GLOBAL FUND
DISTRIBUTION 2016
Distribution snapshots
Luxembourg
Cross-border distribution
Domicile share of authorisations
for cross-border distribution
65 %
Target markets for distribution
Total number of new registrations
Target markets for distribution
Total number of new registrations
France
961
Chile
62
Target markets for distribution
Total number of new registrations
Singapore
240
Target markets for distribution
Total number of new registrations
Bahrain
37
Number of cross-border funds 11,222
Compound annual growth rate over 10 years 8.1%
Number of cross-border
registrations Compound annual growth rate over 10 years 91,027
9.6%
Hot spots for distribution
FI 92%
NO 84%
IS 16%
FO 1%
EE 11%
SE 94%
LV 11%
DK 75%
LT 10%
IM 10%
IE 81%
NL 95%
UK 99%
PL 17%
DE 100%
BE 83%
CZ 19%
LU 99%
GG 24%
SK 16%
JE 25%
AT 95%
LI 19%
FR 100%
SI 8%
CH 98%
HU 19%
RO 5%
MC 2%
PT 52%
BG 9%
IT 94%
AD 1%
AL 0%
ES 95%
GR 27%
TR 2%
GI 10%
MT 16%
CY 15%
EG 1%
CA 4%
GL 1%
BW 1%
MU 1%
ZA 8%
US 6%
AM 0%
BM 1%
AZ 0%
BS 1%
DO 0%
KY 6%
PA 1%
KR 29%
LB 3%
MX 3%
JO 2%
VG 1%
IL 0%
CW 1%
KW 0%
JP 20%
BH 30%
QA 6%
TT 2%
TW 46%
AE 14%
SA 1%
MO 27%
HK 45%
OM 3%
VN 1%
CO 3%
BN 2%
SG 87%
PE 42%
BR 1%
AU 6%
CL 60%
CK 1%
NZ 0%
AR 0%
Total number of cross-border registrations as
at 31 December 2015:
Over 3,000
Between 1,000 and 2,999
Between 500 and 999
Between 100 and 499
Less than 100
x% Percentage of Top 100 management groups distributing
cross-border funds in each market
Explanation The heat map indicates the total number of registrations at the end of 2015 (see table “Target Markets”) while the
percentage shows the number of Top 100 cross-border management groups distributing in each market.
Evolution of UCITS net sales and AuM
Mutual funds net sales
EUR bn
500
464
452
400
300
229
234
228
197
200
153
112
97 91
100
62
Europe
56
38
Luxembourg
Ireland
0
-24
-100
-90
2011
2012
2013
2014
2015
Source: EFAMA and PwC analysis, 31 December 2015.
UCITS Assets* - Top European domiciles
AuM growth
(2010 - Q3 2015)
EUR bn
3,000
2,820
+940
2,643
2,500
2,198
France
2,002
1,881
2,000
Luxembourg
Ireland
United Kingdom
1,760
1,500
1,274
1,210
1,068
1,000
759
639
500
2010
1,116
1,111
1,146
1,044
968
820
1,342
1,028
+583
+389
995
631
2011
863
746
747
2012
Source: EFAMA and PwC analysis, 31 December 2015.
2013
2014
-464
Q3-2015
* The large change for France is due to change in
EFAMA methodology that took place in Q4 2014.
For further details please see EFAMA Quarterly
release Q1 2015, segment on UCITs versus AIF.
Evolution of cross-border distribution
11,222
Number of cross-border funds and registrations
8%
11,000
10,430
100,000
Funds Domicile:
6%
9,869
9,436
90,000
10,000
5%
Ireland
9,000
8%
80,000
7,441
7,366
70,000
7,907
6%
7,000
6,525
10%
5,907
14%
50,000
6,000
5,170
4,875
6%
8%
5,000
4,000
30,000
20,000
3,000
10,000
2,000
0
Average
registrations
per true
cross-border
fund
2004
5.8
Jersey
8,000
1%
13%
60,000
France
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
7
7.3
7.6
7.7
7.9
7.9
7.7
7.7
7.8
8
8.1
Number of cross-border funds
Number of cross-border registrations
8,511
40,000
Luxembourg
11%
United Kingdom
Other
Number of crossborder funds
1,000
Source: Lipper LIM and PwC analysis, 31 December 2015.
