Frank Jons: chromatic explosions!
He could have ended up as a partner in an auditing firm, but a job interview convinced him to follow his true calling: painting. Interview.
Supporting Private Wealth Businesses
Since his arrival, the new President of LAFO, Pascal Rapallino, has given himself two priorities: To strengthen and revitalize his network. By uniting the largest number of private wealth players around the association, LAFO intends to create a focus for private wealth professions with its ecosystem in the Luxembourg financial center and abroad.
Can you describe LAFO in a few words?
LAFO (Luxembourg Association of Family Offices) was created in June 2010 on the initiative of the outgoing President and current Honorary President, Serge Krancenblum and its former President, Jean Fuchs. It aims to actively contribute to the recognition of the profession of family office professionals by the authorities of the country. The association carries out three main missions: It interacts with the Ministry of Finance and regulators, protects the interests of the professions represented by its members and offers continuous training to the sector. Training takes place through the production of studies and content and organizing conferences and seminars.Until the end of 2021, no professional association or federation existed in Luxembourg to represent and defend the interests of local private heritage professionals.
Private wealth was unregulated and had no professional representation despite its strong development and its current significant contribution to the Luxembourg economy. The last General Assembly in December 2021 ratified a modification of the statutes allowing LAFO to be more inclusive and to go beyond the sole professions of the family office by opening up to those managing private wealth. This major development will enable LAFO to contribute to the promotion of Luxembourg as a financial center at the international level as well as supporting and promoting the excellence of its private wealth players.
“Participating in the promotion of Luxembourg at the international level by supporting local players in order to contribute to their professional excellence”
What are your priorities as the new President of LAFO?
My action will obviously be an extension of that of Serge Krancenblum. However, my priority will be to implement the openness strategy of our ecosystem voted for last month. As such, I want to make the association known to new eligible players and revitalize the existing network through events such as conferences, thematic breakfasts - around subjects such as art, responsible investment or some new asset classes. We will also rely on cocktail parties, exclusive visits and other formats dedicated to networking. This desire will be subject to the vagaries of the health situation. Similarly, I will dedicate myself to strengthening the network of major associative and institutional partners in order to pool our initiatives and create disciplinary synergies.
What challenges and opportunities do LAFO members face?
Our businesses face many challenges, particularly in terms of digitalization, responsible investment and continuing education. Macroeconomic elements such as inflation and the possible rise in interest rates are also sources of risk for private equity and real estate businesses. Thus, we will best support our members on these questions so as to transform these risks into opportunities through exchanges with recognized players, training and the development of synergies between members. Together we can face these economic but also structural changes in our private heritage.