Maxime de Bellefroid

Luxembourg is #1 in median wealth. Why does this matter more than being rich on paper? When we talk about wealth, two measures often come up: *average wealth* and *median wealth*. But here’s the thing: - Average wealth can be skewed by billionaires at the top. - Median wealth shows the true middle - how the *average household* is actually doing. And this is where Luxembourg shines. 🇱🇺 According to the UBS Global Wealth Report 2024: - Luxembourg leads the world in median wealth at $372,000 per person. - It ranks 2nd in average wealth at $608,000, just behind Switzerland ($710,000). But here’s the kicker: In terms of broad-based prosperity, Luxembourg stands FAR ahead. Take the U.S. as an example: - 4th in average wealth. - Only 14th in median wealth. This gap highlights inequality. A nation can look wealthy on paper, but the distribution tells a much deeper story. Luxembourg proves that true prosperity isn’t about a handful of billionaires. It’s about creating a system where wealth is shared more evenly across households. This reinforces Luxembourg’s reputation as a financial hub, but also as a place where prosperity *reaches more people*. Median wealth isn’t just a number. It’s a measure of opportunity, shared success, and stability. What do you think? Does median wealth tell a better story about prosperity than average wealth? Source: UBS Global Wealth Report 2024.

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How do you identify the best borrowers in the European lower mid-market? That was the theme of the panel I joined today at IPEM in Paris which has become the must-attend event for our industry.   The reality is clear: in this segment, the difference does not come from “natural deal flow” but from proximity to companies and trusted relationships with sponsors. The lower mid-market is a relationship-driven market, where consistency matters more than opportunism.   Even though global M&A has slowed, this segment maintains positive momentum, supported by consolidation trends and the largest pool of SMEs in Europe. At Eurazeo, this is where our strengths make a difference: a local presence built since 2007, funds of critical size that allow us to act as sole lender, and unwavering discipline in both selection and documentation.   These are the elements that enable us to create long-term value, even in a highly competitive and volatile environment. Many thanks to my fellow panelists for the insightful discussion. David Merriman Aris Constantinides Xavier de Prévoisin Richard Dalaud Rachel McGovern

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The risk-free rate (Rf) to use in the DCF for French companies is now the yield on L’Oreal bonds… 𝗙𝗧 - 𝗙𝗿𝗲𝗻𝗰𝗵 𝗰𝗼𝗺𝗽𝗮𝗻𝗶𝗲𝘀’ 𝗯𝗼𝗿𝗿𝗼𝘄𝗶𝗻𝗴 𝗰𝗼𝘀𝘁𝘀 𝗳𝗮𝗹𝗹 𝗯𝗲𝗹𝗼𝘄 𝗴𝗼𝘃𝗲𝗿𝗻𝗺𝗲𝗻𝘁’𝘀 𝗮𝘀 𝗱𝗲𝗯𝘁 𝗳𝗲𝗮𝗿𝘀 𝗶𝗻𝘁𝗲𝗻𝘀𝗶𝗳𝘆 https://lnkd.in/dc85GCw7

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A new chapter for ETF investing in Belgium. MeDirect Belgium has just announced that they’re the first bank to permanently offer commission-free ETF investing. Buying and selling ETFs without transaction fees is now a reality here in Belgium. This is great news for investors, but it also raises an important question: if brokers aren’t earning money on transaction fees anymore, how will their business model evolve? Essentially, MeDirect will have to upsell you on investing in stocks (€7 per trade) or else their expensive mutual funds. In the US, we’ve seen commission-free investing become the norm. But it came with shifts in how brokers generate revenue: think of practices like payment for order flow, upselling, or pushing additional services. For Belgian investors, it will be interesting to see how this plays out locally. I can imagine Bolero.be and Keytrade Bank following a similar model. What’s clear is that the landscape for brokerage is changing. The pressure is on for other banks and brokers to follow suit... Of course, taxes still apply of course: ➡️ TOB (transaction tax) ➡️ Dividend tax (for distributing ETFs) ➡️ Reynders tax (on bond ETF gains) ➡️ Capital gains tax (coming in 2026) So while costs are dropping on the broker side, the real long-term challenge is choosing the right ETFs, staying invested, and making sure your broker’s incentives align with yours.