Note: Only true cross-border funds were taken into account - i.e. funds distributed in at least three countries, including their domicile.
Domicile share of authorisations for cross-border distribution
65%
22%
Funds Domicile:
Top 5 destinations of leading fund domiciles:
Luxembourg
Luxembourg
Ireland
Registrations in:
France
Germany
4,843
United Kingdom
2,128
Jersey
Switzerland
4,414
Germany
1,919
Austria
4,288
France
1,728
France
3,364
Switzerland
1,568
United Kingdom
3,386
Netherlands
1,459
United Kingdom
Other
4%
4%
Number of crossborder funds
3%
2%
Number of cross-border funds
Registrations in:
Number of cross-border
registrations 11,222
Compound annual growth rate over 10 years
Ireland
8.1%
Compound annual growth rate over 10 years 91,027
9.6%
Distribution footprint*
27%
34%
(5 to 9 markets)
(3 to 4 markets)
21%
7%
(20+ markets)
(10 to 14 markets)
11%
(15 to 19 markets)
* Of true cross-border funds.
Source: Lipper LIM and PwC analysis, 31 December 2015.
Origin of top 50 ManCo
6
1
21
2
Country of origin of cross-border Management Groups
2
4
5
9
Source: Lipper LIM and PwC analysis, 31 December 2015.
United States
France
Australia
United Kingdom
Germany
Other Europe
Switzerland
South Africa
Benchmarking cross-border distribution
Asset classes
Breakdown of the number of registrations by investment strategy (top 15 strategies)
Number of registrations
12,000
2015
2014
10,000
8,000
6,000
4,000
2,000
0
e
p
ro
u
yE
uit
Eq
uit
Eq
al
e
p
ro
ob
l
yG
nd
Bo
c
cifi
pe
yS
it
qu
E
Eu
ing
g
er
m
yE
uit
Eq
or
ct
Se
ts
ke
ar
M
y
uit
Eq
ia
As
cifi
Pa
c
E
S
yU
it
qu
d
on
B
d
ixe
M
al
ob
Gl
e
t
se
As
nd
p
ro
Eu
ing
g
er
ts
ke
ar
M
nd
Bo
US
Em
ive
at
rn
te
Al
y
uit
Eq
n
pa
Ja
e
lut
so
Ab
rn
tu
Re
d
ixe
S
tU
se
As
M
Bo
Sources: Lipper LIM and PwC analysis, 31 December 2015.
Change in number of cross-border funds vs number of funds last year (top 15 strategies)
Number of funds in 2015
1,078 1,417 650
150
755
405
575
986
336
80
568
176
340
232
634
782
Change in number of funds from
2014 to 2015 calendar year
120
90
60
30
0
y
uit
Eq
S
e
c
n
S
ts
al
ts
or
ity
pe
pe
ive
US
pa
op ity U
ct
ke
cifi
ke
ob
ur
tU
ro
ro
at
ur
ar
ar
Ja
at
nd
Gl
u
Se
Pa
se
rn
Eu
Eu
o
s
y
M
q
e
M
M
c
d
t
a
t
t
i
B
E
A
n
g
g
ifi
s
ui
nd
Al
et
se
d
ec
Bo
rg
gin
gin
Eq
Bo
yA
As
ixe
er
er
Ta
Sp
d
uit
M
m
m
y
q
t
E
ixe
E
i
E
u
y
M
nd
Eq
uit
Bo
Eq
al
ob
Gl
Eq
u
E
ity
Sources: Lipper LIM and PwC analysis, 31 December 2015.
