End 2007, Luxembourg boasted over EUR 2.1 trillion in net assets in over 10,500 Luxembourg domiciled funds (2,870 legal entities), easily placing Luxembourg as the second largest fund centre outside the United States.
Luxembourg’s position as a key domicile for internationally distributed funds began in 1988 when the UCITS Directive was implemented into local law. Since this date, Luxembourg has enjoyed significant and consistent growth in both assets and fund numbers with a notable surge since the turn of the century reflecting the increasing attractiveness of Luxembourg as a hub for global fund products in both mainstream and alternative asset classes. Historically, Luxembourg’s success has been fuelled by its ability to offer an attractive platform for firstly European and more recently globally distributed retail funds. In addition to the importance of the mainstream, Luxembourg is a major centre for each of the primary alternative asset classes. Its long-standing focus on Hedge funds and fund of Hedge funds products has enjoyed rapid growth in recent years as a result of regulatory and market developments and now comprises a market of over EUR 123 billion in net assets within 902 (sub) funds set up under Luxembourg law. Real Estate funds have been a particular success story with Luxembourg now recognised within this market segment as the leading domicile for structured real estate products targeting international investment and distribution. Private Equity funds are emerging as a 3rd significant alternative asset class with Luxembourg building on its dominance as a location for structuring transactions to become a leading centre for establishing the fund-level vehicles themselves.
The article on the PWC web site :
http://www.pwc.com/lu/eng/about/ind/im_profile/im_prime_location.html
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