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🇱🇺 Luxembourg to end its Golden Visa ? Only 15 applicants in 7 years (!) #Luxembourg seems to have finally decided to end its #GoldenVisa programme, launched in 2017 to attract wealthy non-EU investors in exchange for residency. The numbers reveal why the scheme never took off: -> 15 total applications since 2017. -> 6 applications between 2023 and 2024, out of which 4 rejected in the past year. Only a handful approved (including 1 Australian and 5 Chinese nationals early on)... As a reminder, investment options include: -> €500,000 in an existing Luxembourg company with 5 jobs created -> €500,000 in a new company (5 jobs within 3 years) -> €3 million in a Luxembourg investment fund -> €20 million deposit in a Luxembourg financial institution Despite these thresholds, investor interest remained extremely limited. It seems to be a European trend alignment as #Ireland, the #Netherlands, #Spain, and #Portugal have already phased out similar schemes or transformed them into other ones more constraining. #Luxembourg #GoldenVisa #ResidencyByInvestment #InvestmentMigration #WealthManagement #PrivateClients #WealthPlanning

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Initial Commentary on the EA Games Acquisition : An LBO Case Analysis I’ve been discussing with peers the idea that debt-laden acquisitions can absolutely happen in the tech sector, under the right conditions. The key hinges are ARR (Annual Recurring Revenue) and AROI (Annual Recurring Operating Income), which serve as stabilizers in volatile industries. That said, this is not a classic LBO. The equity contribution here is roughly 66%, higher than the typical ~50% we usually see in leveraged buyouts. This alone changes the risk/return architecture of the deal. Another point: the acquisition is strategic more than financial. The transaction is priced at 20–24x EBITDA, while the market range for gaming assets sits closer to 10–12x. The exception is Microsoft’s Activision deal—also expensive, but backed by clear platform synergies that created outsized free cash flow value. EA doesn’t enjoy the same platform hedge. On the financing side, the $20bn in debt is notable. With a single-B rating, we’re talking about an average cost of $1.8–2bn repayment through 2030)( before any re-IPO). That exit will be critical: unless the sponsors can sell back into the market at the same entry multiple, the IRR profile could collapse. Finally, cost cutting looks unlikely here. In fact, capex (currently ~$200m annually) will likely need to rise to sustain competitiveness in a crowded gaming ecosystem. That means value creation will rely less on margin efficiency, and more on maintaining EV north of $55bn while steadily reducing leverage. I will add an article on the financial analysis of the deal but thought to place some points of the tip of my mind here. #LBO #EAGAMES #acquisitions #pif

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Market signals don’t lie, but they evolve. And if you’ve been watching the dials, the story has shifted. Let’s rewind: 🔴 In 2023 → 7 red dials → 0 green → The rest? Yellow, cautious but watching Fast-forward to: 🟠 January 2024 → Just 3 red: market valuation, international outlook, geopolitical risk → The rest improved, and momentum was building Now? 🟢 2025 Outlook → More green than we’ve seen in years → Only two red dials remain: valuation + geopolitics → Confidence is growing Bottom line: We're seeing more constructive signals across the board. Yes, valuations are high and geopolitical risks persist, but fundamentals, sentiment, and structure are pointing up. City National Rochdale are bullish on this market. We’ll keep tracking the data. But for now, the trend is our friend. What’s your read on where we’re headed next? Follow Brad Connors  for more insights.