Target markets for distribution
Trend over
5 years
% growth
2014– 2015
Number of new
registrations
during 2015
Other
Germany
United
Kingdom
Jersey
France
Ireland
Fund Domiciles
Luxembourg
Distribution
Markets
Total number of
registrations as
at Dec. 2015
Key fund domiciles and their distribution markets
EUROPE
Top Market
Albania
Andorra
Austria
Belgium
Bulgaria
Cyprus
Czech Republic
Denmark
Estonia
Faroe Islands
Finland
France
Germany
Gibraltar
Greece
Greenland
Guernsey
Hungary
Iceland
Ireland
Isle of Man
Italy
Jersey
Latvia
Liechtenstein
Lithuania
Luxembourg
Malta
Monaco
Netherlands
Norway
Poland
Portugal
Romania
Slovakia
Slovenia
Spain
Sweden
Switzerland
United Kingdom
Total number of registrations - EUROPE
1
12
4,288
2,203
130
418
554
1,614
388
3
2,549
3,964
4,843
245
955
8
265
518
341
1,485
45
3,298
560
342
759
288
210
1
3,347
2,225
492
1,198
11
422
32
3,312
2,994
4,414
3,386
1,426
377
6
15
12
626
2
919
1,728
1,919
37
56
121
8
30
31
1,161
113
1
90
2
1,322
14
2
1,459
707
5
304
1
17
1
1,151
1,242
1,568
2,128
242
137
27
64
550
2
32
389
173
309
11
6
286
76
397
338
16
63
217
214
373
410
2
7
174
5
299
2
108
85
125
165
167
109
120
86
2
4
2
77
2
60
184
160
4
87
2
1
135
4
73
82
2
2
110
4
107
27
2
57
2
3
4
91
52
140
-
173
5
1
19
19
78
7
56
9
39
69
19
7
1
45
19
114
20
211
19
9
1
126
16
19
107
151
338
7
1
19
4
42
63
11
29
45
15
221
1
1
106
103
21
2
105
23
62
112
190
77
1
12
6,476
2,890
147
438
695
2,596
411
3
3,932
6,478
8,220
291
1,018
8
480
547
383
1,868
85
5,339
766
374
903
307
1,865
231
4
5,505
3,177
520
1,697
16
548
60
5,112
4,662
6,823
6,058
1
577
301
25
-25
36
454
-3
574
961
353
-38
70
-1
18
20
46
139
10
586
23
28
69
7
153
-29
1
313
516
59
185
4
-2
4
375
455
528
452
100.00%
0.00%
9.78%
11.63%
20.49%
-5.40%
5.46%
21.20%
-0.72%
0.00%
17.09%
17.42%
4.49%
-11.55%
7.38%
-11.11%
3.90%
3.80%
13.65%
8.04%
13.33%
12.33%
3.10%
8.09%
8.27%
2.33%
8.94%
-11.15%
33.33%
6.03%
19.39%
12.80%
12.24%
33.33%
-0.36%
7.14%
7.92%
10.82%
8.39%
8.06%
52,120
18,601
3,039
2,541
1,688
700
2,257
80,946
7,245
9.83%

=







































7
50
873
52
391
595
1
2,063
627
4,659
13
226
8
26
161
1
561
140
1,136
69
8
77
2
21
15
38
38
6
49
9
102
3
1
5
9
18
23
40
11
61
218
18
371
45
50
1,177
95
418
823
2
2,980
811
6,401
2
4.65%
46 1150.00%
-17
-1.42%
2
2.15%
54
14.84%
-39
-4.52%
0.00%
240
8.76%
-19
-2.29%
269
4.39%










ASIA PACIFIC
Australia
Brunei Darussalam
Hong Kong
Japan
Korea
Macau
New Zealand
Singapore
Top Market
Taiwan
Total number of registrations - ASIA PACIFIC
Note 1: Only true cross-border funds were taken into account - i.e. funds distributed in at least three countries, including their domicile.
