Luxembourg's Fund Industry Continues To Grow

by Carla Johnson, Investors Offshore.com

16 April 2003

Launching its ninth annual Luxembourg Fund Encyclopedia on Tuesday, Fitzrovia International announced that growth in total net assets continued at a healthy level last year, rising to US$883.2 billion at the end of December. The fund research company also revealed that the number of funds located in Luxembourg rose by 279 to 7,693 in 2002.

The Fund Encyclopedia says that there are, in total, 564 fund promoters from 36 countries with funds domiciled in Luxembourg, and that with US$93.2 billion in assets under management, UBS is currently the largest promoter on this basis.

Fitzrovia also announced that:

'Of new products launched over the past year, the largest type were 132 Global funds of funds, while newly launched European bond funds (US$170 billion) and Global bond funds (US$12.2 billion) attracted the greatest assets.'

Commenting on the findings of the annual fund sector review, Marc Saluzzi, Investment Management leader at PwC Luxembourg, observed that:

'2002 has been a tough year for the fund industry globally, mainly as a result of a continuing bear market. Nevertheless, this year again, Luxembourg funds have attracted more than US$60 billion of new assets to be compared with net sales of US$76 billion in the USA.'

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