Abstract
The Grand Duchy of Luxembourg is a sovereign state of 2 500 square kilometers bordered by Belgium, France and Germany. It has a population of over 455 000 of which 38.6 % are foreigners. The city of Luxembourg has a population of 77 300. Each working day, over 117 000 cross-border workers travel to the Grand Duchy from neighboring Belgium, France and Germany, making up almost 40 % of the workforce. But, as far as I'm concerned, I was accommodated in Luxembourg City. The official languages of Luxembourg are French, German and Luxenbourgish. However, because of the success of Luxembourg in attracting foreign business and personnel, and the languages skills of the local population, English is now widely used in the financial service sector. Few of my colleagues spoke French and it enables me to use my English.
Extract
[...] The amount depends on the Net Assert Value (NAV) of the fund. My role was to check if the provision booked by DWS was right. I had to do this job once a mouth for each of the 160 funds. This procedure permits to avoid any disagreement between the 2 companies. Checking the amount of the tax: Luxembourg is famous as a paradise for the financial sector. Every year, the mutual fund company has to give the NAV (Net Asset Value) of each fund to Luxembourg's administration. [...]
[...] They provide service solutions that help make their clients fundamentally stronger. They help institutional investors achieve the best results possible in a variety of ways: - Offering a complete and connected set of industry-leading services - Helping to achieve better results by providing the research and intelligence needed to make fully informed decisions - Providing connections to financial markets and increasing access to financial opportunities - Staying ahead of and anticipating needs for new products and investment strategies - Making their operations efficient and error-free With $9.6 trillion in assets under custody and $1.4 trillion in assets under management, State Street operates in 24 countries and more than 100 local markets worldwide. [...]
[...] They have global scale: State Street has the scale to help global investors succeed. With locations in 23 countries, they have the largest team of investment servicing specialists in the world and, in many cases, they are the only firm in the industry with the global capabilities that clients need. They have local connections: They are hard-wired into the institutional investing arena in 23 countries and more than 100 local markets - with local people, insights and understanding. Their people are passionate about their clients' success: Their clients trust them to always have their best interests in mind. [...]
[...] DB Trustee service is in charge of the control of the operations booked between the Mutual Fund Company and State Street Bank. The daily checking is very important to prevent any risk as far as the occasional tasks. Those controls are the way to proceed to make the operation efficient and error free. Conclusion Personal enrichment Those tree months enable me to work in a foreign country and to use my English skills for professional purposes. As Luxembourg melts many nationalities (German, Italian, English, Swedish?), English is very often used. [...]
[...] The value of each product changes everyday. The mutual fund company has to forecast everyday the value of each product and to estimate the value of the fund. The prognosis cannot include a precise value, that's why a range is given. The prognosis is check the day after comparing the real value of the fund and the prognosis. If the real value is out the prognosis range, we had to claim a confirmation to the mutual fund company (DWS). This process enables risk prevention. [...]