Note 2: “Top Market” refers to the country in each region with the highest absolute number of new registrations in 2015.
Sources: Lipper LIM and PwC analysis, 31 December 2015.
Target markets for distribution
Trend over
5 years
% growth
2014– 2015
Total number of
registrations as
at Dec. 2015
Other
Germany
United
Kingdom
Jersey
France
Ireland
Fund Domiciles
Luxembourg
Distribution
Markets
Number of new
registrations
during 2015
Key fund domiciles and their distribution markets
MIDDLE EAST
Armenia
Azerbaijan
Bahrain
Top Market
Israel
Jordan
Kuwait
Lebanon
Oman
Qatar
Turkey
United Arab Emirates
Total number of registrations - MIDDLE EAST
1
1
440
22
3
39
121
127
11
51
816
77
1
1
15
94
-
7
8
15
3
3
1
1
48
1
49
1
1
576
2
22
3
39
121
127
12
74
978
1
1
37
2
1
-1
-45
4
2
12
14
100.00%
100.00%
6.86%
100.00%
4.76%
-25.00%
-53.57%
3.42%
1.60%
0.00%
19.35%
1.45%












5
2
906
4
29
40
339
48
1,373
1
4
144
5
1
1
4
87
2
249
92
4
11
107
1
1
2
65
20
85
21
1
16
38
9
4
279
270
1
563
5
1
15
5
1,507
9
29
1
6
44
743
49
3
2417
5
-20
-2
62
-1
29
-1
-1
-26
-2
-2
41
100.00%
0.00%
-57.14%
-28.57%
4.29%
-10.00%
100.00%
0.00%
-14.29%
-2.22%
-3.38%
-3.92%
-40.00%
1.73%














24
65
107
196
67
67
-
16
16
5
5
-
1
1
24
65
196
285
-4
-27
-13
-44
-14.29%
-29.35%
-6.22%
-13.37%




59,164 20,147
3,223
2,612
1,883
757
3,241
91,027
7,525
9.01%

AMERICAS
Argentina
Bahamas
Canada
Cayman Islands
Chile
Top Market
Colombia
Curacao
Dominican Republic
Mexico
Panama
Peru
Trinidad & Tobago
United States
Total number of registrations - AMERICAS
AFRICA
Botswana
Mauritius
South Africa
Total number of registrations - AFRICA
Top Market
TOTAL
Note 1: Only true cross-border funds were taken into account - i.e. funds distributed in at least three countries, including their domicile.
Note 2: “Top Market” refers to the country in each region with the highest absolute number of new registrations in 2015.
Sources: Lipper LIM and PwC analysis, 31 December 2015.
Top 50 cross-border management groups - Americas
BLACKROCK
FIDELITY INTERNATIONAL
GAM
BNP PARIBAS
JPMORGAN ASSET MANAGEMENT
ALLIANZ GROUP
UBS
ABERDEEN ASSET MANAGEMNT
FIRST STATE
DEUTSCHE BANK
PIONEER INVESTMENTS
SCHRODERS
CAPITAL GROUP
INVESCO
AMUNDI GROUP
LEGAL & GENERAL GROUP
MAN GROUP
BNY MELLON
CREDIT SUISSE GROUP
HENDERSON GROUP
