Annual Report - paperJam

10. Training
In a difficult global economic environment, draconian
cuts in the training budgets of the financial
institutions might have been expected with serious,
or even dangerous, consequences for the
IFBL. In fact the Institute not only succeeded in
maintaining its position, but even strengthened
its role with the stakeholders in our financial
centre. This was due to several factors which
are explained in more detail below.
The IFBL and its “core business”:
training
Drawing on a large reservoir of some 250 expert
trainers grouped into quality circles and surrounded
by the representative professional associations
of the financial centre, the Institute constantly
updates its existing offer by innovating and, as
far as possible, anticipating future needs.
In the course of the year, the Institute invested
great efforts in the development of the trainings
which underpin the pillars or core business activities
of the centre:
Investment funds
In the last two years we have noted some decline
in interest in our “basic” courses. This is due
largely to the fact that the need for “operational
workers” is no longer so pressing and may even
decline further in future. Working in cooperation
with the fund industry association ALFI, the
Institute has taken account of this change and,
during the year, introduced a series of courses
in the fields of “Real Estate”, “Private Equity”
and “Hedge Funds”. These courses, generally at
a higher level, are given in English. Strategically,
this has enabled us to reach a more specialized
and better informed audience and also to make
contact with new categories of clients who had
not previously worked with the Institute.
Private Banking
Following the example of the financial centre
in general, the face of private banking is set to
change in the future. In cooperation with the
“Private Banking Group, Luxembourg”, a cluster
of the ABBL, the IFBL has set itself the goal
of putting in place a structured and coherent
framework for training in private banking. Taking
account of the needs of the main players in our
financial centre, the Institute has not only developed
a range of training courses for participants at
every level from PB assistant to the highest wealth
management profiles, but has also drawn up an
effective specification of skill sets enabling HR
managers to assess and advance the knowledge
and skills of their staff in a structured and highly
professional framework. Here too the Institute
sees its role as the provision of proactive support
for what is one of the strategic core professional
activities for the future of our financial centre.
18 November 2010
ECOFIN gives its green light to the EU
framework for financial supervision.
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