- The Group has been operating in Luxembourg since 2004 through Crediinvest Sicav and since 2011 through Banque de Patrimoines Privés
- Now further reinforces its presence with Crèdit Andorrà Asset Management Luxembourg, with the aim of offering a wider range of investment services
- The new management company will further consolidate the Group’s European private banking project
- It is present in 10 countries: Andorra, Spain, Luxembourg, Switzerland, the United States, Mexico, Panama, Paraguay, Peru and Uruguay
The Crèdit Andorrà Financial Group has made further progress in its internationalization process with the creation of Crèdit Andorrà Asset Management Luxembourg, SA. The launch of the investment fund management company increases the Group’s competences in Luxembourg, one of the main international financial centres, where the Group has two SICAVs, created in 2004 and 2008 and where it has also been operating through Banque de Patrimoines Privés since 2011.
The new company will provide portfolio management and central administration services and will act as a distribution, domiciliary, paying and register agent of investment vehicles. Crèdit Andorrà Asset Management Luxembourg, SA will also manage the Crediinvest SICAV business, which has 12 sub mutual funds.
Luxembourg is a key location for the Group’s European wealth management project. The wide range of international investments and the multibooking platform constitutes a value added proposal for the customer. Crèdit Andorrà Asset Management Luxembourg, SA is part of the internationalisation strategy of the Group, which is present in 10 countries: Andorra, Spain, Luxembourg, Switzerland, the United States, Mexico, Panama, Paraguay, Peru and Uruguay.
The Managing Director of Crèdit Andorrà, Xavier Cornella, stated that the new management company will further consolidate the Group’s European private banking project taking into account the importance of Luxembourg as a financial centre, and added that “Luxembourg is a top level platform for structuring and distributing investment products and offers more than 45% of all the investment funds of the European Union. Being aware of this, Crèdit Andorrà has been present there since 2004 with two SICAVs and in 2011 we acquired Banque de Patrimoines Privés. The Group is now complementing its presence by launching a new management company that offers a broader range of investment services to the Group’s customers.”
Crèdit Andorrà is the leading financial group in Andorra, with a business volume of 14,410 million euros (data for 2012). The group provides retail banking services in Andorra, private banking and asset management at an international level, together with other lines of business, such as products and consultancy in the insurance sector. It is currently present in ten countries: Andorra, Spain, Luxembourg, Switzerland, the United States, Mexico, Panama, Paraguay, Peru and Uruguay.