LONDON (HedgeWorld.com)–Luxembourg’s popularity as a fund domicile is definitely on the rise, with the total net assets for all collective investment funds growing to more than US$1.2 trillion as of the end of 2003.
Fitzrovia International released its latest research showing a significant boost from the US$883.2 billion in assets accounted as of year-end 2002.
Always a leading hedge fund jurisdiction, the growth of the business being done in the tiny Luxembourg grew by 13% in 2003, when the depreciation of the dollar against the euro is taken into account.
Of the products launched from Luxembourg most were global funds of funds, with 107 coming to market in 2003. Most of the growth came from U.S. fund managers who now make up the largest proportion of assets under management with US$291.8 billion. For the first time, U.S. fund promoters outpaced their Swiss counterparts, who only had US$271.5 billion in assets.