PICTET & CIE
PRUDENTIAL
INVESTEC
NN INVESTMENT PARTNERS
PIMCO
PINEBRIDGE
ALLIANCEBERNSTEIN MANAGEMENT
LEGG MASON
LYXOR
AXA
GOLDMAN SACHS
MFS
T-ROWE PRICE
VONTOBEL
BARCLAYS
MORGAN STANLEY
OLD MUTUAL
THREADNEEDLE
BLUEBAY
JANUS GROUP
NORDEA
ROBECO
STATE STREET
VANGUARD GROUP
CANDRIAM
EAST CAPITAL
KBC
MASSACHUSETTS MUT LIFE
TOTAL
Sources: Lipper LIM and PwC analysis, 31 December 2015. 2
5
17
9
5
5
8
4
3
14
2
2
8
7
11
2
3
12
7
8
2
11
10
3
8
•
United States
Trinidad and Tobago
Peru
•
•
• • •
• •
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
• •
•
•
•
•
•
• • •
•
•
•
•
•
• •
• •
•
•
•
•
•
•
•
•
•
•
•
•
•
•
• •
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
• •
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
1
Panama
Mexico
Curacao
Colombia
Chile
Cayman Islands
Canada
US
GG
DE
UK
UK
HK
DE
FR
IE
DE
HK
KY
IE
KY
UK
CH
UK
IE
FR
JE
FR
FR
FR
IE
LU
3
20
23
12
29
13
14
14
18
6
11
23
2
11
25
16
11
17
15
10
15
2
14
9
16
20
13
12
14
4
17
4
10
14
4
12
9
8
13
British Virgin Islands
IE
IE
IE
IE
IE
FR
UK
IE
IE
UK
UK
LU
AT
UK
IE
FR
LU
LU
LU
IE
UK
CH
LU
GG
FR
IE
IE
LU
IE
UK
LU
FI
NL
LU
US
BE
SE
BE
UK
49
40
34
35
30
34
34
33
32
30
25
24
30
29
28
26
26
26
18
25
24
25
25
19
23
24
24
24
23
23
18
21
21
22
22
22
18
21
21
18
20
20
20
20
15
15
19
18
19
19
Bermuda
LU
LU
LU
LU
LU
LU
LU
LU
LU
LU
IE
IE
LU
LU
LU
LU
LU
UK
IE
IE
LU
LU
LU
UK
LU
LU
IE
IE
LU
IE
LU
LU
LU
LU
LU
LU
IE
LU
IE
UK
LU
IE
LU
LU
IE
IE
LU
LU
LU
IE
AMERICAS
Bahamas
Total # of countries of distribution
at group level (including domicile)
51
42
41
36
36
35
35
34
34
32
31
31
31
30
29
29
28
28
28
26
26
26
26
26
25
25
25
25
24
24
24
23
23
23
23
23
22
22
22
22
21
21
21
21
21
21
20
20
20
20
Third domicile and # of
countries of distribution
(cross-border)
HSBC
Second domicile and
# of countries of
distribution
(cross-border)
FRANKLIN TEMPLETON
MAIN FUND DOMICILES AND
NUMBER OF COUNTRIES OF
DISTRIBUTION
First domicile and # of
countries of distribution
(cross-border)
1
2
3
4
4
6
6
8
8
10
11
11
11
14
15
15
17
17
17
20
20
20
20
20
25
25
25
25
29
29
29
32
32
32
32
32
37
37
37
37
41
41
41
41
41
41
47
47
47
47
Management company
Ranking
Explanation Ranking according to the total number of countries of distribution.
1
1
3
6 45 2
•
•
•
•
•
•
•
•
•
1
3
1 35 2
Note: Refer to the map for country codes.
