Financial Services: What's up?

Hosted by PwC Luxembourg

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Oct 2026

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About the show

Welcome to Financial Services: What's up? Podcast – your go-to destination for unravelling the mysteries of the financial services sector in Luxembourg and beyond. In this dynamic series, co-hosts Björn Ebert and Sandra Paulis navigate the complexities of the financial sector with a focus on Asset Management, Banking and Capital Markets as well as Insurance. Whether you're a seasoned professional or a newcomer, our mission is to provide timely insights into the ever-evolving landscape of financial services, offering specialist analysis, diverse perspectives, and the latest information on pressing industry topics. Join us for in-depth discussions, specialist interviews, and actionable strategies that go beyond the surface, aiming to enhance your knowledge and contribute to continuous learning and development.

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22 recent

October 19, 2026Episode 816 min

Forget the number. Can you trust your valuation process?

Valuation is entering a new era. More data, greater automation, AI-driven analytics and increasingly continuous monitoring could fundamentally change how the function operates. But greater technology does not automatically mean greater confidence. What happens when the data is unreliable? When critical knowledge sits with just a few individuals? Or when an operating model designed for yesterday is expected to meet tomorrow's demands? In this episode, our hosts Kenny and Björn discuss with Talat Kadret, Valuation Services Leader, the risks and opportunities reshaping valuation and ask what it will take to move from a periodic exercise to a more resilient, strategic capability.

July 21, 2026Episode 731 min

Broken pipes, rising costs: the Infrastructure challenge in Asset Management

Everyone wants AI. The data foundation to support it is another story. In this episode, Sandra and Björn are joined by Declan Byrne, PwC Asset & Wealth Management Global Assurance Leader, and Dariush Yazdani, PwC Global AWM Market Research Centre Leader, for a sneak preview of a new global survey of 150 asset managers and 50 infrastructure providers. The verdict? The industry doesn't have a technology problem, it has a connectivity problem. And it's costing them. From the 68% cost-to-income ratio that hasn't budged in eight years, to the $44 billion spent annually on market data (what they call a "tax on fragmentation"), to the build/buy/partner decisions that will define the next decade, this episode gets into the infrastructure questions that most people skip straight past on their way to talking about AI.

July 1, 2026Episode 626 min

The Manco Barometer: decoding Luxembourg's Management Company landscape

Luxembourg now counts 289 management companies, and that number is shrinking. Not because the market is losing steam (AuM just hit 6.3 trillion euros), but because the rules of the game have changed. Cost pressure, tougher regulation and the rise of private-equity-backed third-party Mancos are pushing smaller players to merge, specialise, or hand the keys to someone else. Sandra and Björn sit down with Laurent Buttice, Partner at PwC Luxembourg, to go through the freshly released Manco Barometer, the survey covering nearly 90% of Luxembourg's fund assets. They get into why Mancos are consolidating, what's driving the private equity rush into the third-party space and how Luxembourg stacks up against Ireland, France and Germany.

May 13, 2026Episode 534 min

What will be left of Financial Services tomorrow?

Financial services are being reshaped by faster capital flows, the rise of private markets in retail, and increasing pressure on traditional business models. In a multi‑shock world, firms are being forced to rethink how they create value and how they stay relevant. In this episode, Sandra and Björn are joined by Roland Kastoun, Asset and Wealth Management Advisory Leader at PwC US, to explore how global capital movements, pensions, distribution models and technology are transforming the asset and wealth management industry, and what this means for the future ownership of the client.

April 14, 2026Episode 420 min

Why Luxembourg became Europe's hub for private debt

Private debt has grown rapidly across Europe over the past decade, filling financing gaps left by traditional banks and supporting mid-sized companies. But after years of strong growth, the asset class is now facing increased scrutiny: rising default rates, tougher market conditions, and questions around lending standards. In this episode, Sandra and Björn explore, with Nicolas Payet PwC's Alternatives industry Partner, the evolution of private debt and private credit. The discussion also looks at how the market is adapting, the role of private equity, and why Luxembourg has become a leading hub for private debt structures.

March 24, 2026Episode 320 min

Looking close, thinking far: the microscope & telescope of today's CEOs

In this episode, Sandra and Björn are joined by Cécile Liegeois, PwC Luxembourg Clients & Markets Leader, to decode the key messages of PwC's 29th Global CEO Survey through the lens of the microscope and the telescope, a way of thinking that captures how leaders balance short‑term pressure with long‑term ambition. Together, they discuss how CEOs are responding to uncertainty in the age of AI, and what this means specifically for Luxembourg's financial services market. They explore why confidence is under strain, why cybersecurity and AI governance now dominate CEO agendas, and why many organisations still struggle to see returns from transformation efforts. The conversation also looks ahead, touching on growth opportunities beyond traditional models, from innovation at scale to the role of tokenisation, blockchain infrastructures and wallet‑based distribution in shaping the future of fund manufacturing and access.

February 19, 2026Episode 326 min

Inside Luxembourg's ManCo shift: finance 2.0, tokenized Funds & the future of distribution

In this episode, Sandra and Björn sit down with Michael Horvath, Partner at PwC Luxembourg for the Risk & Regulatory practice, and special guest Serge Weyland, CEO of ALFI, to discuss the latest insights from Luxembourg's ManCo Barometer 2025. Together, they explore why the management company ecosystem remains resilient, from the rise of third‑party ManCos to Luxembourg's growing role in private markets and cross‑border distribution. They also tackle the regulatory and market shifts shaping the next decade: new incentives attracting senior dealmakers, Europe's push on savings and pensions, including the potential long‑term €10T capital unlock and how tokenization, blockchain frameworks, and wallet‑based distribution could transform fund manufacturing and access.

January 7, 2026Episode 125 min

$200 trillion, lower margins: the profitability paradox in Asset & Wealth Management

In this episode, Sandra and Björn welcome Steven Libby, EMEA Asset & Wealth Management Leader to discuss PwC's latest research, Asset and Wealth Management Revolution 2025, and the paradox reshaping the industry. While global assets under management are expected to exceed $200 trillion by the end of the decade, asset managers are facing significant pressure on profitability. The conversation explores why margins are shrinking, how fee compression and rising costs are forcing firms to rethink their business models, and which strategic paths are most likely to succeed. From the growing dominance of private markets to the impact of digitalisation, tokenization and talent transformation, the episode offers clear insights into how asset managers can compete for relevance and return in a rapidly changing landscape.

December 3, 2025Episode 727 min

Europe's new security economy: inside the rise of defense financing

In this episode, Sandra and Björn sit down with Catherine Rückel, Partner at PwC Luxembourg and special guest Matthias Wittenburg, Senior Executive Advisor at PwC Strategy& and current lieutenant colonel in the German Army, to explore one of the most fast-moving topics in Europe today: defense financing. Together, they explore why the defense landscape is shifting, from the rise in hybrid attacks to Europe's growing need for resilience and strategic autonomy. They break down what this means for industry players: the surge in public spending, the emergence of dual-use innovation, and the new opportunities (and challenges) for private companies entering the sector for the first time. The conversation also highlights Luxembourg's pivotal role in financing defense-related infrastructure, cybersecurity, and venture capital initiatives.

October 23, 2025Episode 615 min

ETFs on the rise: why everyone's talking about them

In this episode, Sandra and Bjorn welcome Marius Pfeiffer, PwC Luxembourg's ETF Leader, to unpack one of the biggest trends reshaping asset management: the explosive growth of ETFs. Together, they explore what's driving this momentum, from cost efficiency and transparency to accessibility, and why both institutional and retail investors are fueling demand.