Luxembourg authorities granted 80 new licences for fund managers, banks and insurers last year, including firms that were relocating some activities from the UK due to Brexit.
In a flag-waving statement by Luxembourg for Finance, the promotional body said there had been 47 financial institutions that had made Brexit-related Luxembourg relocation plans public to date. Half of these were asset managers and the other half were a mix of banks, insurers and payment service providers.
Meanwhile, a number of firms have chosen to expand their existing Luxembourg operations without these plans having been made public, the organisation said.
Nicolas Mackel, the chief executive of Luxembourg for Finance, said Luxembourg’s role as a global fund centre is set to continue growing, in part because of the intention of 23 leading international asset managers and private equity firms to move or reinforce existing activities in Luxembourg after Brexit. These include Fidelity, M&G Investments, Aberdeen Standard Life, Columbia Threadneedle, Blackstone, T. Rowe Price and Wells Fargo.
Luxembourg’s fund industry has for €4.19 trillion in assets under management (AUM) at November 30, 2018. This was an increase of 1.37% from the year before.
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