Luxembourg fund assets exceed €3 trillion

Euro wealthAssets in Luxembourg-domiciled funds rose 15% in the first nine months of the year to exceed €3 trillion, a result due mainly to net sales. The growth consolidates Luxembourg's position as the largest investment fund centre in Europe and the second largest in the world, says the Association of the Luxembourg Fund Industry (Alfi), which produced the data. In contrast, there was €1.6 trillion held in Ireland-domiciled funds at the end of August, says the Irish Funds Industry Association, a figure that rose 16% in the first eight months of this year. Luxembourg and Ireland are major centres for cross-border European funds. Luxembourg is domicile to 3,900 funds, says Alfi, and 100 new fund promoters choose the domicile each year. Marc Saluzzi, chairman of Alfi, says the data shows consumers recognise the importance of funds, specifically Ucits funds, in their financial planning. He also linked the results to the Alternative Investment Fund Managers Directive (AIFMD). "Our objective now is to help make AIFMD an equally successful global brand in the years to come," he says. ©2014 funds europe

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