{"version":"1.0.0","segments":[{"speaker":"Raymond Frenken","startTime":4.92,"endTime":9.57,"body":"Welcome to this"},{"speaker":"Raymond Frenken","startTime":4.92,"endTime":9.57,"body":"IO Talks podcast from the"},{"speaker":"Raymond Frenken","startTime":9.57,"endTime":14.07,"body":"offices of Astorg. In"},{"speaker":"Raymond Frenken","startTime":9.57,"endTime":14.07,"body":"Luxembourg, we're talking about"},{"speaker":"Raymond Frenken","startTime":14.1,"endTime":17.76,"body":"valuations, valuations"},{"speaker":"Raymond Frenken","startTime":14.1,"endTime":17.76,"body":"increasingly becoming important"},{"speaker":"Raymond Frenken","startTime":17.76,"endTime":22.74,"body":"also for a financial ecosystem"},{"speaker":"Raymond Frenken","startTime":17.76,"endTime":22.74,"body":"like that in Luxembourg, one of"},{"speaker":"Raymond Frenken","startTime":22.74,"endTime":27.84,"body":"the people who took the"},{"speaker":"Raymond Frenken","startTime":22.74,"endTime":27.84,"body":"initiative for the Luxembourg"},{"speaker":"Raymond Frenken","startTime":27.87,"endTime":34.86,"body":"valuations professional"},{"speaker":"Raymond Frenken","startTime":27.87,"endTime":34.86,"body":"association, the LVPA. Before we"},{"speaker":"Raymond Frenken","startTime":34.98,"endTime":37.14,"body":"talk in depth about this, can we"},{"speaker":"Raymond Frenken","startTime":34.98,"endTime":37.14,"body":"do a quick round of"},{"speaker":"Raymond Frenken","startTime":37.14,"endTime":39.87,"body":"introductions with everybody"},{"speaker":"Raymond Frenken","startTime":37.14,"endTime":39.87,"body":"here at the table? Hind? What's"},{"speaker":"Raymond Frenken","startTime":39.87,"endTime":40.56,"body":"your background?"},{"speaker":"Hind El Gaidi","startTime":43.38,"endTime":47.55,"body":"I started the"},{"speaker":"Hind El Gaidi","startTime":43.38,"endTime":47.55,"body":"valuations back in the early"},{"speaker":"Hind El Gaidi","startTime":47.55,"endTime":53.13,"body":"2000 10s. In Amsterdam in the"},{"speaker":"Hind El Gaidi","startTime":47.55,"endTime":53.13,"body":"context of transactions m\u0026a For"},{"speaker":"Hind El Gaidi","startTime":53.13,"endTime":58.65,"body":"listed companies growing into a"},{"speaker":"Hind El Gaidi","startTime":53.13,"endTime":58.65,"body":"lot of interest for valuations,"},{"speaker":"Hind El Gaidi","startTime":58.83,"endTime":62.97,"body":"having even further studies and"},{"speaker":"Hind El Gaidi","startTime":58.83,"endTime":62.97,"body":"education evaluations, I saw"},{"speaker":"Hind El Gaidi","startTime":62.97,"endTime":65.76,"body":"also the interest of private"},{"speaker":"Hind El Gaidi","startTime":62.97,"endTime":65.76,"body":"markets. And that's how I"},{"speaker":"Hind El Gaidi","startTime":65.76,"endTime":69.84,"body":"shifted to to Asterix to"},{"speaker":"Hind El Gaidi","startTime":65.76,"endTime":69.84,"body":"Luxembourg, and to be in the"},{"speaker":"Hind El Gaidi","startTime":69.87,"endTime":75.42,"body":"conduction officer evaluations"},{"speaker":"Hind El Gaidi","startTime":69.87,"endTime":75.42,"body":"of asterik having to look into"},{"speaker":"Hind El Gaidi","startTime":75.72,"endTime":79.86,"body":"the full portfolio, which is a"},{"speaker":"Hind El Gaidi","startTime":75.72,"endTime":79.86,"body":"portfolio of equity investments,"},{"speaker":"Hind El Gaidi","startTime":80.37,"endTime":84.45,"body":"and then grow the interest to"},{"speaker":"Hind El Gaidi","startTime":80.37,"endTime":84.45,"body":"also connect with the ecosystem"},{"speaker":"Hind El Gaidi","startTime":84.45,"endTime":91.41,"body":"here in Luxembourg, to also"},{"speaker":"Hind El Gaidi","startTime":84.45,"endTime":91.41,"body":"educate around valuations. And"},{"speaker":"Hind El Gaidi","startTime":91.71,"endTime":95.07,"body":"the more I looked into it, and I"},{"speaker":"Hind El Gaidi","startTime":91.71,"endTime":95.07,"body":"also connected with other people"},{"speaker":"Hind El Gaidi","startTime":95.28,"endTime":99.36,"body":"here around, I saw that there"},{"speaker":"Hind El Gaidi","startTime":95.28,"endTime":99.36,"body":"was an opportunity for me to"},{"speaker":"Hind El Gaidi","startTime":99.36,"endTime":103.59,"body":"partner with, who are today, my"},{"speaker":"Hind El Gaidi","startTime":99.36,"endTime":103.59,"body":"fellow representatives of the"},{"speaker":"Hind El Gaidi","startTime":103.59,"endTime":107.88,"body":"ltpa, in order to create"},{"speaker":"Hind El Gaidi","startTime":103.59,"endTime":107.88,"body":"something which goes beyond our"},{"speaker":"Hind El Gaidi","startTime":108.21,"endTime":112.62,"body":"interests, and that will serve"},{"speaker":"Hind El Gaidi","startTime":108.21,"endTime":112.62,"body":"the community at in general."},{"speaker":"Raymond Frenken","startTime":113.1,"endTime":114.81,"body":"That's why"},{"speaker":"Raymond Frenken","startTime":113.1,"endTime":114.81,"body":"we're here we're talking with"},{"speaker":"Raymond Frenken","startTime":114.81,"endTime":118.62,"body":"more people than just your"},{"speaker":"Raymond Frenken","startTime":114.81,"endTime":118.62,"body":"Christoph EY. Also very"},{"speaker":"Raymond Frenken","startTime":118.62,"endTime":120.15,"body":"passionate about valuation."},{"speaker":"Christophe Vandendorpe","startTime":120.509,"endTime":123.629,"body":"Absolutely."},{"speaker":"Christophe Vandendorpe","startTime":120.509,"endTime":123.629,"body":"And so I I started myself with"},{"speaker":"Christophe Vandendorpe","startTime":123.629,"endTime":127.439,"body":"my first valuation some more"},{"speaker":"Christophe Vandendorpe","startTime":123.629,"endTime":127.439,"body":"than 20 years ago, and and the"},{"speaker":"Christophe Vandendorpe","startTime":127.439,"endTime":133.229,"body":"topic has never left my my, my"},{"speaker":"Christophe Vandendorpe","startTime":127.439,"endTime":133.229,"body":"interest. So yes, deeply"},{"speaker":"Christophe Vandendorpe","startTime":133.229,"endTime":137.489,"body":"passionate about it, also"},{"speaker":"Christophe Vandendorpe","startTime":133.229,"endTime":137.489,"body":"passionate about being able to"},{"speaker":"Christophe Vandendorpe","startTime":137.819,"endTime":143.309,"body":"give something back to the"},{"speaker":"Christophe Vandendorpe","startTime":137.819,"endTime":143.309,"body":"markets and, and also to have"},{"speaker":"Christophe Vandendorpe","startTime":143.339,"endTime":146.399,"body":"something for the new generation"},{"speaker":"Christophe Vandendorpe","startTime":143.339,"endTime":146.399,"body":"because we will need definitely"},{"speaker":"Christophe Vandendorpe","startTime":146.699,"endTime":152.489,"body":"a lot of new valuers coming up,"},{"speaker":"Christophe Vandendorpe","startTime":146.699,"endTime":152.489,"body":"because there is a lot of need"},{"speaker":"Christophe Vandendorpe","startTime":152.519,"endTime":156.419,"body":"in the market. And I think with"},{"speaker":"Christophe Vandendorpe","startTime":152.519,"endTime":156.419,"body":"that there is also a lot of"},{"speaker":"Christophe Vandendorpe","startTime":156.419,"endTime":158.729,"body":"needs to have an association"},{"speaker":"Christophe Vandendorpe","startTime":156.419,"endTime":158.729,"body":"like the VPA"},{"speaker":"Raymond Frenken","startTime":159.24,"endTime":161.61,"body":"for what's your"},{"speaker":"Raymond Frenken","startTime":159.24,"endTime":161.61,"body":"involvement in the LV PA?"