Unregulated Funds Drive Luxembourg Market Growth
New findings from the 32nd edition of the Monterey Insight Luxembourg Intelligence Report reveal the market shares of service providers across Luxembourg’s fund industry, offering a comprehensive view of who services which funds.
The underlying data is now available through the Monterey Insight’s Analytics Platform, allowing users to explore the market interactively and track trends over time.
Please note that all findings below include Luxembourg regulated and unregulated funds, as well as non-domiciled (serviced) funds, as of December 31, 2025, unless otherwise specified.
The Luxembourg fund industry continued its strong momentum, with total assets of serviced funds reaching US$11.1 trillion (€9.4 trillion) in 2025, up 23% in USD and 9% in EUR year-on-year, with the stronger growth in US dollar terms reflecting the impact of currency movements.
Regulated funds grew steadily, with total assets rising 21% in USD and 6% in EUR to US$7.3 trillion (€6.2 trillion). UCITS remained the dominant segment, growing 23% in USD and 9% in EUR to US$6.4 trillion (€5.4 trillion).
Unregulated structures continued to drive growth, surging 30% in USD and 15% in EUR to US$2.6 trillion (€2.2 trillion). RAIFs were a particular standout, rising 42% in USD and 25% in EUR to US$1.1 trillion (€949.0 billion). Luxembourg LPs and SOPARFIs also recorded strong growth, increasing 22% in USD and 8% in EUR.
Across both regulated and unregulated Luxembourg structures, Equities remained the largest asset class, reaching US$2.13 trillion (€1.81 trillion) across 4,114 funds and sub-funds, up 21% in USD year-on-year. Private Equity and Venture Capital moved closer to the top spot, rising 25% to US$2.02 trillion (€1.72 trillion) across 6,897 vehicles, making it the largest category by number of products.
The strongest growth, however, came from Exchange Traded Equities, which surged 40% over the year to US$270.16 billion (€229.91 billion) across 224 products.
As of December 31, 2025, newly launched funds and sub-funds reached US$271.4 billion (€230.91 billion) across 1,670 regulated and unregulated products, a significant increase from US$199.3 billion (€192.5 billion) across 1,629 products in 2024. Private assets continued to be a key driver of new fund launches, with private equity and private debt strategies accounting for 39% of the total assets and 54% of all newly launched funds and sub-funds.
J.P. Morgan Continues to Lead Luxembourg Fund Manager Rankings
Turning to the service providers, J.P. Morgan continued to lead Luxembourg’s fund manager rankings, maintaining its long-standing position at the top. The top four managers all held their positions from the previous year.
J.P. Morgan Remains Firmly at the Top of Luxembourg ManCo/AIFM Rankings
The latest Luxembourg ManCo/AIFM rankings for serviced schemes show continued stability at the top, with the leading four positions unchanged from last year. J.P. Morgan Asset Management (Europe) continues its long-standing reign at number one, followed by DWS Investment, Amundi Luxembourg and UBS Asset Management (Europe).
Philippe Ringard, Managing Director and CEO of JPMorgan Asset Management Europe S.à r.l. in Luxembourg:
“J.P. Morgan Asset Management strives to provide best-in-class investment solutions and client service, with our clients' interests at the centre of every decision we take. We are delighted that clients continue to entrust us with their savings.
Scale is nothing without long-term performance and lasting relationships. That is where we can make the difference: by understanding what each client is trying to achieve and by being a partner they can rely on through every market cycle." Carne Group Leads Third-Party ManCo/AIFM Rankings
Among third-party ManCo/AIFM providers, Carne Global Fund Managers (Luxembourg) retains the top position, followed by Universal-Investment-Luxembourg and FundRock LIS. FundRock Management Company rounds out the top four.
John Parkhouse, President of Carne Group, commented:
“The scale of growth we have achieved over the past year reflects the strength of the Luxembourg market and the accelerating shift towards outsourcing. As asset managers navigate increased operational and governance complexity, they are placing greater value on partners that can help firms scale efficiently and meet rising investor expectations.
Our Supermodel II research highlights the growing demand for specialist operating models and third-party ManCo solutions, with 34% of asset managers likely to fully outsource support for new products or fund vehicles to a third-party ManCo over the next two years and a further 18% of managers with an internal ManCo planning to fully outsource those responsibilities.
This industry shift is particularly evident in Luxembourg, where a robust regulatory and governance framework, deep cross-border expertise and well-established fund ecosystem continue to reinforce the evolving role of third-party ManCos as strategic enablers.”
State Street Maintains Lead in Fund Administration and custody Rankings
State Street continues to lead Luxembourg’s fund administration and custody rankings. In fund administration, the top three positions remain unchanged, with State Street in first place, followed by J.P. Morgan Bank and CACEIS. BNP Paribas moved up to fourth place, ahead of BNY.
