Luxembourg Fund Encyclopaedia 2007
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Lipper Fitzrovia’s thirteenth annual "Luxembourg Fund Encyclopaedia" reveals key data on funds and on the market shares of fund administration and custody service providers.
INTRODUCTION
The research shows that ever greater diversification of asset classes within the Luxembourg funds industry contributed to the latest record in total net assets. Popularity of hedge funds and real estate funds helped the Grand Duchy to a fourth year of double digit growth (in both Euro and US$ terms).
Domiciled fund assets rose by 35.9% to US$2,442.2 billion (€1,856.0 billion) at year end 2006, up from US$1,797.2 billion (€1,527.6 billion) in 2005. Within this total, assets in equity funds approached the US$1 trillion mark (US$998.6 billion).
Ed Moisson, Director of European Fiduciary Operations at Lipper Fitzrovia, said: "It is among more specialised asset classes that percentage increases in fund assets are greatest. Alternative investment funds (primarily hedge funds) more than doubled to reach US$67.1 billion, up from US$27.8 billion last year (excluding funds of hedge funds). Real estate funds increased assets by over 200% and reached US$17.9 billion."
Among newly launched funds, while European equity funds and European bond funds attracted the greatest assets (US$21.7 billion and US$18.3 billion), newly launched real estate funds held assets of US$9.9 billion. Interestingly, funds investing in India were the fourth largest sector (US$3.5 billion) among newly launched equity products.
Turning to the service providers, JPMorgan Bank maintained its position as the largest administrator by total net assets, ahead of RBC Dexia and UBS. Likewise for custody services, JPMorgan Bank retained first place, with UBS in second place.
For professional firms, PricewaterhouseCoopers sustains its dominance in auditing 4,179 funds. Among the legal advisers, Arendt & Medernach was just ahead of Elvinger Hoss & Prussen, advising 2,415 funds and 2,383 funds respectively. However, Elvinger Hoss & Prussen has maintained its leading market share by total net assets.
The largest five promoters of Luxembourg-domiciled funds all have total net assets over US$100 billion, headed by UBS (US$181.7 billion) and JPMorgan (US$180.4 billion), and followed by Pioneer Investments, DekaBank, and Deutsche Bank/DWS.
RESULTS
Custodians and fund administrators with the greatest market share by fund assets domiciled in Luxembourg as at 31 December 2006 are shown in the tables below.
Custodians
RANKING BY FUND ASSETS
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2007
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US$ billion
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1
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366.1
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2
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191.7
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3
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RBC Dexia Investor Services |
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183.4
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4
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173.8
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5
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145.9
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6
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143.6
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7
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DekaBank Deutsche Girozentrale |
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105.1
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8
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94.5
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9
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CACEIS Investor Services |
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87.5
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10
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76.5
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Fund Administrators
RANKING BY FUND ASSETS
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2007
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US$ billion
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1
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300.4
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2
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RBC Dexia Investor Services |
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194.7
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3
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191.7
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4
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174.0
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5
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145.9
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6
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129.1
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7
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122.1
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8
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105.1
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9
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91.2
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10
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89.8
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United States
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