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Eastern European investors are seeking safe havens

Luxembourg, 13 April 2022 – In view of the war in their vicinity, uncertainty in Eastern European markets is considerably greater than in Germany. “Especially in Poland, the Czech Republic and Slovakia, we are noticing a desire to transfer investments to safe havens like Luxembourg”, said Andreas Pál, Senior Vice President & Head of Sales at Moventum S.C.A.

While the Ukraine war does not lead to significant shifts among German and Central European clients, investors in Eastern European countries are definitely looking for transfers. “Since the beginning of the war, we have observed increased demand for investments with a depository site in Luxembourg”, Pál added. “Given the current situation, that’s where wealthy clients seem to feel safer now.” Specifically, however, no assets are being liquidated or shifted into classes that are generally considered safer.

“It’s really mostly a question of where the account is held”, Pál explained. “Evidently, past experience with Russia or the Soviet Union also plays a role in this scenario.” Investors are not motivated to switch because they fear a drop in prices, but because of their desire to continue to have access to capital in Luxembourg. This would be the case even if developments in Eastern Europe were to escalate. All in all, the portfolios remain unchanged, but are now managed in Luxembourg.

Asset allocation has not shifted significantly in recent months either. “For many investors, equities remain the most important building block in their portfolios”, said Pál. “Fleeing stocks in favour of bonds or gold is only seen to a very small extent and even where that happens, it is implemented within Moventum portfolios anyway.” This is also in line with observations from Germany and Western Europe where the Ukraine war did not lead to any significant shifts or outflows.

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