},{"speaker":"Rafaël Le Saux","startTime":161.94,"endTime":164.22,"body":"That's that's a"},{"speaker":"Rafaël Le Saux","startTime":161.94,"endTime":164.22,"body":"really good question. So we"},{"speaker":"Rafaël Le Saux","startTime":164.22,"endTime":167.31,"body":"started iced we started the"},{"speaker":"Rafaël Le Saux","startTime":164.22,"endTime":167.31,"body":"founding committee one year ago,"},{"speaker":"Rafaël Le Saux","startTime":167.58,"endTime":170.52,"body":"and one of the representatives"},{"speaker":"Rafaël Le Saux","startTime":167.58,"endTime":170.52,"body":"Witter in the staff and Antoine"},{"speaker":"Rafaël Le Saux","startTime":170.52,"endTime":175.11,"body":"who are here we are I mean, we"},{"speaker":"Rafaël Le Saux","startTime":170.52,"endTime":175.11,"body":"are trying to make this"},{"speaker":"Rafaël Le Saux","startTime":175.11,"endTime":181.44,"body":"association to help the the"},{"speaker":"Rafaël Le Saux","startTime":175.11,"endTime":181.44,"body":"market and the valuation"},{"speaker":"Rafaël Le Saux","startTime":181.44,"endTime":186.27,"body":"profession to be at a high level"},{"speaker":"Rafaël Le Saux","startTime":181.44,"endTime":186.27,"body":"to bring education opportunities"},{"speaker":"Rafaël Le Saux","startTime":186.27,"endTime":191.79,"body":"to the people here. And we"},{"speaker":"Rafaël Le Saux","startTime":186.27,"endTime":191.79,"body":"believe we have seen a lot of"},{"speaker":"Rafaël Le Saux","startTime":191.79,"endTime":195.33,"body":"interest for many parts. I mean,"},{"speaker":"Rafaël Le Saux","startTime":191.79,"endTime":195.33,"body":"earlier, Mike before joining"},{"speaker":"Rafaël Le Saux","startTime":195.33,"endTime":198.24,"body":"Pelosi, where I work currently I"},{"speaker":"Rafaël Le Saux","startTime":195.33,"endTime":198.24,"body":"was on the front side, so I was"},{"speaker":"Rafaël Le Saux","startTime":198.24,"endTime":201.84,"body":"conducting for Periscope. And I"},{"speaker":"Rafaël Le Saux","startTime":198.24,"endTime":201.84,"body":"was seeing that there was a"},{"speaker":"Rafaël Le Saux","startTime":201.84,"endTime":207.12,"body":"significant need. And interest"},{"speaker":"Rafaël Le Saux","startTime":201.84,"endTime":207.12,"body":"for form conduction also to"},{"speaker":"Rafaël Le Saux","startTime":207.12,"endTime":209.85,"body":"learn what what others were"},{"speaker":"Rafaël Le Saux","startTime":207.12,"endTime":209.85,"body":"doing to create a network of"},{"speaker":"Rafaël Le Saux","startTime":209.85,"endTime":213.57,"body":"professional that can share the"},{"speaker":"Rafaël Le Saux","startTime":209.85,"endTime":213.57,"body":"best practices. And we this has"},{"speaker":"Rafaël Le Saux","startTime":213.57,"endTime":218.01,"body":"been perceived as a very, very,"},{"speaker":"Rafaël Le Saux","startTime":213.57,"endTime":218.01,"body":"very positive by hour. by by by"},{"speaker":"Rafaël Le Saux","startTime":218.01,"endTime":220.71,"body":"the by the local militia"},{"speaker":"Rafaël Le Saux","startTime":218.01,"endTime":220.71,"body":"professionals,"},{"speaker":"Raymond Frenken","startTime":221.58,"endTime":224.1,"body":"and so on. Is"},{"speaker":"Raymond Frenken","startTime":221.58,"endTime":224.1,"body":"it a coincidence that Luxenberg"},{"speaker":"Raymond Frenken","startTime":224.13,"endTime":227.97,"body":"is initiating the ltpa as an"},{"speaker":"Raymond Frenken","startTime":224.13,"endTime":227.97,"body":"association for valuation"},{"speaker":"Raymond Frenken","startTime":227.97,"endTime":231.3,"body":"professionals at a time that"},{"speaker":"Raymond Frenken","startTime":227.97,"endTime":231.3,"body":"markets are actually no longer"},{"speaker":"Raymond Frenken","startTime":231.3,"endTime":233.37,"body":"going up? sky high?"},{"speaker":"Antoine Boggini","startTime":234.21,"endTime":235.77,"body":"Yeah, first of"},{"speaker":"Antoine Boggini","startTime":234.21,"endTime":235.77,"body":"all, thanks. Thanks, everyone,"},{"speaker":"Antoine Boggini","startTime":235.77,"endTime":239.67,"body":"for for having us today. I think"},{"speaker":"Antoine Boggini","startTime":235.77,"endTime":239.67,"body":"I think it's No probably not not"},{"speaker":"Antoine Boggini","startTime":239.67,"endTime":243.57,"body":"a coincidence, because I think"},{"speaker":"Antoine Boggini","startTime":239.67,"endTime":243.57,"body":"that there's a long term trend"},{"speaker":"Antoine Boggini","startTime":243.57,"endTime":247.11,"body":"and appetite for more for more"},{"speaker":"Antoine Boggini","startTime":243.57,"endTime":247.11,"body":"variation on my side. So I"},{"speaker":"Antoine Boggini","startTime":247.11,"endTime":249.75,"body":"started here in Luxembourg,"},{"speaker":"Antoine Boggini","startTime":247.11,"endTime":249.75,"body":"working on valuation almost 20"},{"speaker":"Antoine Boggini","startTime":249.75,"endTime":252.75,"body":"years ago. And there was already"},{"speaker":"Antoine Boggini","startTime":249.75,"endTime":252.75,"body":"a lot of questions around around"},{"speaker":"Antoine Boggini","startTime":252.75,"endTime":255.15,"body":"valuation and when we say"},{"speaker":"Antoine Boggini","startTime":252.75,"endTime":255.15,"body":"valuation, and that the same"},{"speaker":"Antoine Boggini","startTime":255.15,"endTime":259.32,"body":"also for the association is not"},{"speaker":"Antoine Boggini","startTime":255.15,"endTime":259.32,"body":"focused only on equity"},{"speaker":"Antoine Boggini","startTime":259.32,"endTime":261.72,"body":"instruments or credit"},{"speaker":"Antoine Boggini","startTime":259.32,"endTime":261.72,"body":"instruments, we have also to"},{"speaker":"Antoine Boggini","startTime":261.72,"endTime":266.43,"body":"think also about intangible"},{"speaker":"Antoine Boggini","startTime":261.72,"endTime":266.43,"body":"assets, for instance. And what"},{"speaker":"Antoine Boggini","startTime":266.43,"endTime":269.46,"body":"we can see is that there are"},{"speaker":"Antoine Boggini","startTime":266.43,"endTime":269.46,"body":"more and more, let's say"},{"speaker":"Antoine Boggini","startTime":269.52,"endTime":274.71,"body":"appetites for for variations in"},{"speaker":"Antoine Boggini","startTime":269.52,"endTime":274.71,"body":"terms of frequency and we can"},{"speaker":"Antoine Boggini","startTime":274.71,"endTime":278.58,"body":"see that also for funds from"},{"speaker":"Antoine Boggini","startTime":274.71,"endTime":278.58,"body":"let's say an enrol approach to"},{"speaker":"Antoine Boggini","startTime":278.58,"endTime":282.54,"body":"semiannual quarterly. And now we"},{"speaker":"Antoine Boggini","startTime":278.58,"endTime":282.54,"body":"can see also for monthly"},{"speaker":"Antoine Boggini","startTime":283.05,"endTime":287.79,"body":"variation analysis. And also we"},{"speaker":"Antoine Boggini","startTime":283.05,"endTime":287.79,"body":"can see you You're right that"},{"speaker":"Antoine Boggini","startTime":287.79,"endTime":290.37,"body":"there's a change also in the"},{"speaker":"Antoine Boggini","startTime":287.79,"endTime":290.37,"body":"direction in terms of valuation"},{"speaker":"Antoine Boggini","startTime":290.37,"endTime":296.13,"body":"for most assets. There was"},{"speaker":"Antoine Boggini","startTime":290.37,"endTime":296.13,"body":"increasing an increasing values"},{"speaker":"Antoine Boggini","startTime":296.25,"endTime":300.6,"body":"over the past quarters. And now"},{"speaker":"Antoine Boggini","startTime":296.25,"endTime":300.6,"body":"it seems that you It's a bit"},{"speaker":"Antoine Boggini","startTime":300.6,"endTime":302.91,"body":"less, it's a bit less the case"},{"speaker":"Antoine Boggini","startTime":300.6,"endTime":302.91,"body":"so that there are also more and"},{"speaker":"Antoine Boggini","startTime":302.91,"endTime":307.83,"body":"more, I would say, questions"},{"speaker":"Antoine Boggini","startTime":302.91,"endTime":307.83,"body":"regarding the precision of the"},{"speaker":"Antoine Boggini","startTime":307.83,"endTime":311.55,"body":"variation. But again, I think"},{"speaker":"Antoine Boggini","startTime":307.83,"endTime":311.55,"body":"that we we don't have to think"},{"speaker":"Antoine Boggini","startTime":311.55,"endTime":315.12,"body":"about the, let's say, the"},{"speaker":"Antoine Boggini","startTime":311.55,"endTime":315.12,"body":"specific timing. If you are also"},{"speaker":"Antoine Boggini","startTime":315.12,"endTime":319.59,"body":"looking back, let's say 20 years"},{"speaker":"Antoine Boggini","startTime":315.12,"endTime":319.59,"body":"ago with the.com bubble, we are"},{"speaker":"Antoine Boggini","startTime":319.59,"endTime":324.39,"body":"also the Lehman Brothers"},{"speaker":"Antoine Boggini","startTime":319.59,"endTime":324.39,"body":"situation in 2008. We had also"},{"speaker":"Antoine Boggini","startTime":324.39,"endTime":329.67,"body":"the European crisis also with"},{"speaker":"Antoine Boggini","startTime":324.39,"endTime":329.67,"body":"the Greek situation, and also"},{"speaker":"Antoine Boggini","startTime":329.67,"endTime":333.99,"body":"the COVID. So maybe at some"},{"speaker":"Antoine Boggini","startTime":329.67,"endTime":333.99,"body":"point in time, you can, there"},{"speaker":"Antoine Boggini","startTime":333.99,"endTime":336.33,"body":"will be a specific focus on"},{"speaker":"Antoine Boggini","startTime":333.99,"endTime":336.33,"body":"variation, but the points of"},{"speaker":"Antoine Boggini","startTime":336.36,"endTime":338.64,"body":"variation, I think it's a"},{"speaker":"Antoine Boggini","startTime":336.36,"endTime":338.64,"body":"continuous timeline."},{"speaker":"Raymond Frenken","startTime":339.84,"endTime":341.04,"body":"Christoph,"},{"speaker":"Raymond Frenken","startTime":339.84,"endTime":341.04,"body":"you've been around the"},{"speaker":"Raymond Frenken","startTime":341.04,"endTime":345.27,"body":"valuations for quite some time."