Luxembourg has claimed record figures for funds under management after a 13.7% increase in 2012 driven mainly by sales.
The Association of the Luxembourg Funds Industry (ALFI) says that at the end of 2012 assets under management by Luxembourg-domiciled funds reached a historic level of €2.383 trillion under management.
Most of the growth was down to net sales of US$ 165 billion (€123 billion) rather than market appreciation.
Marc Saluzzi, chairman of ALFI, says: “Assets under management have not only grown in Luxembourg but in Europe as a whole, partly due to increasing market values, but also thanks to significant new inflows into investment funds.
“We are pleased with this return of confidence in investment funds.”
Luxembourg’s sales in 2012 represented the bulk of the total $441 billion in Europe.
Luxembourg has 3,841 investment funds or 13,420 fund units, which means it is still the largest investment fund centre in Europe followed by France and Germany, and the second largest investment fund centre in the world after the US.
The investment fund sector represents 8% of the country’s GDP, 10% of fiscal income and 4% of the active population.
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