PublishedJune 30, 2022, 4:48 PM
LUXEMBOURG – Dozens of employees will lose their jobs in September 2023, following the acquisition of MFEX Luxembourg by Euroclear.
A social plan has been signed at MFEX Luxembourg.
A social plan has been signed at MFEX Luxembourg, a company specializing in investment funds, which will lead to the dismissal of 47 employees in September 2023, Aleba said in a press release on Thursday. At the origin of this restructuring, the acquisition of the company by the Euroclear group last September.
“One of MFEX’s biggest clients asked to migrate its Trading & Custody activity to the Euroclear platform. This decision has the consequence that a significant number of positions within MFEX become obsolete so that layoffs are unfortunately inevitable”, specifies the first trade union in the financial sector.
MFEX Luxembourg has relocated
Most of the employees will not be taken over by Euroclear, and will therefore lose their jobs, Aleba confirmed to The essential. “Various social and financial support measures for the employees concerned” have been negotiated, specifies the union.
Specialized in the distribution and investment of funds, the Swedish company MFEX arrived in Luxembourg in 2019. According to our information, MFEX Luxembourg has moved its offices which were located rue du Fort Bourbon, in the capital. The company was not immediately available for comment on this announcement.
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