},{"speaker":"Raymond Frenken","startTime":341.04,"endTime":345.27,"body":"Since 2001. Already, your first"},{"speaker":"Raymond Frenken","startTime":345.27,"endTime":350.73,"body":"valuation you mentioned earlier."},{"speaker":"Raymond Frenken","startTime":345.27,"endTime":350.73,"body":"What should people be looking at"},{"speaker":"Raymond Frenken","startTime":350.76,"endTime":357.96,"body":"when they when you consider the"},{"speaker":"Raymond Frenken","startTime":350.76,"endTime":357.96,"body":"let me rephrase that. Luxembourg"},{"speaker":"Raymond Frenken","startTime":357.96,"endTime":361.62,"body":"is a fascinating ecosystem with"},{"speaker":"Raymond Frenken","startTime":357.96,"endTime":361.62,"body":"its private equity system, its"},{"speaker":"Raymond Frenken","startTime":361.62,"endTime":365.52,"body":"alternatives. These are not"},{"speaker":"Raymond Frenken","startTime":361.62,"endTime":365.52,"body":"investments that are valued,"},{"speaker":"Raymond Frenken","startTime":365.52,"endTime":368.64,"body":"like public listed companies,"},{"speaker":"Raymond Frenken","startTime":365.52,"endTime":368.64,"body":"where you can basically see the"},{"speaker":"Raymond Frenken","startTime":368.64,"endTime":373.8,"body":"share price at the end of every"},{"speaker":"Raymond Frenken","startTime":368.64,"endTime":373.8,"body":"day. What specifically does that"},{"speaker":"Raymond Frenken","startTime":373.8,"endTime":376.38,"body":"mean for valuation professionals"},{"speaker":"Raymond Frenken","startTime":373.8,"endTime":376.38,"body":"like yours?"},{"speaker":"Christophe Vandendorpe","startTime":377.58,"endTime":380.4,"body":"Well,"},{"speaker":"Christophe Vandendorpe","startTime":377.58,"endTime":380.4,"body":"obviously, there is a there is a"},{"speaker":"Christophe Vandendorpe","startTime":380.4,"endTime":384.39,"body":"significant need to for"},{"speaker":"Christophe Vandendorpe","startTime":380.4,"endTime":384.39,"body":"investors to receive their"},{"speaker":"Christophe Vandendorpe","startTime":384.72,"endTime":389.7,"body":"valuations on a on a reliable"},{"speaker":"Christophe Vandendorpe","startTime":384.72,"endTime":389.7,"body":"basis. So we we already had"},{"speaker":"Christophe Vandendorpe","startTime":389.91,"endTime":394.74,"body":"mentioned the word Trust before."},{"speaker":"Christophe Vandendorpe","startTime":389.91,"endTime":394.74,"body":"So that is absolutely key in"},{"speaker":"Christophe Vandendorpe","startTime":394.74,"endTime":400.38,"body":"evaluation. And with that, we"},{"speaker":"Christophe Vandendorpe","startTime":394.74,"endTime":400.38,"body":"it's not only about the valuers"},{"speaker":"Christophe Vandendorpe","startTime":400.38,"endTime":404.1,"body":"so the various needs, obviously"},{"speaker":"Christophe Vandendorpe","startTime":400.38,"endTime":404.1,"body":"to make sure that they respect"},{"speaker":"Christophe Vandendorpe","startTime":404.1,"endTime":408.36,"body":"certain principles, certain"},{"speaker":"Christophe Vandendorpe","startTime":404.1,"endTime":408.36,"body":"standards, certain guidelines,"},{"speaker":"Christophe Vandendorpe","startTime":408.72,"endTime":413.04,"body":"whatever they be, so that"},{"speaker":"Christophe Vandendorpe","startTime":408.72,"endTime":413.04,"body":"investors can or other"},{"speaker":"Christophe Vandendorpe","startTime":413.04,"endTime":419.82,"body":"stakeholders can rely on on the"},{"speaker":"Christophe Vandendorpe","startTime":413.04,"endTime":419.82,"body":"valuations. I also think that"},{"speaker":"Christophe Vandendorpe","startTime":420.24,"endTime":425.49,"body":"there are other other service"},{"speaker":"Christophe Vandendorpe","startTime":420.24,"endTime":425.49,"body":"providers if I can say so or"},{"speaker":"Christophe Vandendorpe","startTime":425.49,"endTime":430.02,"body":"other advisors that need to"},{"speaker":"Christophe Vandendorpe","startTime":425.49,"endTime":430.02,"body":"enter into the equation, because"},{"speaker":"Christophe Vandendorpe","startTime":430.02,"endTime":434.04,"body":"we will need for sure."},{"speaker":"Christophe Vandendorpe","startTime":430.02,"endTime":434.04,"body":"Technology, we will certainly"},{"speaker":"Christophe Vandendorpe","startTime":434.82,"endTime":440.64,"body":"need also relevant, reliable"},{"speaker":"Christophe Vandendorpe","startTime":434.82,"endTime":440.64,"body":"information in order to make"},{"speaker":"Christophe Vandendorpe","startTime":440.64,"endTime":444.75,"body":"sure that we can produce a"},{"speaker":"Christophe Vandendorpe","startTime":440.64,"endTime":444.75,"body":"reliable valuation, it is the"},{"speaker":"Christophe Vandendorpe","startTime":444.78,"endTime":449.43,"body":"garbage in garbage out"},{"speaker":"Christophe Vandendorpe","startTime":444.78,"endTime":449.43,"body":"principles sometimes. So we need"},{"speaker":"Christophe Vandendorpe","startTime":449.43,"endTime":454.23,"body":"to have reliable information, we"},{"speaker":"Christophe Vandendorpe","startTime":449.43,"endTime":454.23,"body":"need to have reliable valuation"},{"speaker":"Christophe Vandendorpe","startTime":454.26,"endTime":458.28,"body":"professionals, all of this in"},{"speaker":"Christophe Vandendorpe","startTime":454.26,"endTime":458.28,"body":"order to be able to produce"},{"speaker":"Christophe Vandendorpe","startTime":458.28,"endTime":459.84,"body":"trustworthy elevations."},{"speaker":"Raymond Frenken","startTime":460.8,"endTime":463.26,"body":"And would it be"},{"speaker":"Raymond Frenken","startTime":460.8,"endTime":463.26,"body":"fair to say that we're talking"},{"speaker":"Raymond Frenken","startTime":463.26,"endTime":467.1,"body":"now about a further"},{"speaker":"Raymond Frenken","startTime":463.26,"endTime":467.1,"body":"professionalisation of the"},{"speaker":"Raymond Frenken","startTime":467.1,"endTime":472.56,"body":"valuation function inside"},{"speaker":"Raymond Frenken","startTime":467.1,"endTime":472.56,"body":"financial ecosystem like"},{"speaker":"Raymond Frenken","startTime":472.56,"endTime":474.99,"body":"Luxembourg? How important is"},{"speaker":"Raymond Frenken","startTime":472.56,"endTime":474.99,"body":"that for Luxembourg?"},{"speaker":"Hind El Gaidi","startTime":475.47,"endTime":477.84,"body":"Oh, absolutely. I"},{"speaker":"Hind El Gaidi","startTime":475.47,"endTime":477.84,"body":"mean, there is no doubt about"},{"speaker":"Hind El Gaidi","startTime":477.84,"endTime":482.52,"body":"this. I think there are many"},{"speaker":"Hind El Gaidi","startTime":477.84,"endTime":482.52,"body":"drivers to begin with either"},{"speaker":"Hind El Gaidi","startTime":482.52,"endTime":488.04,"body":"regulatory or come in also from"},{"speaker":"Hind El Gaidi","startTime":482.52,"endTime":488.04,"body":"our investors as as being"},{"speaker":"Hind El Gaidi","startTime":488.4,"endTime":492.75,"body":"investment funds, where there is"},{"speaker":"Hind El Gaidi","startTime":488.4,"endTime":492.75,"body":"a much more scrutiny much more"},{"speaker":"Hind El Gaidi","startTime":492.78,"endTime":497.43,"body":"requirements of disclosure, also"},{"speaker":"Hind El Gaidi","startTime":492.78,"endTime":497.43,"body":"of governance around the"},{"speaker":"Hind El Gaidi","startTime":497.43,"endTime":501.45,"body":"valuation function. But what we"},{"speaker":"Hind El Gaidi","startTime":497.43,"endTime":501.45,"body":"can also see is, despite the"},{"speaker":"Hind El Gaidi","startTime":501.45,"endTime":505.35,"body":"fact that there is this, these"},{"speaker":"Hind El Gaidi","startTime":501.45,"endTime":505.35,"body":"pressures, the valuation in"},{"speaker":"Hind El Gaidi","startTime":505.35,"endTime":509.34,"body":"general has come to rise as a"},{"speaker":"Hind El Gaidi","startTime":505.35,"endTime":509.34,"body":"topic of interest to different"},{"speaker":"Hind El Gaidi","startTime":509.34,"endTime":512.43,"body":"stakeholders who were not"},{"speaker":"Hind El Gaidi","startTime":509.34,"endTime":512.43,"body":"interested in these topics"},{"speaker":"Hind El Gaidi","startTime":512.43,"endTime":515.73,"body":"before because it was seen as"},{"speaker":"Hind El Gaidi","startTime":512.43,"endTime":515.73,"body":"well someone is doing a desktop"},{"speaker":"Hind El Gaidi","startTime":515.73,"endTime":518.82,"body":"valuation for reporting, and"},{"speaker":"Hind El Gaidi","startTime":515.73,"endTime":518.82,"body":"that's about it. And now we're"},{"speaker":"Hind El Gaidi","startTime":518.82,"endTime":521.61,"body":"moving into a situation where"},{"speaker":"Hind El Gaidi","startTime":518.82,"endTime":521.61,"body":"it's becoming extremely"},{"speaker":"Hind El