One of the new additions to the updated AIFM list is A&G Luxembourg. A&G asset management is 72% owned by the Greek private bank EFG (Luxembourg) S.A., therefore creating a channel for EFG to offer the necessary substance for its Greek HNWI’s who wish to create a SIF for their alternative assets.
Since the crisis erupted in Greece, Luxembourg private banks with a track record of providing a home for Greek national wealth have benefitted from huge asset flows to the point where EFG was in the top 20 banks in Luxembourg in terms of AuM. However, it\’s unlikely that the profit from this bank will make its way back to the distressed southern European state since the majority shareholder of EFG Private Bank, (EFG Bank European Financial Group SA) is headquartered in Zurich.