New Fund Launches Strengthen Luxembourg’s Position Across Private Markets

New findings from the 31^st edition of the Monterey Insight Luxembourg Fund Report, compiled by Monterey Insight, the independent fund research company, reveal the market shares of all service providers in Luxembourg’s funds industry.

Please note that all findings below include Luxembourg regulated and unregulated funds, as well as non-domiciled (serviced) funds, as of December 31, 2024, unless otherwise specified.

The Luxembourg fund industry extended its positive momentum in 2024, building on the solid gains of 2023. Total assets of serviced funds grew by 9% in USD and 16% in EUR, reaching USD 9.0 trillion (EUR 8.7 trillion).

Regulated funds recorded steady progress, with total net assets rising by 3% in USD and 10% in EUR. UCITS led the way, growing 5% in USD and 12% in EUR, while SIFs and SICARs showed a more mixed performance, declining slightly by 6% and 5% in USD terms respectively.

Unregulated structures once again drove much of the expansion, surging 24% in USD and 32% in EUR. Within this segment, Lux LPs and SOPARFIs rose by 23%, and RAIFs by an impressive 25%, underlining Luxembourg’s continued appeal for flexible and innovative investment vehicles.

Equity funds continued their long-established dominance among Luxembourg’s regulated products in 2024, reaching USD 1.74 trillion (EUR 1.68 trillion), with bond funds in second position at USD 1.31 trillion (EUR 1.26 trillion).

Including unregulated Luxembourg structures, equities remained firmly in the lead with USD 1.75 trillion (EUR 1.69 trillion) across 4,152 funds and sub-funds. Private Equity and Venture Capital climbed rapidly to second place with USD 1.58 trillion (EUR 1.53 trillion) across 6,007 vehicles, making it the largest category by number of products. Bond funds followed in third position, totalling USD 1.32 trillion (EUR 1.28 trillion) across just over 3,000 funds.

Among Luxembourg’s regulated and unregulated products with assets exceeding USD 100 billion, Equity ETFs recorded the strongest percentage growth at 27%, followed by Private Equity and Venture Capital with a 21% increase.

As of December 31, 2024, newly launched funds and sub-funds reached USD 199.3 billion (EUR 192.5 billion) across 1,629 regulated and unregulated products. The year’s growth was driven by private assets, notably private equity and private debt. Private asset strategies accounted for over 40% of total assets and more than half (53%) of all newly launched funds and sub-funds, highlighting their growing influence in the Luxembourg market.

Under the EU SFDR framework, Luxembourg continues to demonstrate its sustainable finance leadership. As of year-end, Luxembourg’s regulated and unregulated funds included 14,432 Article 6 funds holding USD 3.70 trillion (EUR 3.57 trillion), 6,554 Article 8 funds with USD 4.05 trillion (EUR 3.91 trillion), and 968 Article 9 funds totalling USD 277.8 billion (EUR 268.8 billion).

Among the new launches, Article 6 products dominated with 1,029 funds totalling USD 124.1 billion (EUR 119.9 billion), followed by 506 Article 8 funds with USD 67.6 billion (EUR 65.2 billion) and 89 Article 9 funds with USD 7.6 billion (EUR 7.3 billion), reinforcing Luxembourg’s role as a hub for both traditional and sustainable investment strategies.

Turning to the service providers, significant repositioning’s among leading firms have taken place.

J.P. Morgan Leads as DWS Rises in Fund Manager RankingsJ J.P. Morgan keeps its top spot among Luxembourg fund managers, while DWS International moves up to second, ahead of Amundi and Pictet.

Luxembourg ManCo/AIFM Rankings Remain Stable

In the latest Luxembourg ManCo/AIFM rankings for serviced schemes, the top four positions remain unchanged. J.P. Morgan Asset Management (Europe) continues to hold the top spot, a position it has maintained for several years. DWS Investment remains second, followed by Amundi in third and UBS Asset Management (Europe) in fourth.

Philippe Ringard, Managing Director and CEO of JPMorgan Asset Management Europe S.à r.l. in Luxembourg:

 “J.P. Morgan Asset Management has a rich history in Luxembourg, offering clients solutions in Europe and beyond for more than three decades.  As a leading global active manager, we endeavor to deliver outstanding investment performance, product innovation and tailored solutions to our clients and are pleased to see this reflected in our continued top placement."

Carne Global Fund Managers (Luxembourg) ranks first among third-party ManCo/AIFM providers, managing USD 165.8 billion (EUR 160.1 billion), followed by Universal-Investment-Luxembourg in second with USD 129.7 billion (EUR 125.3 billion), and FundRock LIS in third place.

State Street Continue To Lead Across Fund Service Rankings

State Street continues to dominate Luxembourg’s fund service landscape, securing top positions in fund administration, custody, and, together with IFDS, transfer agency. In fund administration, the top four remain unchanged: State Street first, followed by J.P. Morgan Bank, CACEIS, and BNY.

