REPE position in Paris/Luxembourg
Hi,
I am currently interviewing for a REPE position where I can decide weather I want to be located in Paris or Luxembourg. FYI - I have approx 3 years of experience from the banking side and currently living in another European country and I cannot speak French.
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What should I ask for in terms of compensation?
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Where would you recommend me to move? I am ~30 years old and single. My initial thought is that Paris would be a more fun city to live in but the taxes are lower in Luxembourg so I would make more money?!
What firm is this, Blue colibri? Weinberg? PM if you want it private.
Paris sounds like a no brainer if you're single and young. Not sure how you get a job there without knowing French lol.
This is purely a troll post, but I can't imagine how miserable it would be working in Paris if you're not French. I feel like they hate everyone and I've dated french women who admitted as much to me LOL.
It is not a troll post. The fund has mandate to invest in other parts of Europe and they search for a candidate who speaks the local language in one of their markets.
My post was the troll post bro
while Paris might be more fun for you now, Luxembourg is the financial services hub of Europe and the far far better choice. Better QoL and lower taxes and you'll still be able to travel to other cities within Europe (including Paris) because of how affordable travel is within Europe. really is a no-brainer between the 2 cities.
can't speak to compensation as i'm not familiar with the job markets there.
In Luxembourg the compensation is higher than in France. However Luxembourg offers only AM and not IB. For AM positions compensation is sensibly higher in Luxembourg
But only for international companies (non-French/Belgian companies). This is because usually French companies adapt their salary to the French labor market since so many French people want to move to Luxembourg to escape unemployment back home, and knowing this they will pay a French employee much less than a German or a British one
Therefore, keep this in mind, be ready to negotiate your salary and choose at best International companies that pay actually high salaries
Good luck 😊
Most REPE funds only have back office functions in lux, so would do Paris personally.
Wrong,
In Lux there are country specific desks for AM adressed to International clients (from Italy, France, DACH, Benelux…) who want to invest in Luxembourg.
This makes Luxembourg a truly international financial center similar to London, the difference is that London has country desks for IB/deals while Luxembourg has desks for AM/WM/investment funds
BO is more outsourced from Ireland and Poland (especially Poland for cost reasons)
While it is true that a lot of roles are backoffice like auditing, reconciliation, data-entry, transfer agent etc. there are also many front office roles that are client facing and revenue generating
In any case: working in Luxembourg in front office, but also in back office, pays you more than a front office role in France (excluding IB, that does not exist in Luxembourg)
In conclusion: that Luxembourg is merely back office is false
Just because you sit as a director / AIFM for no other purpose other than tax reasons doesn't make you front office 😂
You do not want to live in Luxembourg.
Have no idea what it’s like to live in either place. But I imagine it’s a pretty good choice to have. Much more interesting than the American RE guys deciding between Dallas and Atlanta 🤢
Luxembourg is super boring. It's a small city, and quite inactive in terms of high finance. Avoid if you can.
Paris is increasingly international post-Brexit and is an overall fun city to be young in.
Wrong, Luxembourg is full of events and stuff to do. Check online all cultural events taking place in LuxembourgLuxembourg is unattractive for investment banking and big intercorporate deals, this is true, but is very strong in AM/WM and private banking.
For anything that concerns investment funds Luxembourg is top notchFurthermore, most important thing, salaries are much higher in Lux compared to Paris even if we compare Luxembourg back office roles to French front office rolesSo I recommend to avoid Paris, unless you don't want to work in IB, but if you like IB then go to London.
If you like asset management, Luxembourg is a no-brained compared to Paris, at least salary wise, prestige (and as said cultural life is not bad)The best thing is:
Work in Luxembourg with Luxembourgish salary, then go to Paris for networking and party as a tourist, the city is not far anyway and very well connected to Luxembourg with trains
Btw: about your other point, of a lively party scene and stuff to do, if you don't go in AM but go in deals/investment banking, you will not have time to enjoy all these events and things to do because you work from 9:00 to midnight;
What Events do you want to attend if you always work, usually also on weekends?
Paris and doing front office there is more a psychological fetish for self-satisfaction. Don't fall for it, think rationally and maximize your interest
Do you work for the association of fund accountants or the recruitment arm of Langham Hall?
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