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Alternative investment funds record fastest growth in Luxembourg and Dublin

A new report from London-based Fitzrovia International shows that alternative investment funds are the fastest growing fund assets among the thirty largest companies offering funds domiciled in Luxembourg and Dublin.

Out of the Top 30, the largest 10 fund promoters of Luxembourg and Dublin domiciled funds as of end-May 2003, according to Fitzrovia International, are (ranked in descending order): UBS, JP Morgan Fleming, Deutsche Bank (DWS), Credit Suisse, Pioneer Investments, DGZ-DekaBank Barclays Global Investors, Goldman Sachs., Fideuram Group and Fidelity Investments.

While only making up 0.9 per cent of the total, assets in alternative investment funds, offered by the Top 30 and domiciled in Dublin and Luxembourg, have continued to increase, by 13.0 per cent over one month (May 2003) and by 43.0 per cent over 6 months (to end-May 2003) , with total net assets reaching US$7.7 billion in the month of May.

These increases outpaced the overall increase of 15.6 per cent over six months in total net assets of the Top 30 investment fund companies to US$859.6 billion, which included a 6.0 per cent increase in the month of May, Fitzrovia's "Market Share and Competitor Analysis" research reveals.

The research also indicates increasing interest in bond funds. Bond fund assets of the Top 30 companies offering funds domiciled in Luxembourg and Dublin increased by 8.1 per cent (US$17.2 billion) over one month and by 33.4 per cent (US$57.2 billion) over the six months to the end of May this year.

Actively managed equity funds increased as a proportion of the total (from 21.5 per cent to 21.9 per cent in the month of May), while cash funds decreased slightly (from 30.7 per cent to 29.9 per cent), although the net assets of both asset classes increased over one month.

Funds of funds, while increasing total net assets to US$47.0 billion in the month of May, have not increased as a proportion of the total, remaining at 5.5 per cent, and this proportion has actually decreased slightly over the past 6 months.
At fund level, the largest monthly growth is seen in Fidelity's European Growth fund, with an increase of US$1.1 billion in the month of May.

At company level, the highest increase over one month was recorded by DGZ-Dekabank, with 10.2 per cent (up by US$4.2 billion in the month of May).  Separately, the report highlights UBS' continued dominance overall, with fund assets reaching US$101.3 billion in the month of May (a proportion of 11.8 per cent of the total).

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