Riccardo Lamanna, Country Head of State Street in Luxembourg and Head of Products for State Street Bank International:
“We are proud to once again be recognised for the strength of our fund administration, custody and transfer agency capabilities in Luxembourg. This recognition reflects the confidence our clients place in us and the expertise and commitment of our teams.
As Luxembourg continues to evolve as a leading international fund centre, with private markets, digital assets and new distribution models creating new opportunities, the ability to combine innovation with operational resilience and local expertise is increasingly important. We remain committed to helping our clients navigate this changing environment and build for the next phase of growth.”
Custodian/Depositaries Rankings Remain Unchanged
Among custodians/depositaries, State Street again ranks first, followed by J.P. Morgan Bank, CACEIS and BNP Paribas, maintaining their leading positions in the market.
CACEIS Reaches the Top in Transfer Agency
Following the restructuring of IFDS/State Street, CACEIS moves into first place, with State Street ranking second. J.P. Morgan Bank retains third position, followed by BNP Paribas in fourth.
Ramy El Houayek, Country Managing Director of CACEIS in Luxembourg:
"Reaching the number one position for Transfer Agency in Luxembourg is a testament to our group’s dedication to providing clients with the innovative tools they need to succeed - from our NOVA digital platform to our pioneering work in tokenisation.
With our constant focus on raising the bar for sustainable market-leading quality of service, we are building the future of fund distribution, ensuring our clients can seize new opportunities with speed and confidence. I thank our clients for their partnership and our staff for their hard work and dedication."
PwC Maintains Lead in Luxembourg Auditor Rankings
PwC retains the top position in Luxembourg’s auditor rankings, with EY following in second place. Deloitte remains third and KPMG in fourth. The ranking by total net assets broadly mirrors the ranking by number of funds.
Mike Delano, Partner and Asset and Wealth Management Leader at PwC Luxembourg, says:
“We are proud that PwC continues to lead Luxembourg’s auditor ranking. This recognition reflects the expertise of our people and the trust of our clients.
We are equally happy to see that Luxembourg continues to reinforce its position as a leading global fund centre. PwC remains committed to supporting its long-term success through quality, expertise and our dedication to our clients."
Legal Advisers Ranking Sees Changes in the Top Four
Arendt & Medernach once again tops the Luxembourg legal adviser rankings by number of funds, followed by Elvinger Hoss Prussen in second. After entering the top four last year, Loyens & Loeff gains another position to move into third place, while A&O Shearman drops to fourth.
Corinne Prinz, Partner, Investment Management at Arendt & Medernach:
“One of the most significant trends shaping our industry is the growing convergence of private markets and retail distribution. As alternative investment strategies become accessible to a broader investor base, market participants must navigate increasing legal, regulatory and operational complexity while upholding the highest standards of governance and investor protection.
Luxembourg has consistently demonstrated its ability to adapt to these evolving dynamics and remains a leading centre for product innovation. Leveraging our multidisciplinary platform and deep market expertise, Arendt is uniquely positioned to support clients across the entire fund lifecycle, from structuring and fundraising through to investment deployment, ongoing operations and long-term growth.”
Karine Pacary, Managing Director, Monterey Insight, commented:
“In our 32nd edition, we are pleased to present the Monterey Insight Luxembourg Intelligence Report 2026, providing a comprehensive view of the continued evolution of Luxembourg’s fund industry.
Luxembourg’s fund market reached €9.4 trillion in 2025, with unregulated structures, particularly RAIFs, Lux LPs and SOPARFIs, continuing to drive growth. Private Equity and Venture Capital also gained further ground, while Equity remained the largest asset class by assets.
New fund launches increased significantly over the year, with private equity and private debt strategies accounting for more than half of all newly launched funds and sub-funds, highlighting the continued importance of private markets to Luxembourg’s growth.
The findings of this year’s report once again demonstrate Luxembourg’s position as a leading and evolving global fund centre, supported by a broad ecosystem of fund managers, ManCos and AIFMs, administrators, custodians, transfer agents, auditors and legal advisers.
Look out for our new annual Private Markets Barometer, which will provide a broader perspective on private markets trends across asset classes, fund sizes, sustainability and the evolving use of service providers.”
Please note the figures listed above include Luxembourg regulated and unregulated funds, as well as non-domiciled (serviced) funds, as of December 31, 2025, unless otherwise specified.
For more information, please contact:
Karine Pacary
Managing Director, Monterey Insight
Tel. +44 (0)845 625 3863
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 Intelligence Report 2026.
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