Luxembourg funds reach record AUM
The Luxembourg fund industry has reached record levels of assets under management (AUM), the Association of the Luxembourg Funds Industry (ALFI) has announced, despite a decrease in 2011.
ALFI reports that the AUM of Luxembourg-domiciled funds reached €2.225trn at the end of April 2012. Luxembourg remains the largest European fund centre, followed by France and Germany.
According to ALFI’s 2011 Annual Report, in 2011 Luxembourg funds saw net inflows of €5bn, but finished the year €102bn down on the previous year, with €2.096trn under management. However, 2011 saw growth in product numbers, with 459 new funds created under the Luxembourg domicile over the year. Of these, 277 were specialised investment funds.
Marc Saluzzi, chairman of ALFI, said: “Following a year of political uncertainty which has led to turmoil in financial markets, we believe that this growth in assets under management in Luxembourg marks a return of confidence in investment funds.”