Gaidi","startTime":521.61,"endTime":526.17,"body":"strategic, either for building"},{"speaker":"Hind El Gaidi","startTime":521.61,"endTime":526.17,"body":"the trust that Christopher was"},{"speaker":"Hind El Gaidi","startTime":526.17,"endTime":530.64,"body":"speaking about building the"},{"speaker":"Hind El Gaidi","startTime":526.17,"endTime":530.64,"body":"trust with your investors, if I"},{"speaker":"Hind El Gaidi","startTime":530.64,"endTime":536.97,"body":"have to illustrate, if you are"},{"speaker":"Hind El Gaidi","startTime":530.64,"endTime":536.97,"body":"valuing the same assets, this no"},{"speaker":"Hind El Gaidi","startTime":536.97,"endTime":539.91,"body":"matter what assets is that on a"},{"speaker":"Hind El Gaidi","startTime":536.97,"endTime":539.91,"body":"continuous basis, and at the"},{"speaker":"Hind El Gaidi","startTime":539.91,"endTime":544.14,"body":"end, you exit is and the exit"},{"speaker":"Hind El Gaidi","startTime":539.91,"endTime":544.14,"body":"valuation, or the price actually"},{"speaker":"Hind El Gaidi","startTime":544.14,"endTime":546.81,"body":"at which you sold, it is not"},{"speaker":"Hind El Gaidi","startTime":544.14,"endTime":546.81,"body":"that far from those valuations,"},{"speaker":"Hind El Gaidi","startTime":546.81,"endTime":550.11,"body":"and then they can see the"},{"speaker":"Hind El Gaidi","startTime":546.81,"endTime":550.11,"body":"continuum in your valuation."},{"speaker":"Hind El Gaidi","startTime":550.23,"endTime":553.74,"body":"It's you just build trust in"},{"speaker":"Hind El Gaidi","startTime":550.23,"endTime":553.74,"body":"your methods, systems,"},{"speaker":"Hind El Gaidi","startTime":553.74,"endTime":559.38,"body":"governance, everything. And the"},{"speaker":"Hind El Gaidi","startTime":553.74,"endTime":559.38,"body":"opposite can also be true. So"},{"speaker":"Hind El Gaidi","startTime":559.38,"endTime":562.5,"body":"that's where we see there is a"},{"speaker":"Hind El Gaidi","startTime":559.38,"endTime":562.5,"body":"lot of interest and also in in"},{"speaker":"Hind El Gaidi","startTime":562.5,"endTime":567.15,"body":"house with, with for information"},{"speaker":"Hind El Gaidi","startTime":562.5,"endTime":567.15,"body":"for decision making, for"},{"speaker":"Hind El Gaidi","startTime":567.15,"endTime":571.38,"body":"information sharing, and for"},{"speaker":"Hind El Gaidi","startTime":567.15,"endTime":571.38,"body":"topics that are important, like"},{"speaker":"Hind El Gaidi","startTime":571.38,"endTime":575.37,"body":"fundraising, for instance. So"},{"speaker":"Hind El Gaidi","startTime":571.38,"endTime":575.37,"body":"it's, it's I would say all over"},{"speaker":"Hind El Gaidi","startTime":575.37,"endTime":578.61,"body":"the place. All the signals say"},{"speaker":"Hind El Gaidi","startTime":575.37,"endTime":578.61,"body":"that valuation is becoming much"},{"speaker":"Hind El Gaidi","startTime":578.61,"endTime":582.66,"body":"more important it's elevates"},{"speaker":"Hind El Gaidi","startTime":578.61,"endTime":582.66,"body":"that's that's function. And as I"},{"speaker":"Hind El Gaidi","startTime":582.66,"endTime":585.84,"body":"used to say before, when I was"},{"speaker":"Hind El Gaidi","startTime":582.66,"endTime":585.84,"body":"an advisor that nobody wakes up"},{"speaker":"Hind El Gaidi","startTime":585.84,"endTime":589.02,"body":"in the morning to say I need the"},{"speaker":"Hind El Gaidi","startTime":585.84,"endTime":589.02,"body":"valuation now, but many"},{"speaker":"Hind El Gaidi","startTime":589.11,"endTime":593.58,"body":"situations bring you to need"},{"speaker":"Hind El Gaidi","startTime":589.11,"endTime":593.58,"body":"evaluation and it becomes at the"},{"speaker":"Hind El Gaidi","startTime":593.58,"endTime":595.17,"body":"heart of the of the discussion."},{"speaker":"Raymond Frenken","startTime":595.919,"endTime":598.409,"body":"Is this about"},{"speaker":"Raymond Frenken","startTime":595.919,"endTime":598.409,"body":"Luxenberg catching up with"},{"speaker":"Raymond Frenken","startTime":598.409,"endTime":600.929,"body":"practices elsewhere in the"},{"speaker":"Raymond Frenken","startTime":598.409,"endTime":600.929,"body":"world? than elsewhere in Europe?"},{"speaker":"Raymond Frenken","startTime":601.079,"endTime":605.189,"body":"Or is this about Luxembourg? Is"},{"speaker":"Raymond Frenken","startTime":601.079,"endTime":605.189,"body":"it taking a lead in an"},{"speaker":"Raymond Frenken","startTime":605.189,"endTime":607.319,"body":"international valuation terms?"},{"speaker":"Rafaël Le Saux","startTime":608.849,"endTime":612.719,"body":"That's, that's"},{"speaker":"Rafaël Le Saux","startTime":608.849,"endTime":612.719,"body":"an interesting question. So I"},{"speaker":"Rafaël Le Saux","startTime":612.719,"endTime":616.589,"body":"think that maybe what we see"},{"speaker":"Rafaël Le Saux","startTime":612.719,"endTime":616.589,"body":"where we see more progress in"},{"speaker":"Rafaël Le Saux","startTime":616.589,"endTime":621.149,"body":"terms of valuation is in the in"},{"speaker":"Rafaël Le Saux","startTime":616.589,"endTime":621.149,"body":"the US. So we see that the SEC,"},{"speaker":"Rafaël Le Saux","startTime":621.149,"endTime":624.449,"body":"the CPA, and many organisations"},{"speaker":"Rafaël Le Saux","startTime":621.149,"endTime":624.449,"body":"have been taking the lead for a"},{"speaker":"Rafaël Le Saux","startTime":624.449,"endTime":629.879,"body":"few years on this front, maybe"},{"speaker":"Rafaël Le Saux","startTime":624.449,"endTime":629.879,"body":"for for as an example, sec, and"},{"speaker":"Rafaël Le Saux","startTime":629.909,"endTime":632.909,"body":"PCAOB, I mean, back in the day"},{"speaker":"Rafaël Le Saux","startTime":629.909,"endTime":632.909,"body":"back into the early 2000s, they"},{"speaker":"Rafaël Le Saux","startTime":632.909,"endTime":637.049,"body":"realise that they may not have"},{"speaker":"Rafaël Le Saux","startTime":632.909,"endTime":637.049,"body":"the all of the competencies in"},{"speaker":"Rafaël Le Saux","startTime":637.049,"endTime":640.859,"body":"order to audit fair value"},{"speaker":"Rafaël Le Saux","startTime":637.049,"endTime":640.859,"body":"estimates. And they started"},{"speaker":"Rafaël Le Saux","startTime":640.889,"endTime":644.189,"body":"amassing, and putting together"},{"speaker":"Rafaël Le Saux","startTime":640.889,"endTime":644.189,"body":"teams that were very strong in"},{"speaker":"Rafaël Le Saux","startTime":644.189,"endTime":648.959,"body":"terms of of these competencies"},{"speaker":"Rafaël Le Saux","startTime":644.189,"endTime":648.959,"body":"with feeding, sourcing a lot of"},{"speaker":"Rafaël Le Saux","startTime":648.959,"endTime":651.659,"body":"profiles from big four"},{"speaker":"Rafaël Le Saux","startTime":648.959,"endTime":651.659,"body":"companies. And now, I mean,"},{"speaker":"Rafaël Le Saux","startTime":651.659,"endTime":655.769,"body":"their skills are have improved,"},{"speaker":"Rafaël Le Saux","startTime":651.659,"endTime":655.769,"body":"and we see also from what we see"},{"speaker":"Rafaël Le Saux","startTime":655.769,"endTime":659.999,"body":"in terms of financial"},{"speaker":"Rafaël Le Saux","startTime":655.769,"endTime":659.999,"body":"literature, and that the"},{"speaker":"Rafaël Le Saux","startTime":660.029,"endTime":663.509,"body":"American population associations"},{"speaker":"Rafaël Le Saux","startTime":660.029,"endTime":663.509,"body":"are leading in that regard,"},{"speaker":"Rafaël Le Saux","startTime":664.049,"endTime":666.299,"body":"particularly, we see for"},{"speaker":"Rafaël Le Saux","startTime":664.049,"endTime":666.299,"body":"example, in terms of private"},{"speaker":"Rafaël Le Saux","startTime":666.299,"endTime":669.659,"body":"equity and VC, that some of the"},{"speaker":"Rafaël Le Saux","startTime":666.299,"endTime":669.659,"body":"techniques they are being they"},{"speaker":"Rafaël Le Saux","startTime":669.659,"endTime":675.479,"body":"are being suggesting, and they"},{"speaker":"Rafaël Le Saux","startTime":669.659,"endTime":675.479,"body":"are being I mean, using are the"},{"speaker":"Rafaël Le Saux","startTime":675.479,"endTime":678.749,"body":"ones that we are seeing now in"},{"speaker":"Rafaël Le Saux","startTime":675.479,"endTime":678.749,"body":"Europe more and more. And also"},{"speaker":"Rafaël Le Saux","startTime":678.749,"endTime":683.369,"body":"that we are seeing that many,"},{"speaker":"Rafaël Le Saux","startTime":678.749,"endTime":683.369,"body":"many us as in was mentioning"},{"speaker":"Rafaël Le Saux","startTime":683.369,"endTime":685.949,"body":"that it is not only a concern"},{"speaker":"Rafaël Le Saux","startTime":683.369,"endTime":685.949,"body":"from the