"Be practical, work with discipline and focus on what’s important
is what allows you to execute and succeed in business and life"



Sunday, 18 March 2018

Making an impact that matters.

At the 2018 edition of the Postlaf, which took place last Sunday, 11th of March, the runners of Team Deloitte had the opportunity to help less privileged children to participate in a summer camp, a trip or a recreational activity. Every child and every young person must have the right to go on vacation, to live the experience of a summer camp, to have fun with people of his age and to come back with a lot of memories. no matter what his parents' income and their origins.

The Postlaf is one of the most popular races (10km) in Luxembourg, the first one after winter, and an excellent reason to start the running calendar for a solidary cause.

The weather was not helping at all but it was really fun. I am happy and proud of Team Deloitte for made an impact that matters. The first race of 2018, just keep it up!


~ Empowering Business and Strategies ~ ~

Sunday, 18 February 2018

Investment Funds in Luxembourg: The right tool for the right job

Asset Managers from around the world have set up operations in Luxembourg. They benefit from a unique ecosystem that has envolved to support cross-border financial service providers distributing products and services under the EU passport regime and the freedom to provide services.

Luxembourg is the second largest mutual fund domicile in the world and the largest in Europe, and this is possible because the Grand Duchy offers a good environment for UCITS and Alternative Investment Funds; there is a skilled multilingual workforce, a wide network of advisory firms, a large presence of service providers and above all, a business-friendly climate.

The following graphs explain better why Luxembourg continues to reaffirm its leading position in the funds industry and what it means to their future operations;

~ Empowering Business and Strategies ~ ~

Wednesday, 14 February 2018

Where now for Fund Distribution?

The distribution of investment products, and of funds in particular, will have an increasingly important role to play in the economic infrastructure of Europe and potentially beyond in the years to come.

The extent to which asset managers “engage” with clients, either as regards direct sales of funds, the provision of solutions as well as products, or a direct involvement in offering solution/product packages will arguably help to shape the future. The engagement with both retail and institutional players has a key role to play in achieving the aspirations, inter alia of Europe’s Capital Markets Union initiative1. The shape, form and nature of that engagement will be fashioned by many factors. New generations no longer think and act as did their forebears, and the idea that inherited wisdom will ultimately make the younger generation move towards the thought patterns of the previous ones is no longer valid. But age and the technology divide are but two of the influences that distribution is likely to see, by which it is likely to be “disrupted”, not only in years to come but right now.

The influences at work are both conscious, unconscious, intended and unintended. Their impact taken together will transform the way societies operate, by changing the way they save to accumulate wealth and the way they redistribute capital within markets nationally, in the context of the EU’s internal markets, and globally.

The vectors that will influence savings and investment will be client preference of course, but how that articulates around legislative change, demographic imperatives, accessibility and speed of adaptation will be as key to the way products and solutions are distributed as the role those same products and solutions play in the future structure and wealth of society.

It would be reassuring to believe that there could be a single approach that would answer the needs of current and future generations, a form of one size fits all solution that could be achieved by the “right” legislation. That, however, is to ignore the fact that the only certainty in this context is change. One of the most striking examples of this is the way markets and providers have reacted to legislative change in the case of the inducements element of MiFID II. The impact is interesting at several different levels—firstly by the fact that there is an impact; MiFID II à priori is not about asset management. There is nevertheless an element of overlap via customer protection and transparency measures that makes MiFID II a central concern for asset management. And MiFID II is not the sole legislative instrument to demonstrate this tendency to spread beyond initial scope with both CRD IV and Solvency II to name but two, resulting in additional demands and/ or constraints on asset managers. With MiFID II the ink is not even dry on the legislative instrument, it is still two or three years away from full implementation, and yet new solutions are emerging in the form of various robo-advice solutions to already today offer solutions to tomorrow’s challenges. The established order, in seeking to change by legislative reform or innovation, is itself a disruptor and enabler. Robo-advice is nothing new. Social media is not new. The catalyst for change has been the accelerated need for alternative solutions to old problems once regulation has opened new avenues by closing or restricting existing ones.

Speculation as to a possible delay in the implementation of MiFID II has been ended by the legislative instrument brought forward by the European Commission on 3rd of February postponing the implementation of all MiFID II measures for twelve months; they will now come into effect in January 2018. It is unlikely that the initiatives that MiFID II has generated as potential solutions to a more complex advice and distribution landscape. As work will still progress as anticipated on Delegated acts and RTS alike, with even taking additional delays into consideration, delivery of both anticipated by April of 2016 the likelihood that solution will out-distance and even pre-empt regulation becomes more and more probable. At the same time, within that regulatory hiatus the temptation for Member States to “go it alone” with gold-plating measures must certainly increase.

