Luxembourg fund industry assets jump 11% in 2017
Luxembourg's fund industry's assets under management jumped 11.18% over the course of last year to reach €4.159 trillion.
Assets under management increased by €418 billion to hit a new record at the end of December 2017, according to figures from Luxembourg's financial watchdog, the Commission de Surveillance du Secteur Financier.
Luxembourg domiciled-funds passed the landmark €4 trillion mark at the end of September last year.
Nearly 74% of the growth in assets under mamagement over the course of 2017 was due to new money invested in Luxembourg funds, ALFI, the trade association for the fund industry, said in a press statement.
"Net sales tripled in 2017 compared to 2016, going from €99.6 billion to €308.4 billion," said Denise Voss, chairman of ALFI.
Retail UCITS funds saw the bulk of investments but alternative strategies such as private equity and real estate also benefited.
The remaining increase was due to the impact of global financial markets.
The Grand Duchy is the largest fund centre in Europe, coming in second globally behind the US.