EUROPE - Luxembourg has continued to grow as Europe's largest collective funds centre over the course of 2001 both by number of funds and total assets, new figures show.
In the eighth annual analysis from fund research company Fitzrovia International, Luxembourg-domiciled funds, including subfunds, reached 7,414, up 8% from 6,873 in 2001. Additionally, total net assets in these funds stood at $822.8bn (EUR924bn) at the end of 2001.
Paul Moulton, chief executive of Fitzrovia, said: “Any increase in the size of the industry would be impressive, given the market conditions throughout 2001, so it is notable that total fund assets in euro terms increased by 6%.”
UBS was the largest fund promoter by assets, with $88.7bn. But the US presence is evident with US promoters’ total fund assets now standing at $184.9bn, marginally narrowing the gap with Swiss rivals.
JP Morgan secured the top position for assets under administration of $107.1bn, and retained the top position for custody this year with $130.8bn. The European Fund Administration (EFA) retained the largest market share by number of funds under administration at 939 funds.
By Madhu Kalia
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