As ever, innovation and adaptation in the market will precede regulation - for good or ill. In this case however, with the entry of Fintech into the equation, the “race” is likely to be that of the tortoise and the hare rather than a sedate session of companionable leap-frog.

Within the original context of the European Union’s Financial Services Action Plan, written and laid out decades ago, progress toward a coherent internal market has been sporadic, sometimes patchy, and not infrequently waylaid by financial or political events (and sometimes by a heady combination of both). CMU is the first effective redraft of that action plan since it was first articulated, and as such for the distribution of fund and asset management products and services a much needed reconfirmation of intent to add design and coherence to what in many cases have been the intended and unintended consequences of piece by piece legislation as described above.

What are the vectors with which distribution strategies must contend? What are the changes, intended and unintended?

There are the knowns—the needs of an aging population to secure retirement income, the needs of an increasingly middle class population worldwide to provide for life-cycle needs before retirement— education, business creation for the next generation, aspirations that are now shared by a growing percentage of the world’s population.

There are the needs of government at national, and in the case of Europe, at regional level, to stimulate growth, to insulate growth as far as possible from negative global influences, via efficiently operating capital markets and the injection of savings into productive investment. There is the need to achieve sustainable growth without systemic risk.

Those are the macro-economic imperatives. But clearly markets, legislators and fund promoters are not dealing with a blank sheet of paper; they are working in an evolving environment, an environment that already has a capital market however disjointed in some cases. They are dealing with varied and diverse savings patterns and possibilities, they are dealing with infrastructural change in the wake of the financial crisis. Thus business and asset gathering strategies must accommodate regulatory change, and adapt to it. Increasingly with the pace of innovation, strategy must also address the threat and opportunity of solutions as much as they do the issue that gave rise to those solutions. This is specifically the case where existing distribution channels and methods are called into question. In this sphere, strategy must also take into account not only consumer preference as to method but also as to content; in reaching out to a wider population. In looking to reach that population directly, the attitudes, political, social, and cultural of that greater franchise must be taken into account.

These are the knowns—but what of the unknowns? To what extent might unknowns undermine a current vision of distribution in the future, is it possible to care for them in a vision of the future?

By definition an unknown is just that—unknown. However, if we look to the vectors mentioned above and the context in which this reflection is taking place, we can determine trends within which any “unknown” is likely to be found. Those unknowns are to be sought in the extent to which CMU can deliver a new dynamism, how far back FinTech and other developments can push the boundaries of current investor experience, how engaged asset management may become both in direct contact with end investors and in replacing traditional providers of saving solutions including pensions. The probably unknowns are in the speed of travel rather than the direction, with the ever- present imponderable as to how constraining inertia to necessary change may prove.

Finally, strategy must embrace the possibilities offered by innovation and technology which continues to develop at a phenomenal rate, and may not develop where it is most expected. Technological innovation is geographically neutral. Possible solutions imagined locally to specific challenges may become global by this very mobility of innovation. FinTech as a concept at the end of the day is as simple as a brain with an idea and the minimum technical facilities needed to translate idea to test bench to product. The only real limiting factor to innovation in the sector is the combined reticence of the established order and established stakeholders to change.

In addition to this innovative aspect to technological advance, there is the convergence of trends that have long been identified as potentially complementary, but which so far, have lagged behind when it has come to harnessing two potentially powerful forces— investment and global reach—into a single offering. Social media and mass reach internet based applications have intrigued promoters for many years already. The emergence of FinTech solutions to specific problems brings that junction of social media and investment management closer, and will almost inevitably result in significant joint progress in the near future.

~ Empowering Business and Strategies ~ ~

Tuesday, 12 December 2017

Happy 10th Anniversary & Highlighted posts of 2017 // Feliz 10 Aniversario del Blog & Post destacados de 2017

Select your language / Seleccione su idioma

 2 minutos

Estoy celebrando 10 años publicando artículos . Comencé a escribir con un propósito bastante humilde: aprovechar al máximo mi experiencia en todas sus formas a través de artículos para un público más amplio con interés en servicios legales, corporativos y financieros en países como Luxemburgo, España o Rusia.