Riccardo Lamanna, Country Head of State Street in Luxembourg and Head of Products for State Street Bank International:

 "We are delighted to once again be recognised as a leader in fund administration, custody, and transfer agency services in Luxembourg. This continued recognition reflects the trust our clients place in us and our unwavering commitment to supporting their evolving needs in an increasingly complex and dynamic market. As Luxembourg continues to strengthen its position as a global hub for digital assets and cross-border fund distribution, while becoming a popular domicile for private markets funds, we remain focused on innovation, operational excellence, and partnership – ensuring we deliver world-class solutions to our clients across all asset classes.” Looking at the private asset ranking covering Private Equity, Private Debt and Real Estate, Citco and Alter Domus hold the top positions. Citco takes first place with a Total Net Asset Value (TNAV) of USD 297.8 billion (EUR 287.6 billion) across 703 funds and sub-funds. Alter Domus follows closely with USD 285.8 billion (EUR 276.0 billion) and 1,082 structures. The ranking is mirrored in the transfer agent segment, where the same two providers also lead the market.

Among custodians/depositaries, State Street again leads with the largest assets under custody, followed by J.P. Morgan Bank, CACEIS, and BNP Paribas.

For private assets, Citco tops the category with USD 280.1 billion (EUR 270.5 billion) across 599 structures, while CACEIS follows closely with USD 276.9 billion (EUR 267.4 billion) across 1,169 funds and sub-funds.

For transfer agency, IFDS/State Street retains the top spot, with CACEIS second, J.P. Morgan Bank third, and BNP Paribas fourth.

PwC continues to lead Luxembourg’s auditor rankings, followed by EY in second. Deloitte holds third place, ahead of KPMG. The ranking by total net assets aligns closely with that by number of sub-funds, reflecting consistent market positioning.

Mike Delano, Partner and Asset and Wealth Management Leader at PwC Luxembourg, says:

 “2024 reminded us that markets rarely move in straight lines. Amid a year marked by monetary easing, slowing inflation, and renewed geopolitical tensions, Luxembourg continued to demonstrate its strength as a global hub for asset management, with total serviced assets reaching EUR 8.7 trillion.

What stands out is the industry’s ability to adapt: traditional managers are embracing private markets at scale, helped by Luxembourg’s renowned ‘alternative investment toolbox’ composed of flexible and innovative vehicles. At the same time, sustainable strategies are shaping capital allocation, helped by Luxembourg’s pioneering role as a hub for sustainable finance.

Having navigated profound macroeconomic and geopolitical shifts since 2020, one lesson remains evident: resilience and innovation go hand in hand. Looking ahead, the Luxembourg financial centre is poised to deepen its leadership in private assets and sustainability, while responding to accelerating demand for emerging solutions such as tokenised funds.”

Arendt & Medernach once again tops the Luxembourg legal adviser rankings by number of funds, followed by Elvinger Hoss Prussen in second. A&O Shearman remains third, while Loyens & Loeff enters the top four in fourth place.

By net assets, the ranking remains steady: Arendt & Medernach retains first place, Elvinger Hoss Prussen second, Linklaters third with USD 448.8 billion (EUR 433.4 billion), and A&O Shearman fourth.

Gilles Dusemon, Partner, Investment Management at Arendt & Medernach: 

 “Luxembourg continues to affirm its role as Europe’s leading hub for investment funds. We are proud to see sustained growth in the number of clients turning to Arendt for strategic legal guidance. Our teams remain deeply committed to supporting them as they navigate evolving market dynamics across both traditional and alternative asset management landscapes.” 

Karine Pacary, Managing Director, Monterey Insight, commented:

“In our 31st edition, we are proud to present the Monterey Luxembourg Fund Report 2025 and announce the launch of our new Analytics Platform.

Luxembourg’s fund industry continued its strong momentum in 2024, with Private Equity and Private Debt driving growth. RAIFs, Lux LPs, and SOPARFIs remained central to this expansion, underscoring Luxembourg’s strength as a hub for flexible and innovative fund structures.

The steady rise in new fund launches and sustainable products (SFDR Articles 8 and 9) highlights the industry’s adaptability and forward focus. Private assets continue to drive growth and innovation, with Equity ETFs standing out as a rapidly expanding and increasingly influential asset class.

Our new Analytics Platform brings these trends to life, offering deep data, market share insights, including third-party ManCo and AIFM activities - all in one intuitive interface, to help users navigate the Luxembourg fund ecosystem, uncover connections between funds and service providers, and make informed strategic decisions.”

Please note the figures listed above include Luxembourg regulated and unregulated funds, as well as non-domiciled (serviced) funds, as of December 31, 2024, unless otherwise specified.

For more information, please contact:

Karine Pacary

Managing Director, Monterey Insight

Tel. +44 (0)845 625 3863

Email: karine.pacary@montereyinsight.com

Notes to Editors

For Lux LPs and SOPARFI, we have included schemes which we believe are classified as an investment fund product, especially focusing on those with an appointed AIFM.

Monterey Insight is an independent fund research company that provides comprehensive statistical analysis of the Luxembourg, Ireland, Guernsey, Jersey and UK fund industries: the only complete reference of service providers for all funds serviced in these jurisdictions.

Source: Monterey Insight, Luxembourg Fund Report 2025.