Another Record Year of Investment for the Luxembourg Funds Industry
New findings from the 20th edition of Monterey Insight, the independent fund research company, reveal the market shares of all service providers in Luxembourg’s funds industry. Luxembourg-domiciled fund assets rose by 14.94% to US$3,621.7 billion (€2,628.2bn) over the year to the end of 2013, up from US$3,150.9 billion (€2,389.9bn) in 2012. Once again this sets a new industry high point for the market. The number of sub-funds reached 13,448, an increase of 1.93% over the previous year (up from 13,193). State Street has for the first time taken over top position in administration by total net assets (US$ 488.1bn), with JPMorgan now coming in at second place (US$462.0bn), BNP (US$236.4bn) ranked third just ahead of RBC Investor & Treasury Services (US$236.0bn). For the 14th year running, JPMorgan maintained its lead position (US$656.2bn) for custody business with State Street remaining in second place (US$559.0bn). PricewaterhouseCoopers maintained its lead auditing 5,232 sub-funds, ahead of KPMG and Deloitte.
Among legal advisers, Arendt & Medernach has consolidated its leading market share by number of funds, although Elvinger Hoss & Prussen is ahead by fund assets.
Among fund management companies, the largest fund promoter of Luxembourg domiciled schemes is JPMorgan (US$251.3bn), followed by Deutsche Bank/DWS (US$183.7bn), and in third position Franklin Templeton Investments (US$172.7bn).