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📈 GLOBAL FUND PERFORMANCE CHECK-IN — Mid-2025 It’s been a strong year for High Active and Value-led strategies: 🔹Value is back: 80% of Value funds are ahead of the ACWI index. 🔹High Active dominates: Lower-conviction approaches are lagging. 🔹Top performers? Nearly all are High Active — and most follow Value or Yield styles. Names like Artisan, Artemis, Ranmore, Redwheel, and Aubrey are leading the pack, with YTD returns exceeding 20% in most cases. Do get in touch if you'd like to see our full breakdown of Global fund performance — including key drivers, style impact, and long-term return trends. #FundPerformance #ActiveManagement #GlobalEquity #ValueInvesting #FundManagers #CopleyFundResearch

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Europe is at a decisive moment. Last week on CNBC during IPEM , I highlighted a few signals reshaping our landscape: 1. The environment for exits is improving: despite headwinds, Cognigy marked one of Europe’s largest AI sales, while Klarna’s €15B IPO reopened the public markets. Confidence is returning. 2. Europe’s fundamentals are strong: 520M consumers, a strong euro, a resilient financial system — and 19M STEM graduates every year, including some of the best AI talent worldwide. 3. Growth capital remains the missing link but there are solutions: €35T in savings, yet too little is channeled into innovation. Too many scale-ups stall for lack of capital. We need more asset allocation into Equities, listed and private. 4. Investment opportunities are clear: cybersecurity, enterprise software, healthtech, climate tech, robotics. Europe’s mix of industrial depth and software excellence is unique. Europe’s moment can be now! https://lnkd.in/dNBSPpUc   Christophe BAVIERE William Kadouch-Chassaing Sophie Flak Raluca Ragab Anne-Charlotte Philbert Mathieu Teisseire Alexandra Pederzani Romain MOMBERT Maud Gillot Adrian Kreiser Simon Boucher Louis Gautier Ioana Iacobescu Inês Patrício Richard Meyer Forsting David Rovick Arrojo Jim Varas Benoist Grossmann Francesco Mondini de Focatiis Justin Vibert

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🚨 New video drop — and a big topic for us: WRAPPERS. For the next episodes of Structured Products Insights, Andrew Fox and I wanted to dive into something we think is changing the game — the ETF wrapper. ETFs have long been a favourite in the financial industry — cheap, liquid, transparent. But they’ve always seemed a little jealous of structured products… especially when it comes to flexibility and payoff innovation. Now we’re seeing those worlds collide. We’ve already seen covered call and buffered ETFs grow fast — but now comes the next big step: Auto-Callable ETFs. In this short clip, Matt Kaufman from Calamos Investments breaks down how these new ETFs are evolving — and why they could reshape the structured landscape. Would love to hear your thoughts — are you seeing interest from clients around this? Are Auto-Callable ETFs on your radar yet? #StructuredProducts #AutoCallableETFs #ETFs #InvestmentInnovation #FinancialAdvisors #PortfolioStrategies

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One of the ways we create value as active public equity investors is by taking a partnership approach with management teams – an increasingly rare practice in a market characterized by short-termism and misalignment. One such company is Precigen for which we led a capital raise last December to help propel their mission to discover, develop and commercialize next generation gene and cell therapies focused in immuno-oncology, autoimmune disorders, and infectious diseases. Thank you Bill Miller and RJ Kirk for your help! Today, we are proud to celebrate Helen Sabzevari PhD, President and CEO, and the entire Precigen team, which just announced full FDA approval of their cell therapy, the first and only approved therapy for the novel treatment of #RecurrentRespiratoryPapillomatosis (RRP), an HPV-related disorder. Before today, patients suffering from RRP had to endure repeated, ongoing surgeries as their only option for the managing recurrent, wart-like, benign tumors that grow in the respiratory tract as a result of the disease, significantly obstructing voice and airway function. These surgeries serve only as a temporary fix before new tumors develop, failing to address the root cause - and are associated with significant morbidity, as well as meaningful patient and health system burdens. Now, patients can receive a simple set of shots that lead to complete remission (no surgeries) in more than half of patients. We love investing like this, in a way that helps companies, patients and the broader world. We call this conscientious capital, and it’s a big part of our WHY. #PatientNotPassive #InvestingWithAConscience #ConsciousCapital

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