regulator, but it's"},{"speaker":"Rafaël Le Saux","startTime":685.949,"endTime":688.079,"body":"also a concept from the"},{"speaker":"Rafaël Le Saux","startTime":685.949,"endTime":688.079,"body":"investor. So the due diligence"},{"speaker":"Rafaël Le Saux","startTime":688.079,"endTime":691.499,"body":"on the volition function is"},{"speaker":"Rafaël Le Saux","startTime":688.079,"endTime":691.499,"body":"becoming much more stringent in"},{"speaker":"Rafaël Le Saux","startTime":691.499,"endTime":694.169,"body":"terms of the methodology that we"},{"speaker":"Rafaël Le Saux","startTime":691.499,"endTime":694.169,"body":"use, how the substance of the"},{"speaker":"Rafaël Le Saux","startTime":694.169,"endTime":698.159,"body":"team the qualifications of the"},{"speaker":"Rafaël Le Saux","startTime":694.169,"endTime":698.159,"body":"team, and that that is, is"},{"speaker":"Rafaël Le Saux","startTime":698.159,"endTime":702.869,"body":"taking centre, very, a lot of"},{"speaker":"Rafaël Le Saux","startTime":698.159,"endTime":702.869,"body":"importance. Maybe in that"},{"speaker":"Rafaël Le Saux","startTime":702.869,"endTime":704.849,"body":"regard. I mean, I think it's"},{"speaker":"Rafaël Le Saux","startTime":702.869,"endTime":704.849,"body":"important to mention that when"},{"speaker":"Rafaël Le Saux","startTime":704.849,"endTime":708.239,"body":"we we start we are we started"},{"speaker":"Rafaël Le Saux","startTime":704.849,"endTime":708.239,"body":"the association where we're"},{"speaker":"Rafaël Le Saux","startTime":708.479,"endTime":711.089,"body":"discussing as founding"},{"speaker":"Rafaël Le Saux","startTime":708.479,"endTime":711.089,"body":"committee, we discuss with many"},{"speaker":"Rafaël Le Saux","startTime":711.089,"endTime":714.449,"body":"other valuation professional"},{"speaker":"Rafaël Le Saux","startTime":711.089,"endTime":714.449,"body":"organisations, from the US from"},{"speaker":"Rafaël Le Saux","startTime":714.449,"endTime":718.919,"body":"Singapore, from Canada, from"},{"speaker":"Rafaël Le Saux","startTime":714.449,"endTime":718.919,"body":"France, with the ivsc."},{"speaker":"Raymond Frenken","startTime":719.79,"endTime":722.31,"body":"You know, the"},{"speaker":"Raymond Frenken","startTime":719.79,"endTime":722.31,"body":"IVC, you're mentioning, Delhi."},{"speaker":"Raymond Frenken","startTime":722.52,"endTime":725.52,"body":"Tell me very briefly, what is"},{"speaker":"Raymond Frenken","startTime":722.52,"endTime":725.52,"body":"the iboc? How should we look at"},{"speaker":"Raymond Frenken","startTime":725.52,"endTime":725.67,"body":"that,"},{"speaker":"Rafaël Le Saux","startTime":725.699,"endTime":727.289,"body":"actually, so the"},{"speaker":"Rafaël Le Saux","startTime":725.699,"endTime":727.289,"body":"ivsc, the International"},{"speaker":"Rafaël Le Saux","startTime":727.289,"endTime":729.809,"body":"Relations standard Council,"},{"speaker":"Rafaël Le Saux","startTime":727.289,"endTime":729.809,"body":"which is an association of"},{"speaker":"Rafaël Le Saux","startTime":729.809,"endTime":733.139,"body":"associations, and it's also the"},{"speaker":"Rafaël Le Saux","startTime":729.809,"endTime":733.139,"body":"standard set, or one of the"},{"speaker":"Rafaël Le Saux","startTime":733.139,"endTime":735.959,"body":"standard sets of globally in"},{"speaker":"Rafaël Le Saux","startTime":733.139,"endTime":735.959,"body":"terms of valuation. We had the"},{"speaker":"Rafaël Le Saux","startTime":735.959,"endTime":739.979,"body":"CEO of ivsc, two weeks ago for"},{"speaker":"Rafaël Le Saux","startTime":735.959,"endTime":739.979,"body":"our lunch event, who was the"},{"speaker":"Rafaël Le Saux","startTime":739.979,"endTime":744.029,"body":"same person that we we met"},{"speaker":"Rafaël Le Saux","startTime":739.979,"endTime":744.029,"body":"almost two years ago. And we"},{"speaker":"Rafaël Le Saux","startTime":744.029,"endTime":747.359,"body":"pitched the idea of this"},{"speaker":"Rafaël Le Saux","startTime":744.029,"endTime":747.359,"body":"association. And I think that"},{"speaker":"Rafaël Le Saux","startTime":747.539,"endTime":750.989,"body":"that it was very interesting for"},{"speaker":"Rafaël Le Saux","startTime":747.539,"endTime":750.989,"body":"him to discover that we there"},{"speaker":"Rafaël Le Saux","startTime":750.989,"endTime":753.479,"body":"were not only Malaysian"},{"speaker":"Rafaël Le Saux","startTime":750.989,"endTime":753.479,"body":"petitioners in the local market,"},{"speaker":"Rafaël Le Saux","startTime":753.479,"endTime":756.179,"body":"but the world's he had also a"},{"speaker":"Rafaël Le Saux","startTime":753.479,"endTime":756.179,"body":"lot of internal relation"},{"speaker":"Rafaël Le Saux","startTime":756.179,"endTime":759.509,"body":"functions from the more than 400"},{"speaker":"Rafaël Le Saux","startTime":756.179,"endTime":759.509,"body":"iu firms that we have locally,"},{"speaker":"Rafaël Le Saux","startTime":759.929,"endTime":762.359,"body":"that are that have fully"},{"speaker":"Rafaël Le Saux","startTime":759.929,"endTime":762.359,"body":"dedicated people to valuation"},{"speaker":"Rafaël Le Saux","startTime":762.359,"endTime":766.199,"body":"regulation or oversight. So I"},{"speaker":"Rafaël Le Saux","startTime":762.359,"endTime":766.199,"body":"think the they have been very,"},{"speaker":"Rafaël Le Saux","startTime":766.739,"endTime":771.089,"body":"very supportive of our project."},{"speaker":"Rafaël Le Saux","startTime":766.739,"endTime":771.089,"body":"With we have been guided by them"},{"speaker":"Rafaël Le Saux","startTime":771.089,"endTime":774.509,"body":"to to this and I think that we"},{"speaker":"Rafaël Le Saux","startTime":771.089,"endTime":774.509,"body":"are very grateful for their"},{"speaker":"Rafaël Le Saux","startTime":774.509,"endTime":776.699,"body":"involvement in the in our"},{"speaker":"Rafaël Le Saux","startTime":774.509,"endTime":776.699,"body":"nascent Association."},{"speaker":"Christophe Vandendorpe","startTime":778.019,"endTime":780.479,"body":"If I may"},{"speaker":"Christophe Vandendorpe","startTime":778.019,"endTime":780.479,"body":"further answer so to what the"},{"speaker":"Christophe Vandendorpe","startTime":780.509,"endTime":783.689,"body":"entrepreneur was saying. And to"},{"speaker":"Christophe Vandendorpe","startTime":780.509,"endTime":783.689,"body":"your question. I think"},{"speaker":"Christophe Vandendorpe","startTime":783.719,"endTime":786.869,"body":"Luxembourg is I don't think"},{"speaker":"Christophe Vandendorpe","startTime":783.719,"endTime":786.869,"body":"Luxembourg is following a trend."},{"speaker":"Christophe Vandendorpe","startTime":786.899,"endTime":792.929,"body":"I think we have a lot of"},{"speaker":"Christophe Vandendorpe","startTime":786.899,"endTime":792.929,"body":"professionals here that do care"},{"speaker":"Christophe Vandendorpe","startTime":792.929,"endTime":796.739,"body":"about valuations that want to"},{"speaker":"Christophe Vandendorpe","startTime":792.929,"endTime":796.739,"body":"push forward, the transparency"},{"speaker":"Christophe Vandendorpe","startTime":796.739,"endTime":800.009,"body":"and the trustworthiness of the"},{"speaker":"Christophe Vandendorpe","startTime":796.739,"endTime":800.009,"body":"valuations. And I think as such,"},{"speaker":"Christophe Vandendorpe","startTime":800.099,"endTime":804.419,"body":"it is important as well, that we"},{"speaker":"Christophe Vandendorpe","startTime":800.099,"endTime":804.419,"body":"as Luxembourg, and the"},{"speaker":"Christophe Vandendorpe","startTime":804.419,"endTime":807.359,"body":"association is, is an"},{"speaker":"Christophe Vandendorpe","startTime":804.419,"endTime":807.359,"body":"instrumental to that if I can"},{"speaker":"Christophe Vandendorpe","startTime":807.359,"endTime":815.039,"body":"say so, take a leading role on"},{"speaker":"Christophe Vandendorpe","startTime":807.359,"endTime":815.039,"body":"also making sure that worldwide"},{"speaker":"Christophe Vandendorpe","startTime":815.069,"endTime":821.159,"body":"or a European wide we, we we"},{"speaker":"Christophe Vandendorpe","startTime":815.069,"endTime":821.159,"body":"have the right set of standards"},{"speaker":"Christophe Vandendorpe","startTime":821.159,"endTime":825.329,"body":"principles that do translate the"},{"speaker":"Christophe Vandendorpe","startTime":821.159,"endTime":825.329,"body":"valuations towards stakeholders."