De hecho, terminamos con mucho más. Publiqué información significativa e información de la industria que presentaba cuestiones relativas a asuntos legales, corporativos, bancarios, inmobiliarios, financieros e inversión. Los cientos de artículos publicados han reunido a casi 200,000 lectores y me han servido para escribir incluso en medios especializados de derecho y finanzas.

¡Muchas gracias por tu interés en mis artículos!.

Disfruta de las 10 mejores artículos publicados en 2017:

Una nueva estructura societaria para atraer Start - Ups tecnológicas en Luxemburgo

Una reflexión sobre la realidad de la emigración, sin demagogia política.

¿Como esta sacudiendo el comercio mundial el actual crecimiento del populismo?

La Comisión Europea adopta las reglas PRIIPs RTS

Ley privada; Cuando hasta tu seguro puede darte mayor protección que el Estado.

My week cycling 342Km for the fundrising of Amyotrophic Lateral Sclerosis (ALS): #RetoPedaela 6-Days Lull Gillen 2017

Why I love August for hustling and no for holiday.

10 easy questions to avoid the investment on 'bucket shops'

Are you ready? 1 year remaining until the mandatory amendment of articles to comply with the company law reform in Luxembourg.

Nev EarthFund; Surfing y fondos de inversión en la transformación sostenible.


 2 minute

I am celebrating 10 years of opinions and articles. I started writing with a pretty humble purpose – to make the most of my expertise in all its forms through articles to a larger audience with an interest in corporate and financial services in countries as Luxembourg, Spain or Russia.

In fact, I wound up with so much more. I posted meaningful information and industry insights featuring issues of corporate, investment, legal and new perspectives. My hundreds of articles gathered nearly 200,000 readers on topics related to legal, corporate, banking, real estate, finance and investment.

Thank you for reading!.

Enjoy  the top 10 stories of 2017:


~ Empowering Business and Strategies ~ ~

Wednesday, 29 November 2017

Growing trend in the Eurozone - Q3 2017 Report

Economic growth shows a growing trend, signaling a stable economic recovery in the Eurozone along with an optimistic manufacturing sector that does not seem to depend on credit. Inflation lightly borders ECB objectives, possibly indicating that QE policies will continue in the short-term even though these policies have not shown significant results in their objectives. Credit to businesses has not recovered, but there is a significant rebound in credit to households. Nevertheless, businesses are investing more. Credit to government continues to decrease, because of deficit control in most Eurozone countries. There are no signs of liquidity problems.

Read / Download the Report

Source: UFM Market Trends

~ Empowering Business and Strategies ~ ~

Sunday, 12 November 2017

Find your passion, Specialize and be practical. // Encuentra tu pasión, especializate en ello y se práctico.

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Hace unos meses desde la Universidad Miguel Hernandez, donde cursé mis estudios de Derecho, me pidieron que relatase en video mi experiencia en la Universidad y aconsejase a los actuales estudiantes y futuros profesionales. Y tras años de experiencia y en perspectiva a mi época universitaria creo que el mejor consejo que podría dar se resume en tres ideas básicas:

Encuentra tu pasión, especialízate en ello y se práctico.


Few months ago the Miguel Hernández University, in which I studied my Bachelor Degree Law, asked me to describe my experience at the University and to give an advice to the current students and future professionals.

And after years of career and in perspective to my university time I think the best advice I could give is summarized in three basic ideas:

Find your passion, Specialize and be practical.


~ Empowering Business and Strategies ~ ~

About Alberto


Alberto builds and structures great solutions for investment challenges at Deloitte. He acquired a legal and investment expertise in banking, law firms and international companies by working in operational, financial and legal projects.

Along the way, he became a prolific advisor assisting companies across borders in full spectrum of legal, corporate and investment operations, regulatory requirements, setting-up cross border activities and fund migrations in different countries, as Spain, Russia or Luxembourg.


Alberto Tello

Convinced that growth is just the reward for the work well done, Alberto is an strategist across borders and passionate of the legal and financial area.

His blog on corporate, finance and new perspectives, is visited by more than 7,000 people every month. Alberto also colaborates with specialized media such as Thompson Reuters.


Want to get in touch with me?.



All of Albert Tello’s views expressed in this web or social media are strictly personal and do not reflect the strategy or philosophy of any specific firm. For enquiries, request of interviews or conferences, use the contact form.