The fund industry in Luxembourg is continuing to grow at a healthy pace, driven partly by the huge g...
The fund industry in Luxembourg is continuing to grow at a healthy pace, driven partly by the huge growth in alternative investments, according to a study by Fitzrovia.
The research showed that, over all, the Luxembourg fund industry has grown 25% year on year – from $1,199.7bn to $1,500.3bn over 2004. Total capital in alternative investments more than doubled to reach $18.7bn. And although the number of equity funds fell from 2,915 to 2,909, assets in these funds continued to rise reaching $501.8bn, up 35%.
Assets in bonds fund rose by 27% while assets in cash funds wet up just 8%. Of the new products launched over the year, the largest type were global fund of funds, as with last year.
US fund promoters have the largest proportion of assets under management $370.5bn, ahead of Swiss promoters $308.9bn and German promoters $252.8bn.
Thierry Blondeau, investment management leader at PWC Luxembourg, said: "2004 has been an intense and active year for the Luxembourg fund industry. Most players are now in the process of moving towards a Ucits III compliant set-up while recording an impressive record of new net inflow of assets. This is largely driven by the new appetite for investment products of European investors."
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