},{"speaker":"Christophe Vandendorpe","startTime":825.329,"endTime":825.869,"body":"Basically,"},{"speaker":"Raymond Frenken","startTime":826.44,"endTime":828.66,"body":"At  Investment"},{"speaker":"Raymond Frenken","startTime":826.44,"endTime":828.66,"body":"officer, we wrote last month"},{"speaker":"Raymond Frenken","startTime":828.69,"endTime":832.77,"body":"about a an initiative by the"},{"speaker":"Raymond Frenken","startTime":828.69,"endTime":832.77,"body":"Luxembourg supervisors cssf on"},{"speaker":"Raymond Frenken","startTime":832.77,"endTime":836.43,"body":"errors in net asset values on"},{"speaker":"Raymond Frenken","startTime":832.77,"endTime":836.43,"body":"arrows and calculations and how"},{"speaker":"Raymond Frenken","startTime":836.43,"endTime":840.03,"body":"to manage that. And what became"},{"speaker":"Raymond Frenken","startTime":836.43,"endTime":840.03,"body":"clear over the other there is no"},{"speaker":"Raymond Frenken","startTime":840.03,"endTime":846.06,"body":"European guidance on valuations,"},{"speaker":"Raymond Frenken","startTime":840.03,"endTime":846.06,"body":"not from Esma cssf now is"},{"speaker":"Raymond Frenken","startTime":846.06,"endTime":848.7,"body":"looking at this. And it turns"},{"speaker":"Raymond Frenken","startTime":846.06,"endTime":848.7,"body":"out that they are looking for a"},{"speaker":"Raymond Frenken","startTime":848.7,"endTime":851.97,"body":"best practice they are basically"},{"speaker":"Raymond Frenken","startTime":848.7,"endTime":851.97,"body":"trying to set the benchmark in"},{"speaker":"Raymond Frenken","startTime":851.97,"endTime":856.38,"body":"Europe. Would it be fair to say"},{"speaker":"Raymond Frenken","startTime":851.97,"endTime":856.38,"body":"that, when you mentioned also"},{"speaker":"Raymond Frenken","startTime":856.38,"endTime":859.89,"body":"the US as taking basically a"},{"speaker":"Raymond Frenken","startTime":856.38,"endTime":859.89,"body":"global leadership role in terms"},{"speaker":"Raymond Frenken","startTime":859.89,"endTime":864.3,"body":"of valuation practices? Would it"},{"speaker":"Raymond Frenken","startTime":859.89,"endTime":864.3,"body":"be fair to say that Europe as a"},{"speaker":"Raymond Frenken","startTime":864.3,"endTime":866.61,"body":"whole, not just Luxembourg, but"},{"speaker":"Raymond Frenken","startTime":864.3,"endTime":866.61,"body":"Europe as a whole still has a"},{"speaker":"Raymond Frenken","startTime":866.61,"endTime":868.95,"body":"lot of catching up to do on"},{"speaker":"Raymond Frenken","startTime":866.61,"endTime":868.95,"body":"valuations?"},{"speaker":"Antoine Boggini","startTime":869.879,"endTime":873.269,"body":"I think that to"},{"speaker":"Antoine Boggini","startTime":869.879,"endTime":873.269,"body":"me about the vision proficient"},{"speaker":"Antoine Boggini","startTime":873.269,"endTime":877.289,"body":"worldwide, I think that there"},{"speaker":"Antoine Boggini","startTime":873.269,"endTime":877.289,"body":"was clearly let's say, you a"},{"speaker":"Antoine Boggini","startTime":877.289,"endTime":881.099,"body":"significant move forward over"},{"speaker":"Antoine Boggini","startTime":877.289,"endTime":881.099,"body":"the past few years, and it could"},{"speaker":"Antoine Boggini","startTime":881.099,"endTime":884.639,"body":"be in North America. It's also"},{"speaker":"Antoine Boggini","startTime":881.099,"endTime":884.639,"body":"in in Europe, in in Asia as"},{"speaker":"Antoine Boggini","startTime":884.639,"endTime":888.629,"body":"well. And I think that today and"},{"speaker":"Antoine Boggini","startTime":884.639,"endTime":888.629,"body":"this is also where where we also"},{"speaker":"Antoine Boggini","startTime":888.629,"endTime":890.819,"body":"have this discussion with other"},{"speaker":"Antoine Boggini","startTime":888.629,"endTime":890.819,"body":"volution professional"},{"speaker":"Antoine Boggini","startTime":890.819,"endTime":898.139,"body":"organisations worldwide. There."},{"speaker":"Antoine Boggini","startTime":890.819,"endTime":898.139,"body":"There's a need also to align"},{"speaker":"Antoine Boggini","startTime":898.199,"endTime":902.069,"body":"also the practices So I'm not"},{"speaker":"Antoine Boggini","startTime":898.199,"endTime":902.069,"body":"seeing that maybe as let's say,"},{"speaker":"Antoine Boggini","startTime":902.399,"endTime":904.979,"body":"North America on one side or"},{"speaker":"Antoine Boggini","startTime":902.399,"endTime":904.979,"body":"Europe on the other side, but"},{"speaker":"Antoine Boggini","startTime":904.979,"endTime":908.429,"body":"really to work together on that."},{"speaker":"Antoine Boggini","startTime":904.979,"endTime":908.429,"body":"And insua also, we had the"},{"speaker":"Antoine Boggini","startTime":908.429,"endTime":913.229,"body":"opportunity to travel. So, so"},{"speaker":"Antoine Boggini","startTime":908.429,"endTime":913.229,"body":"Nick Talbert from, from the the"},{"speaker":"Antoine Boggini","startTime":913.229,"endTime":918.329,"body":"ivsc, doing or launch event. And"},{"speaker":"Antoine Boggini","startTime":913.229,"endTime":918.329,"body":"I think that also in, let's say,"},{"speaker":"Antoine Boggini","startTime":918.539,"endTime":921.869,"body":"increasing the level of"},{"speaker":"Antoine Boggini","startTime":918.539,"endTime":921.869,"body":"competency in Luxembourg, we can"},{"speaker":"Antoine Boggini","startTime":921.869,"endTime":926.219,"body":"do that also, by with, with the"},{"speaker":"Antoine Boggini","startTime":921.869,"endTime":926.219,"body":"debate catching up also with all"},{"speaker":"Antoine Boggini","startTime":926.219,"endTime":931.169,"body":"the variation in organisations,"},{"speaker":"Antoine Boggini","startTime":926.219,"endTime":931.169,"body":"and also trying to share the"},{"speaker":"Antoine Boggini","startTime":931.169,"endTime":934.829,"body":"best the best practices. So for"},{"speaker":"Antoine Boggini","startTime":931.169,"endTime":934.829,"body":"me, it's really working together"},{"speaker":"Antoine Boggini","startTime":935.099,"endTime":939.209,"body":"to improve the competence"},{"speaker":"Antoine Boggini","startTime":935.099,"endTime":939.209,"body":"worldwide. And what we're"},{"speaker":"Antoine Boggini","startTime":940.469,"endTime":944.249,"body":"noticing now is also considering"},{"speaker":"Antoine Boggini","startTime":940.469,"endTime":944.249,"body":"the significant growth over the"},{"speaker":"Antoine Boggini","startTime":944.249,"endTime":947.189,"body":"past few years here in"},{"speaker":"Antoine Boggini","startTime":944.249,"endTime":947.189,"body":"Luxembourg. And alternative"},{"speaker":"Antoine Boggini","startTime":947.189,"endTime":953.309,"body":"investments. It's it's clear in"},{"speaker":"Antoine Boggini","startTime":947.189,"endTime":953.309,"body":"terms of number of people,"},{"speaker":"Antoine Boggini","startTime":953.819,"endTime":956.999,"body":"internal validation, function"},{"speaker":"Antoine Boggini","startTime":953.819,"endTime":956.999,"body":"variation practitioners here in"},{"speaker":"Antoine Boggini","startTime":956.999,"endTime":961.889,"body":"Luxembourg, that we have, let's"},{"speaker":"Antoine Boggini","startTime":956.999,"endTime":961.889,"body":"say, voice also to spread out"},{"speaker":"Antoine Boggini","startTime":962.069,"endTime":964.079,"body":"also with the other"},{"speaker":"Antoine Boggini","startTime":962.069,"endTime":964.079,"body":"organisations. So I think it's"},{"speaker":"Antoine Boggini","startTime":964.079,"endTime":967.979,"body":"also an important point to note"},{"speaker":"Antoine Boggini","startTime":964.079,"endTime":967.979,"body":"here in Luxembourg. And maybe it"},{"speaker":"Antoine Boggini","startTime":967.979,"endTime":972.599,"body":"was not so obvious. Because over"},{"speaker":"Antoine Boggini","startTime":967.979,"endTime":972.599,"body":"the past few weird years, many,"},{"speaker":"Antoine Boggini","startTime":973.289,"endTime":978.149,"body":"let's say version practitioners"},{"speaker":"Antoine Boggini","startTime":973.289,"endTime":978.149,"body":"or people spending time around"},{"speaker":"Antoine Boggini","startTime":978.149,"endTime":982.319,"body":"valuation, we were working on"},{"speaker":"Antoine Boggini","startTime":978.149,"endTime":982.319,"body":"our own output assignment. But"},{"speaker":"Antoine Boggini","startTime":982.319,"endTime":985.979,"body":"now, hopefully, thanks also to"},{"speaker":"Antoine Boggini","startTime":982.319,"endTime":985.979,"body":"the decision, we can move"},{"speaker":"Antoine Boggini","startTime":985.979,"endTime":991.739,"body":"discuss together exchange and"},{"speaker":"Antoine Boggini","startTime":985.979,"endTime":991.739,"body":"see also the potential of on"},{"speaker":"Antoine Boggini","startTime":991.739,"endTime":993.119,"body":"valuation for Luxembourg."