Luxembourg alternative investment industry tops USD 18.7 billion

Alternative investment fund assets (primarily hedge funds) in Luxembourg more than doubled to reach USD 18.7 billion for the year ended 31 December 2004.


Fitzrovia's eleventh annual Luxembourg Fund Encyclopaedia shows total net assets for all collective investment funds domiciled in Luxembourg grew by 25% over the year to 31 December 2004, from USD 1.19 trillion to USD 1.53 trillion.


The total number of funds and sub-funds rose from 7,444 to 7,777.  For equity funds alone, the decrease in the number of funds slowed compared with last year, but still fell from 2,915 to 2,909 funds, while assets invested in these funds continued to rise (reaching USD 501.8 billion, up 35%). 


In the other main asset classes (bond funds and cash funds), there was little movement in the number of funds, but healthy growth in total net assets (rising by 27% and 8% respectively).


Of new products launched over the year, the largest type were 126 Global funds of funds, as with last year.  Also, newly launched European bond funds again attracted the greatest assets, USD 13.1 billion.


US fund promoters have the largest proportion of assets under management (USD 370.5 billion), ahead of Swiss promoters (USD 308.9 billion) and German promoters (USD 252.8 billion).


Fitzrovia notes the role of the dollar-euro exchange rate in the recorded growth in overall fund assets.  However, even when the change in total net assets is calculated in euros, significant growth of 16% is shown, rising from EUR 951.1 billion to EUR 1,103.8 billion.


 

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