US invasion gathers pace

Last year's trading scandals rocked the investment fund industry to its roots, yet US fund business has been hugely successful over the past year. US business has been so strong in Continental Europe's biggest international financial centre, Luxembourg, that the US threatens to supersede Switzerland as the premier player. This is partly because investors are prepared to forgive much when their funds perform well. It is partly success by default, because European asset managers still tend to concentrate on their home market. And it is also partly because US players excel at exploiting dev...