Luxembourg keeps growing
Luxembourg achieved its largest growth of assets under management in three years, during 1998, confirms the Luxembourg Fund Encyclopaedia published by Fitzrovia International in London. Overall the industry grew by 34.88% in terms of net asset value (dollars), compared to the cumulative growth over the period 1994-1997 of 33.21%. The number of subfunds established in the domicile passed the 5,000 mark (5,084) with 534 new additions over 1998, worth around $580bn.
The biggest fund promoters in Luxembourg according to the report come from Switzerland, France, Belgium and Germany, with growth figures of 11.9%, 6.1%,9% and 15.3% last year in terms of fund numbers. Spain, however, more than doubled its number of funds and increased its Luxembourg assets by $1.5bn over the year. The top fund promoter in terms of assets under management was UBS, with $85.2bn, with Credit Suisse coming second with $39.1bn and third Banca Fideuram with $20.9bn, but the most impressive growth in assets of 73% that year.