Luxembourg fund assets exceed 2007 high

LuxembourgAssets held in Luxembourg-domiciled funds hit €2.4 trillion at the end of last year, exceeding the high point reached in 2007 thanks to growth of nearly 16% in asset values.

According to the survey by research company Monterey Insight, the largest administrator of Luxembourg funds was JP Morgan, with $419 billion (€320 billion) under administration, followed by State Street with $370 billion and RBC Investor Services with $232 billion.

JP Morgan was also the largest promoter of Luxembourg-domiciled schemes with $238 billion, ahead of Deutsche Bank/DWS with $167 billion and Franklin Templeton Investments with $153 billion.

The number of sub-funds rose by 80 to 13,193. PwC was the auditor of 5,420 of these, putting it ahead of rivals KPMG and Deloitte.

Arendt & Medernach was the legal adviser with the biggest number of funds, though Elvinger Hoss & Prussen was ahead in terms of fund assets.

“Luxembourg has again demonstrated its continued attraction for asset managers although it will be interesting to see the repercussions of the AIFMD [Alternative Investment Fund Managers Directive] implementation and other regulatory initiatives,” says Karine Pacary, managing director at Monterey Insight.

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