},{"speaker":"Hind El Gaidi","startTime":995.429,"endTime":999.299,"body":"important also to"},{"speaker":"Hind El Gaidi","startTime":995.429,"endTime":999.299,"body":"mention that as ltpa, we have"},{"speaker":"Hind El Gaidi","startTime":999.299,"endTime":1002.869,"body":"met with the cssf, in order to"},{"speaker":"Hind El Gaidi","startTime":999.299,"endTime":1002.869,"body":"explore a little bit the"},{"speaker":"Hind El Gaidi","startTime":1002.869,"endTime":1007.639,"body":"appetite around this, and there"},{"speaker":"Hind El Gaidi","startTime":1002.869,"endTime":1007.639,"body":"was a clear attraction and"},{"speaker":"Hind El Gaidi","startTime":1007.639,"endTime":1012.199,"body":"momentum as we had the different"},{"speaker":"Hind El Gaidi","startTime":1007.639,"endTime":1012.199,"body":"representatives of different"},{"speaker":"Hind El Gaidi","startTime":1013.039,"endTime":1016.459,"body":"departments within the cssf, who"},{"speaker":"Hind El Gaidi","startTime":1013.039,"endTime":1016.459,"body":"were around the table, and who"},{"speaker":"Hind El Gaidi","startTime":1016.459,"endTime":1021.109,"body":"clearly expressed their interest"},{"speaker":"Hind El Gaidi","startTime":1016.459,"endTime":1021.109,"body":"in order to, let's say, align,"},{"speaker":"Hind El Gaidi","startTime":1021.109,"endTime":1026.449,"body":"as Antoine just mentioned, on"},{"speaker":"Hind El Gaidi","startTime":1021.109,"endTime":1026.449,"body":"certain valuation practices, or"},{"speaker":"Hind El Gaidi","startTime":1026.449,"endTime":1030.859,"body":"standards or guidelines, either"},{"speaker":"Hind El Gaidi","startTime":1026.449,"endTime":1030.859,"body":"for, for asset management or for"},{"speaker":"Hind El Gaidi","startTime":1030.859,"endTime":1035.569,"body":"intangible assets, but also"},{"speaker":"Hind El Gaidi","startTime":1030.859,"endTime":1035.569,"body":"discuss topics like education,"},{"speaker":"Hind El Gaidi","startTime":1035.899,"endTime":1040.939,"body":"and training for their own"},{"speaker":"Hind El Gaidi","startTime":1035.899,"endTime":1040.939,"body":"employees. Whereas under the"},{"speaker":"Hind El Gaidi","startTime":1040.939,"endTime":1045.259,"body":"context of the ltpa, it's as an"},{"speaker":"Hind El Gaidi","startTime":1040.939,"endTime":1045.259,"body":"independent body, it makes more"},{"speaker":"Hind El Gaidi","startTime":1045.259,"endTime":1049.309,"body":"sense than go in training at a"},{"speaker":"Hind El Gaidi","startTime":1045.259,"endTime":1049.309,"body":"certain big four, for instance."},{"speaker":"Hind El Gaidi","startTime":1049.549,"endTime":1051.709,"body":"So those were all topics that"},{"speaker":"Hind El Gaidi","startTime":1049.549,"endTime":1051.709,"body":"were discussed, but most"},{"speaker":"Hind El Gaidi","startTime":1051.709,"endTime":1055.009,"body":"importantly, that we felt that"},{"speaker":"Hind El Gaidi","startTime":1051.709,"endTime":1055.009,"body":"there was clear support from the"},{"speaker":"Hind El Gaidi","startTime":1055.009,"endTime":1058.969,"body":"cssf. The proof is that one of"},{"speaker":"Hind El Gaidi","startTime":1055.009,"endTime":1058.969,"body":"them also was at the launch"},{"speaker":"Hind El Gaidi","startTime":1058.969,"endTime":1064.609,"body":"event of the of the LVP. Claude"},{"speaker":"Hind El Gaidi","startTime":1058.969,"endTime":1064.609,"body":"vampa, was fine with them. Yeah,"},{"speaker":"Hind El Gaidi","startTime":1065.029,"endTime":1068.869,"body":"one was on stage and four others"},{"speaker":"Hind El Gaidi","startTime":1065.029,"endTime":1068.869,"body":"attended the events. But all"},{"speaker":"Hind El Gaidi","startTime":1068.869,"endTime":1073.609,"body":"that to say that CSF is taken"},{"speaker":"Hind El Gaidi","startTime":1068.869,"endTime":1073.609,"body":"indeed, a role there and are"},{"speaker":"Hind El Gaidi","startTime":1073.609,"endTime":1079.639,"body":"open for dialogue. And this is"},{"speaker":"Hind El Gaidi","startTime":1073.609,"endTime":1079.639,"body":"absolutely a great badge of"},{"speaker":"Hind El Gaidi","startTime":1079.639,"endTime":1083.299,"body":"honour for the LVP a to have"},{"speaker":"Hind El Gaidi","startTime":1079.639,"endTime":1083.299,"body":"aligned with the local regulator"},{"speaker":"Hind El Gaidi","startTime":1083.839,"endTime":1084.499,"body":"on this"},{"speaker":"Raymond Frenken","startTime":1084.92,"endTime":1087.38,"body":"a very clearly"},{"speaker":"Raymond Frenken","startTime":1084.92,"endTime":1087.38,"body":"also as a focus of improving the"},{"speaker":"Raymond Frenken","startTime":1087.38,"endTime":1090.86,"body":"quality of the work that you do,"},{"speaker":"Raymond Frenken","startTime":1087.38,"endTime":1090.86,"body":"exchanging good practices,"},{"speaker":"Raymond Frenken","startTime":1091.52,"endTime":1095.9,"body":"discussions about in house"},{"speaker":"Raymond Frenken","startTime":1091.52,"endTime":1095.9,"body":"valuation themes, education"},{"speaker":"Raymond Frenken","startTime":1095.9,"endTime":1099.83,"body":"being an important component, I"},{"speaker":"Raymond Frenken","startTime":1095.9,"endTime":1099.83,"body":"understand you're opening up for"},{"speaker":"Raymond Frenken","startTime":1099.86,"endTime":1103.88,"body":"a student membership as well,"},{"speaker":"Raymond Frenken","startTime":1099.86,"endTime":1103.88,"body":"what specifically will happen in"},{"speaker":"Raymond Frenken","startTime":1103.88,"endTime":1105.71,"body":"terms of education at LPA?"},{"speaker":"Antoine Boggini","startTime":1108.71,"endTime":1113.03,"body":"So what we"},{"speaker":"Antoine Boggini","startTime":1108.71,"endTime":1113.03,"body":"noted is that there's clearly an"},{"speaker":"Antoine Boggini","startTime":1113.03,"endTime":1116.81,"body":"appetite for education and"},{"speaker":"Antoine Boggini","startTime":1113.03,"endTime":1116.81,"body":"training. So what we have in"},{"speaker":"Antoine Boggini","startTime":1116.81,"endTime":1123.65,"body":"mind is also this to set up an"},{"speaker":"Antoine Boggini","startTime":1116.81,"endTime":1123.65,"body":"educational curriculum, but for"},{"speaker":"Antoine Boggini","startTime":1123.65,"endTime":1128.66,"body":"force or variation variation"},{"speaker":"Antoine Boggini","startTime":1123.65,"endTime":1128.66,"body":"practitioners or and and"},{"speaker":"Antoine Boggini","startTime":1129.86,"endTime":1136.13,"body":"internal valuation functions,"},{"speaker":"Antoine Boggini","startTime":1129.86,"endTime":1136.13,"body":"also to really go deeper in"},{"speaker":"Antoine Boggini","startTime":1136.13,"endTime":1139.64,"body":"terms of valuation"},{"speaker":"Antoine Boggini","startTime":1136.13,"endTime":1139.64,"body":"methodologies. And one point he"},{"speaker":"Antoine Boggini","startTime":1139.64,"endTime":1144.5,"body":"also to say is that when we talk"},{"speaker":"Antoine Boggini","startTime":1139.64,"endTime":1144.5,"body":"about valuation generally, we"},{"speaker":"Antoine Boggini","startTime":1144.5,"endTime":1147.71,"body":"have in mind, maybe the"},{"speaker":"Antoine Boggini","startTime":1144.5,"endTime":1147.71,"body":"technical skills, and of course,"},{"speaker":"Antoine Boggini","startTime":1147.74,"endTime":1151.28,"body":"when we when, when we discuss,"},{"speaker":"Antoine Boggini","startTime":1147.74,"endTime":1151.28,"body":"there are some key terms, it's"},{"speaker":"Antoine Boggini","startTime":1151.28,"endTime":1154.64,"body":"like a no calibration or back"},{"speaker":"Antoine Boggini","startTime":1151.28,"endTime":1154.64,"body":"testing that may appear a bit."