Nevan Redmond : Luxembourg at the core

Can you share your story in a few words?

BNY established its presence in Luxembourg in 1998 and incorporated its banking entity in 1999. Since then, the business has grown into an important part of our international asset servicing network, with a focus on traditional and alternative fund structures. Today, with a team of more than 230 people, Luxembourg is a significant centre for our asset servicing activities. My own journey developed alongside that presence. I began my career around the same time, which means I now look back on more than three decades in the European funds industry. I started in portfolio construction and financial engineering, moved into stock lending and equity arbitrage, then took on a role with a regulator before returning to depositary services. That experience gave me a valuable perspective on the governance and resilience essential to financial services, and made it a real pleasure to join BNY last year as Global Head of Trust and Depositary and, more recently, subject to regulatory approval, as CEO of BNY Luxembourg.

How are new technologies shaping BNY’s activities?

New technologies shape our activities in profound and practical ways. As a bank with more than 240 years of history, evolution is part of our DNA, and we apply technology where it strengthens financial market infrastructure and delivers value for clients. Two areas matter most: digital assets and our enterprise AI strategy. In digital assets, the key principle is coexistence. We do not see blockchain-based models as an immediate replacement for traditional systems, but as ecosystems developing alongside one another. Tokenisation is especially significant for its potential to reduce friction across settlement, record-keeping and reconciliation. In Luxembourg, we support tokenised funds through fund accounting, administration, transfer agency and distribution. On AI, our enterprise platform Eliza gives teams approved tools and datasets within a secure, model-agnostic framework, and adoption has been strong. We see AI as augmenting people, not replacing judgement; accountability and client relationships remain firmly with our people.

“We see AI as augmenting people, not replacing judgement.

How important is Luxembourg in your international footprint going forward?

Luxembourg is, and will remain, an important part of our international footprint. It is a core element of our European asset servicing network, reflecting both the strength of the local market and Luxembourg’s role within the global financial system. Its importance is closely tied to Luxembourg’s position as one of the world’s leading fund domiciles. Many of our global clients, including asset managers, asset owners and sponsors, use Luxembourg structures to reach investors across multiple jurisdictions. That makes it highly relevant for cross-border distribution and robust servicing within a well-established regulatory environment. We also see growing interest from clients and prospects in our Luxembourg offering, particularly in areas that embrace tokenisation. The jurisdiction has shown itself open to innovation while maintaining high standards of governance and investor confidence. Above all, Luxembourg keeps us close to clients in a market that is influential, sophisticated and internationally connected.