as circular economy initiatives, energy efficiency and microfinance. A significant milestone over the review period was the launch of its Classic Profiled Responsible and Engaged discretionary mandate, which promotes active engagement with issuers through voting policies and detailed extra-financial reporting.
The bank’s commitment to ESG extends beyond investment products, with a strong emphasis on education and transparency. It has introduced comprehensive ESG training programmes and has ensured that 60% of its wealth management staff have participated in climate-facing workshops.
The bank maintains a dedicated sustainability team in Luxembourg, comprising 32 ESG analysts at BNP Paribas Asset Management, five specialists in wealth management, and four Luxembourg-based ESG professionals. Furthermore, the bank adheres to SFDR regulations and reports extensively on sustainability indicators at both entity and product levels.
Sustainable investments now represent more than half of BGL BNP Paribas’s assets under management, having grown by 60% since 2021. This rapid expansion is driven by a broader scoring scope and growing client interest in ESG solutions.
Best for UHNW: Indosuez Wealth Management
Indosuez Wealth Management continues to strengthen its Luxembourg ultra-high-net-worth (UHNW) franchise, through structural improvements and digital innovation.
As of September 2024, UHNW assets represented 78% of the bank’s total assets under management in the country, a significant rise from 64.11% the same time a year ago. The bank also added 15 new UHNW relationships during this period, with each relationship contributing more than €20 million ($21.7 million) in net new assets.
A driver behind this growth was the launch of a dedicated Luxembourg UHNW family team in September 2023. Created to target Luxembourgish families and entrepreneurs, this team has expanded to four experts and now integrates the established expertise of recently acquired boutique wealth provider Degroof Petercam, renowned for its strong market presence and successful initiatives like the Forum des Entrepreneurs. This development reinforces the bank’s commitment to tailored wealth management solutions for its UHNW clients.
Catering to demand from its UHNW clients, Indosuez introduced its My Indosuez Client Portal, a comprehensive digital platform designed to enable secure, full-service onboarding. Additionally, the bank has introduced enhancements to its investment platform, such as internal and external fund recommendations, as well as improved monitoring functionality.