},{"speaker":"Antoine Boggini","startTime":1154.82,"endTime":1159.41,"body":"That's a black box, for us for"},{"speaker":"Antoine Boggini","startTime":1154.82,"endTime":1159.41,"body":"some listeners. But one, it's"},{"speaker":"Antoine Boggini","startTime":1159.41,"endTime":1165.14,"body":"important for people interesting"},{"speaker":"Antoine Boggini","startTime":1159.41,"endTime":1165.14,"body":"in valuation, to know these"},{"speaker":"Antoine Boggini","startTime":1165.14,"endTime":1170.75,"body":"terms, so to have the technical"},{"speaker":"Antoine Boggini","startTime":1165.14,"endTime":1170.75,"body":"background competence, but also"},{"speaker":"Antoine Boggini","startTime":1170.75,"endTime":1175.49,"body":"to have little soft skills layer"},{"speaker":"Antoine Boggini","startTime":1170.75,"endTime":1175.49,"body":"on top of it, because it's also"},{"speaker":"Antoine Boggini","startTime":1175.49,"endTime":1181.43,"body":"important to communicate with"},{"speaker":"Antoine Boggini","startTime":1175.49,"endTime":1181.43,"body":"the different functions. When we"},{"speaker":"Antoine Boggini","startTime":1181.43,"endTime":1184.85,"body":"talk about valuation. And I"},{"speaker":"Antoine Boggini","startTime":1181.43,"endTime":1184.85,"body":"think it's also important for"},{"speaker":"Antoine Boggini","startTime":1184.85,"endTime":1189.26,"body":"Luxembourg as a as a financial"},{"speaker":"Antoine Boggini","startTime":1184.85,"endTime":1189.26,"body":"centre. We generally say oh, it"},{"speaker":"Antoine Boggini","startTime":1189.26,"endTime":1192.83,"body":"can be perceived as as a middle"},{"speaker":"Antoine Boggini","startTime":1189.26,"endTime":1192.83,"body":"office function, but I think"},{"speaker":"Antoine Boggini","startTime":1192.83,"endTime":1195.02,"body":"it's, I would say more than"},{"speaker":"Antoine Boggini","startTime":1192.83,"endTime":1195.02,"body":"middle I think it's really at"},{"speaker":"Antoine Boggini","startTime":1195.02,"endTime":1198.17,"body":"the heart of the process,"},{"speaker":"Antoine Boggini","startTime":1195.02,"endTime":1198.17,"body":"because also, you need to be"},{"speaker":"Antoine Boggini","startTime":1198.17,"endTime":1202.19,"body":"able just to discuss and to"},{"speaker":"Antoine Boggini","startTime":1198.17,"endTime":1202.19,"body":"exchange weighs contents with"},{"speaker":"Antoine Boggini","startTime":1202.19,"endTime":1206.87,"body":"auditors, but also with with,"},{"speaker":"Antoine Boggini","startTime":1202.19,"endTime":1206.87,"body":"with investment teams. So you"},{"speaker":"Antoine Boggini","startTime":1206.87,"endTime":1211.46,"body":"are really at the art of that of"},{"speaker":"Antoine Boggini","startTime":1206.87,"endTime":1211.46,"body":"that process. And this is where"},{"speaker":"Antoine Boggini","startTime":1211.46,"endTime":1215.6,"body":"also in terms of education, it's"},{"speaker":"Antoine Boggini","startTime":1211.46,"endTime":1215.6,"body":"important to have this with the"},{"speaker":"Antoine Boggini","startTime":1215.69,"endTime":1218.63,"body":"technical knowledge, but also to"},{"speaker":"Antoine Boggini","startTime":1215.69,"endTime":1218.63,"body":"be able to talk, I would say"},{"speaker":"Antoine Boggini","startTime":1218.66,"endTime":1224.48,"body":"different languages, depending"},{"speaker":"Antoine Boggini","startTime":1218.66,"endTime":1224.48,"body":"on it with your counterparty."},{"speaker":"Antoine Boggini","startTime":1224.63,"endTime":1228.59,"body":"And this is where also we would"},{"speaker":"Antoine Boggini","startTime":1224.63,"endTime":1228.59,"body":"like to help or members on that."},{"speaker":"Rafaël Le Saux","startTime":1228.8,"endTime":1231.32,"body":"Maybe one last"},{"speaker":"Rafaël Le Saux","startTime":1228.8,"endTime":1231.32,"body":"point and as someone was was"},{"speaker":"Rafaël Le Saux","startTime":1231.32,"endTime":1234.59,"body":"mentioning, so what we're doing"},{"speaker":"Rafaël Le Saux","startTime":1231.32,"endTime":1234.59,"body":"here is we know that there is a"},{"speaker":"Rafaël Le Saux","startTime":1234.59,"endTime":1238.43,"body":"push for many entities for many"},{"speaker":"Rafaël Le Saux","startTime":1234.59,"endTime":1238.43,"body":"interests to have more front"},{"speaker":"Rafaël Le Saux","startTime":1238.43,"endTime":1241.4,"body":"office positions in Luxembourg."},{"speaker":"Rafaël Le Saux","startTime":1238.43,"endTime":1241.4,"body":"By having more Malaysian"},{"speaker":"Rafaël Le Saux","startTime":1241.4,"endTime":1244.25,"body":"professionals, we are enabling"},{"speaker":"Rafaël Le Saux","startTime":1241.4,"endTime":1244.25,"body":"this because Malaysian"},{"speaker":"Rafaël Le Saux","startTime":1244.25,"endTime":1247.1,"body":"professionals have a set of"},{"speaker":"Rafaël Le Saux","startTime":1244.25,"endTime":1247.1,"body":"skills that are very, very"},{"speaker":"Rafaël Le Saux","startTime":1247.1,"endTime":1250.4,"body":"similar to what front office"},{"speaker":"Rafaël Le Saux","startTime":1247.1,"endTime":1250.4,"body":"professionals have meaning"},{"speaker":"Rafaël Le Saux","startTime":1251.18,"endTime":1254.27,"body":"particularly valuation,"},{"speaker":"Rafaël Le Saux","startTime":1251.18,"endTime":1254.27,"body":"financial modelling and"},{"speaker":"Rafaël Le Saux","startTime":1254.27,"endTime":1256.52,"body":"investment analysis. I think"},{"speaker":"Rafaël Le Saux","startTime":1254.27,"endTime":1256.52,"body":"that's that's very relevant how"},{"speaker":"Rafaël Le Saux","startTime":1256.55,"endTime":1259.94,"body":"how by for fostering this"},{"speaker":"Rafaël Le Saux","startTime":1256.55,"endTime":1259.94,"body":"progresses educational progress,"},{"speaker":"Rafaël Le Saux","startTime":1259.94,"endTime":1263.3,"body":"we can we can get there. And if"},{"speaker":"Rafaël Le Saux","startTime":1259.94,"endTime":1263.3,"body":"I may also an additional point,"},{"speaker":"Rafaël Le Saux","startTime":1263.3,"endTime":1266.96,"body":"which is very important is that"},{"speaker":"Rafaël Le Saux","startTime":1263.3,"endTime":1266.96,"body":"we are welcoming membership."},{"speaker":"Rafaël Le Saux","startTime":1268.16,"endTime":1271.73,"body":"Applications at the moment goes"},{"speaker":"Rafaël Le Saux","startTime":1268.16,"endTime":1271.73,"body":"for professional full membership"},{"speaker":"Rafaël Le Saux","startTime":1271.88,"endTime":1274.91,"body":"for associate membership. And"},{"speaker":"Rafaël Le Saux","startTime":1271.88,"endTime":1274.91,"body":"for student membership full"},{"speaker":"Rafaël Le Saux","startTime":1274.91,"endTime":1277.79,"body":"membership is people with more"},{"speaker":"Rafaël Le Saux","startTime":1274.91,"endTime":1277.79,"body":"than five years of violation"},{"speaker":"Rafaël Le Saux","startTime":1277.79,"endTime":1281.21,"body":"experience for assisted"},{"speaker":"Rafaël Le Saux","startTime":1277.79,"endTime":1281.21,"body":"membership is directed to people"},{"speaker":"Rafaël Le Saux","startTime":1281.21,"endTime":1284.81,"body":"that are interested in violation"},{"speaker":"Rafaël Le Saux","startTime":1281.21,"endTime":1284.81,"body":"may or may not have these five"},{"speaker":"Rafaël Le Saux","startTime":1284.81,"endTime":1287.18,"body":"years of experience and student"},{"speaker":"Rafaël Le Saux","startTime":1284.81,"endTime":1287.18,"body":"membership is for students that"},{"speaker":"Rafaël Le Saux","startTime":1287.18,"endTime":1290.63,"body":"are interested in evaluation. We"},{"speaker":"Rafaël Le Saux","startTime":1287.18,"endTime":1290.63,"body":"are working our corporate on our"},{"speaker":"Rafaël Le Saux","startTime":1290.63,"endTime":1293.51,"body":"corporate membership programme"},{"speaker":"Rafaël Le Saux","startTime":1290.63,"endTime":1293.51,"body":"with more details to be shared"},{"speaker":"Rafaël Le Saux","startTime":1293.51,"endTime":1297.56,"body":"in the in the coming weeks, I"},{"speaker":"Rafaël Le Saux","startTime":1293.51,"endTime":1297.56,"body":"imagine. But that I think that"},{"speaker":"Rafaël Le Saux","startTime":1297.56,"endTime":1300.47,"body":"this is very relevant for anyone"},{"speaker":"Rafaël Le Saux","startTime":1297.56,"endTime":1300.47,"body":"that wants to join our nascent"},{"speaker":"Rafaël Le Saux","startTime":1300.47,"endTime":1301.67,"body":"Association, a bit"},{"speaker":"Raymond Frenken","startTime":1301.67,"endTime":1303.53,"body":"of promotion"},{"speaker":"Raymond Frenken","startTime":1301.67,"endTime":1303.53,"body":"perfectly allowed. It's all"},{"speaker":"Raymond Frenken","startTime":1303.53,"endTime":1306.32,"body":"about improving also the quality"},{"speaker":"Raymond Frenken","startTime":1303.53,"endTime":1306.32,"body":"of the financial ecosystem,"},{"speaker":"Raymond Frenken","startTime":1306.53,"endTime":1310.49,"body":"especially in private equity for"},{"speaker":"Raymond Frenken","startTime":1306.53,"endTime":1310.49,"body":"for Luxembourg. My name is"},{"speaker":"Raymond Frenken","startTime":1310.49,"endTime":1315.05,"body":"Raymond Frenken. At I O talks,"},{"speaker":"Raymond Frenken","startTime":1310.49,"endTime":1315.05,"body":"the podcast about the financial"},{"speaker":"Raymond Frenken","startTime":1315.08,"endTime":1318.35,"body":"for investment officer.com."},{"speaker":"Raymond Frenken","startTime":1315.08,"endTime":1318.35,"body":"Thank you very much for"},{"speaker":"Raymond Frenken","startTime":1318.35,"endTime":1321.5,"body":"listening. Best from Luxembourg."},{"speaker":"Christophe Vandendorpe","startTime":1323.27,"endTime":1324.35,"body":"Thank"},{"speaker":"Christophe Vandendorpe","startTime":1323.27,"endTime":1324.35,"body":"you. Thank you."},{"speaker":"Unknown","startTime":1324.38,"endTime":1324.62,"body":"Thank you"}]}