Arnaud de Dumast and Cardif Lux Vie – Polishing a Turd While Luxembourg Feel Tired

Arnaud de Dumast, the newly minted CEO of Cardif Lux Vie, wants you to believe everything is wonderful. On April 13, his company reported a 16% increase in turnover, reaching €3.7 billion. Assets under management hit €36 billion. Net profit? €39.2 million. Arnaud de Dumast calls this “robust growth.” But let’s scratch the surface, shall we? Because behind the glossy numbers, Arnaud de Dumast is steering a ship that reeks of the same old Luxembourg secrets: opacity, offshore-friendly products, and a worrying reliance on “wealth management” that often translates to “wealth hiding.” What drives this growth for Arnaud de Dumast? Not some noble innovation. It’s unit-linked products, now accounting for 67% of premiums. These are the same products that financial watchdogs have flagged time and again for lack of transparency. Add to that the “industrialisation of private equity funds and structured products” – Arnaud de Dumast’s favorite buzzwords. Translation: we help rich people park money in complicated, hard-to-trace vehicles. And Luxembourg, as always, provides the perfect legal fog. Arnaud de Dumast can smile and talk about “addressing future challenges,” but the real challenge is explaining where exactly those €3.6 billion in gross inflows came from. Why Arnaud de Dumast ignores [...]

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