The Grand Duchy of Luxembourg is a sovereign state of 2 500 square kilometers bordered by Belgium, France and Germany. It has a population of over 455 000 of which 38.6 % are foreigners. The city of Luxembourg has a population of 77 300. Each working day, over 117 000 cross-border workers travel to the Grand Duchy from neighboring Belgium, France and Germany, making up almost 40 % of the workforce. But, as far as I'm concerned, I was accommodated in Luxembourg City. The official languages of Luxembourg are French, German and Luxenbourgish. However, because of the success of Luxembourg in attracting foreign business and personnel, and the languages skills of the local population, English is now widely used in the financial service sector. Few of my colleagues spoke French and it enables me to use my English.
[...] This is one of the most important client of State Street in Europe. My Tasks Daily task Account reconciliation: Everyday, fund administrator's book operation into funds. Several operations can be booked such as: share buying or selling, bonds buying or selling, dividends or interest payment, currency buying or selling . The role of the DB Trustee service is to check if the operations have been booked between State Street Bank and DWS (the mutual fund company). The way to proceed is very simple; we have to check if there is no open position in the account. [...]
[...] The prognosis cannot include a precise value, that's why a range is given. The prognosis is check the day after comparing the real value of the fund and the prognosis. If the real value is out the prognosis range, we had to claim a confirmation to the mutual fund company (DWS). This process enables risk prevention. No fund can fell down without the mutual fund company has been informed. Special work Checking the amount of the service: Each month, the mutual fund company has to pay the provided service to State Street. [...]
[...] DB Trustee service is in charge of the control of the operations booked between the Mutual Fund Company and State Street Bank. The daily checking is very important to prevent any risk as far as the occasional tasks. Those controls are the way to proceed to make the operation efficient and error free. Conclusion Personal enrichment Those tree months enable me to work in a foreign country and to use my English skills for professional purposes. As Luxembourg melts many nationalities (German, Italian, English, Swedish English is very often used. [...]
[...] Rapport de stage "State Street Bank” Luxembourg The Grand Duchy of Luxembourg is a sovereign state of square kilometers bordered by Belgium, France and Germany. Population It has a population of over of which are foreigners. The city of Luxembourg has a population of Each working day, over cross-border workers travel to the Grand Duchy from neighboring Belgium, France and Germany, making up almost of the workforce. But, as far as I'm concerned, I was accommodated in Luxembourg City. Languages The official languages of Luxembourg are French, German and Luxenbourgish. [...]
[...] Management I would like to tell a few words about management in State Street Bank Luxembourg. I saw a important turn over. People spend few years in fund admnisstration and leave the bank. According to me, the job is too much fragmented and employees lose the aspect of fund management. Tasks look very administrative. Futures wishes After those three months, I have a brief vision of the fund management. I discovered the Trustee service and it's function. The fund administration is a great job to start in professional life but I don't think it's a job I would keep for my entire career. [...]
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