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Healthy Growth for the Luxembourg Fund Industry
Positive result for fund industry in Luxembourg despite COVID 19 crisis.
UnSplash - Leaders League
In Luxembourg, this year the dominance of US fund services companies in the fund administration, custodian banking and transfer agent industries continues.
State Street maintains its lead position for three rankings, fund administration by total net assets ($1,074.1 bn), followed by J.P Morgan in second position ($765.3 bn) of custody ($1081,5 bn), followed very closely by J.P Morgan ($999, 1 bn) and, together with IFDS, transfer agent ($952,1 bn) followed by RBC Investor Services Bank with ($713,9 bn).
Eduardo Gramuglia Pallavicino, Country Head of State Street in Luxembourg said: “With 2020 marking State Street’s 30th anniversary in Luxembourg, we’re proud to continue to be a market leader for fund administration, custody and transfer agency services.”
Thanks to a productive year, the French Caceis leap into the transfer agent ranking and take the third position ($353.6 bn) ahead of J.P. Morgan ($353.2 bn).
In the manco/AIFM ranking BlackRock is excluded by UBS Fund Management in the fourth position ($187,2 bn). J.P Morgan Asset Management (Europe) retain their top position as has been the case for a number of years with total net assets of $355.3bn followed by DWS Investment ($219.9bn) in second place and Amundi Luxembourg take the third spot ($199.9bn).
In the big four battle, PWC remains well in the lead with nearly double the number of audited entities (with a total of 5,982 sub-funds) as its direct follow KPMG (with 3,021 sub-funds). EY this year has taken the third position ahead of Deloitte with respective figures of 2,826 and 2,578 sub-funds.
More than 1,350 fund and sub-funds were launched during the year, reaching $175bn. 74% of these new sub-funds were invested in traditional investments such as bonds, equities and mixed products. Alternative funds come in second position with 18% including alternative investments, private debt, and private equity/venture capital. Of the newly launched funds, and as expected, ESG make a considerable progression covering 13% of assets and 10% in number of sub-funds.
These data are from the 26th edition of the Monterey Insight Luxembourg Fund Report compiled by Monterey Insight, an independent fund industry research company. Based in London, the company's research covers around 37,000 investment funds within main Fund jurisdictions.
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