N° 84 / MAY 2022


Dear AMFIE members

We are in the last straight before the online General Meeting which will bring us all together in the green heart of Luxembourg on 25 June. Whilst we patiently await you, here is some information you may find useful over the coming weeks. First, changes in our internal organisation underlining the maturity that AMFIE has now attained and our ambitions for the future; secondly simplification of the online voting procedure at general meetings this year and henceforth, and lastly, the imminent finalisation of our property investment in the centre of Luxembourg.

Muammer Kardelen, our muchloved managing director, is currently responsible inter alia for in-house administration, regulatory compliance and treasury oversight. He has expressed his wish to hand over his management duties to concentrate on the management of your assets and his family, and we thank his wife Sevim who has shared her husband with us for the last twelve years of challenges.

Since 2010 Muammer had striven to shape and develop the AMFIE you know today. Since his arrival he has understood how to bring fully on board the new members of the team, from Nicolas Horlait to Giancarlo Danieli, thus helping create a sound structure sharing the values of our association. As a natural consequence of this, Nicolas Horlait will become managing director of AMFIE with effect from 1 July 2022, and Muammer's previous responsibilities for Prospection, Marketing and Development have been entrusted to Giancarlo Danieli who has been Director of Development since 1 January 2022. Muammer will continue to work for AMFIE as Chief Investment Officer reporting to the Board, where he will remain a Director alongside Nicolas and Giancarlo.

We shall thus retain the best of Muammer who after 43 years of hard work in Luxembourg remains alert, curious and perspicacious in financial matters. Thank you, Muammer, for the six years we spent together, and may there be many more as life-enhancing and fruitful for AMFIE, for our members, and for me personally. Happy reading! Stéphane Argyropoulos President of the Board of Directors

Happy reading!

Stéphane Argyropoulos
President of the Board of Directors

For Corporates as well as for people, time happens to fly too quickly. Thus here we are, my dear Muammer, facing the inevitable : your well deserved retirement after more than 12 years of hard work with AMFIE.

After seeing you act as an Executive, a Manager and a Negotiator, I kept the Chairmanship and handed over the general management to you in total confidence. You have shown unrivalled dedication to our Association and greatly contributed to its evolution to better serve our members. I trust that you will continue to make the difference for our cooperative in your “new functions”.

So, neither farewell, nor goodbye but a big thank you for yesterday, today and tomorrow.

Dimitri Argyropoulos
Honorary President

On-line voting for the 2022 General Meeting

AMFIE is developing a new app within to make on-line voting easier.

From the very outset of the Covid-19 pandemic in 2020, AMFIE's secretariat proposed holding the Association's AGM on line, allowing all members to continue to attend even under lockdown.

To enable members to vote we drew on the expertise of Neovote, an outside specialist, which offered us an online voting system providing all the requisite guarantees of security and confidentiality. But this was an external solution, and under Luxembourg law members therefore needed to pre-register before being able to vote.

For 2022 we have developed an online voting module accessible through your login. The first benefit, evident from the chart below, is the time-saving offered by an in-house app. Pre-registration and new access codes (in grey in the chart) are no longer needed.

The second benefit of this app is ease of access: no additional codes are needed to cast your votes.

You are already inside the familiar environment of, and you can vote as you think fit from 13 June to Midday 24 June.

Specimen ballot paper on

All information relating to the General Meeting remains available on our members' area. There you will find the agenda, CVs of candidates for election to the Board, the Annual Report for 2021, and a video by Stephane Argyropoulos, Chairman of the Board:

You can naturally also submit your questions to AMFIE's dedicated AGM mail address:

We trust that you will find this new app both useful and easy to use, and that all members who wish to use it to express their vote will do so.

To your ballots!


A new investment in AMFIE's Portfolio

Keys handed over for the Op der Plak residence.

On 31 May AMFIE will be handed the keys for the sparkling new Op der Plak residence and the first tenants will be able to move into their apartments.

The residence is a high quality building in Luxembourg City, and has been entirely renovated. It comprises nine apartments ranging between 50 and 130 sq. metres with garden, carparking, cellars and lifts, and includes wheelchair access. Totalling 836 sq. metres, the property entered AMFIE's portfolio in March 2020, the result of an investment of around 10 million euros.

AMFIE Academy

AMFIE Academy is a series of articles on basic themes concerning saving and investing. Past articles have focused on establishing your investor profile, determining the strategy that best corresponds to your investor profile and building a diversified portfolio. The entire series of articles is available on AMFIE’s website at .

In this edition, we will review structured products.

  Read the article

L’AMFIE, out and meeting you again

It is with undisguised pleasure that AMFIE's representatives took part in the 75th FICSA Council, held in Vienna as a face-to-face meeting. Janine Rivals and Svend Booth were able to meet members at the VIC from 25 to 29 April. They also presented AMFIE's services to IAEA staff on 28 April, when OTICE and UNIDO staff were also able to attend.


What a great pleasure it was for Svend and I to meet with so many friends in Vienna for the 75th Anniversary of FICSA! Covid or no Covid, there was a general hugging and kissing with all the old friends and the pleasure of meeting a great number of newly elected representatives of staff associations coming from many IGOs from all over the world`!

Let's not forget that our late friend Pierre Henquet, one of the founding members of AMFIE, was also one of the founding members of FICSA!
It is also worth while noting that during the ceremony of the 75th Anniversary, our dear Svend was solemnly celebrated for his 25 years of service to the Federation! And since I was, by far, the most senior member present, I was, affectionately, "seated" by the members of the ExCom for the ceremony!


The IAEA Staff Association's welcome and the organisation of debates, and of our presentations, was perfect.

To sum it up, a whole week of meetings and friendship with delegates and AMFIE members and prospects: a real delight!

Janine Rivals

25A Boulevard Royal - L-2449 Luxembourg
Tel (+352) 42 36 61 1 - Fax (+352) 42 36 61 240
E-mail : - Site internet :

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