5
Top 50 cross-border management groups - Europe
PIONEER INVESTMENTS
SCHRODERS
CAPITAL GROUP
INVESCO
AMUNDI GROUP
LEGAL & GENERAL GROUP
MAN GROUP
BNY MELLON
CREDIT SUISSE GROUP
HENDERSON GROUP
PICTET & CIE
PRUDENTIAL
INVESTEC
NN INVESTMENT PARTNERS
PIMCO
PINEBRIDGE
ALLIANCEBERNSTEIN MANAGEMENT
LEGG MASON
LYXOR
AXA
GOLDMAN SACHS
MFS
T-ROWE PRICE
VONTOBEL
BARCLAYS
MORGAN STANLEY
OLD MUTUAL
THREADNEEDLE
BLUEBAY
JANUS GROUP
NORDEA
ROBECO
STATE STREET
VANGUARD GROUP
CANDRIAM
EAST CAPITAL
KBC
MASSACHUSETTS MUT LIFE
Sources: Lipper LIM and PwC analysis, 31 December 2015. •
•
•
•
•
•
•
•
•
•
•
• •
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
• •
•
•
• • •
•
• •
•
•
•
•
•
•
•
•
•
•
• •
•
•
•
•
•
•
Lithuania
•
Liechtenstein
• • •
• • •
• • •
• •
•
• •
• •
•
•
• •
•
• • •
•
•
• • •
• • •
•
•
•
• •
•
• •
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
Italy
Hungary
•
•
•
•
Isle of Man
Guernsey
Greece
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
Finland
• • • •
• • •
• •
• •
• • •
•
•
•
•
•
•
•
• •
•
• •
•
• • •
•
• •
•
•
•
• •
• •
•
•
• •
•
•
•
•
• • •
• •
•
•
•
•
•
•
•
•
Estonia
Denmark
Czech Republic
Cyprus
Andorra
Total # of countries of distribution
at group level (including domicile)
TOTAL
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
• • • •
•
•
•
•
•
• • • •
• • • •
•
•
•
• •
•
•
•
•
•
•
• •
•
• •
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
Latvia
DEUTSCHE BANK
• • •
• • •
• •
• •
• • •
• •
• • •
• •
• •
• •
• • •
• •
• •
• •
• •
• •
• •
• • •
• •
• •
• •
• •
• •
• •
• •
• •
• •
• •
• •
• •
• •
• •
• •
• •
• • •
• •
• •
• •
• •
• •
• • •
•
• • •
• •
• •
• •
• •
• • •
• •
• •
Jersey
FIRST STATE
•
•
•
•
•
•
•
•
•
•
Ireland
ABERDEEN ASSET MANAGEMNT
• •
•
•
•
• •
• •
• •
•
• •
•
• •
Iceland
UBS
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
Gibraltar
ALLIANZ GROUP
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
Germany
JPMORGAN ASSET MANAGEMENT
2
5
17
9
5
5
8
4
3
14
2
2
8
7
11
2
3
12
7
8
2
11
10
3
8
France
BNP PARIBAS
US
GG
DE
UK
UK
HK
DE
FR
IE
DE
HK
KY
IE
KY
UK
CH
UK
IE
FR
JE
FR
FR
FR
IE
LU
3
20
23
12
29
13
14
14
18
6
11
23
2
11
25
16
11
17
15
10
15
2
14
9
16
20
13
12
14
4
17
4
10
14
4
12
9
8
13
Bulgaria
GAM
IE
IE
IE
IE
IE
FR
UK
IE
IE
UK
UK
LU
AT
UK
IE
FR
LU
LU
LU
IE
UK
CH
LU
GG
FR
IE
IE
LU
IE
UK
LU
FI
NL
LU
US
BE
SE
BE
UK
49
40
34
35
30
34
34
33
32
30
25
24
30
29
28
26
26
26
18
25
24
25
25
19
23
24
24
24
23
23
18
21
21
22
22
22
18
21
21
18
20
20
20
20
15
15
19
18
19
19
Belgium
FIDELITY INTERNATIONAL
LU
LU
LU
LU
LU
LU
LU
LU
LU
LU
IE
IE
LU
LU
LU
LU
LU
UK
IE
IE
LU
LU
LU
UK
LU
LU
IE
IE
LU
IE
LU
LU
LU
LU
LU
LU
IE
LU
IE
UK
LU
IE
LU
LU
IE
IE
LU
LU
LU
IE
EUROPE
Austria
BLACKROCK
51
42
41
36
36
35
35
34
34
32
31
31
31
30
29
29
28
28
28
26
26
26
26
26
25
25
25
25
24
24
24
23
23
23
23
23
22
22
22
22
21
21
21
21
21
21
20
20
20
20
Third domicile and # of
countries of distribution
(cross-border)
HSBC
Second domicile and
# of countries of
distribution
(cross-border)
FRANKLIN TEMPLETON
MAIN FUND DOMICILES AND
NUMBER OF COUNTRIES OF
DISTRIBUTION
First domicile and # of
countries of distribution
(cross-border)
1
2
3
4
4
6
6
8
8
10
11
11
11
14
15
15
17
17
17
20
20
20
20
20
25
25
25
25
29
29
29
32
32
32
32
32
37
37
37
37
41
41
41
41
41
41
47
47
47
47
Management company
Ranking
Explanation Ranking according to the total number of countries of distribution.
