In this episode, Sandra and Björn sit down with Michael Horvath, Partner at PwC Luxembourg for the Risk & Regulatory practice, and special guest Serge Weyland, CEO of ALFI, to discuss the latest insights from Luxembourg's ManCo Barometer 2025. Together, they explore why the management company ecosystem remains resilient, from the rise of third‑party ManCos to Luxembourg's growing role in private markets and cross‑border distribution. They also tackle the regulatory and market shifts shaping the next decade: new incentives attracting senior dealmakers, Europe's push on savings and pensions, including the potential long‑term €10T capital unlock and how tokenization, blockchain frameworks, and wallet‑based distribution could transform fund manufacturing and access.