•
•
• • •
•
•
•
•
•
• •
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
1 48 47 7 12 16 43 10 49 50 50 8 25 13 17 12 45 8 47 12 7 14 8
Note: Refer to the map for country codes.
Top 50 cross-border management groups - Europe
ABERDEEN ASSET MANAGEMNT
FIRST STATE
DEUTSCHE BANK
PIONEER INVESTMENTS
SCHRODERS
CAPITAL GROUP
INVESCO
AMUNDI GROUP
LEGAL & GENERAL GROUP
MAN GROUP
BNY MELLON
CREDIT SUISSE GROUP
HENDERSON GROUP
PICTET & CIE
PRUDENTIAL
INVESTEC
NN INVESTMENT PARTNERS
PIMCO
PINEBRIDGE
ALLIANCEBERNSTEIN MANAGEMENT
LEGG MASON
LYXOR
AXA
GOLDMAN SACHS
MFS
T-ROWE PRICE
VONTOBEL
BARCLAYS
MORGAN STANLEY
OLD MUTUAL
THREADNEEDLE
BLUEBAY
JANUS GROUP
NORDEA
ROBECO
STATE STREET
VANGUARD GROUP
CANDRIAM
EAST CAPITAL
KBC
MASSACHUSETTS MUT LIFE
Sources: Lipper LIM and PwC analysis, 31 December 2015. •
•
•
•
•
•
•
•
•
•
•
• •
•
•
•
•
•
•
•
•
•
•
•
•
•
• • •
• •
•
•
•
•
•
• •
Sweden
• • • •
•
•
•
•
•
•
• • •
•
•
•
•
•
•
• • •
•
• • • •
•
•
•
• •
• • • •
•
•
•
•
•
•
•
• •
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
Spain
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
Slovenia
•
•
•
•
Slovakia
Netherlands
Monaco
Malta
Total # of countries of distribution
at group level (including domicile)
TOTAL
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
United Kingdom
UBS
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
• • •
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
• • •
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
Switzerland
ALLIANZ GROUP
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
2
5
17
9
5
5
8
4
3
14
2
2
8
7
11
2
3
12
7
8
2
11
10
3
8
Romania
JPMORGAN ASSET MANAGEMENT
US
GG
DE
UK
UK
HK
DE
FR
IE
DE
HK
KY
IE
KY
UK
CH
UK
IE
FR
JE
FR
FR
FR
IE
LU
3
20
23
12
29
13
14
14
18
6
11
23
2
11
25
16
11
17
15
10
15
2
14
9
16
20
13
12
14
4
17
4
10
14
4
12
9
8
13
Portugal
BNP PARIBAS
IE
IE
IE
IE
IE
FR
UK
IE
IE
UK
UK
LU
AT
UK
IE
FR
LU
LU
LU
IE
UK
CH
LU
GG
FR
IE
IE
LU
IE
UK
LU
FI
NL
LU
US
BE
SE
BE
UK
49
40
34
35
30
34
34
33
32
30
25
24
30
29
28
26
26
26
18
25
24
25
25
19
23
24
24
24
23
23
18
21
21
22
22
22
18
21
21
18
20
20
20
20
15
15
19
18
19
19
Poland
GAM
LU
LU
LU
LU
LU
LU
LU
LU
LU
LU
IE
IE
LU
LU
LU
LU
LU
UK
IE
IE
LU
LU
LU
UK
LU
LU
IE
IE
LU
IE
LU
LU
LU
LU
LU
LU
IE
LU
IE
UK
LU
IE
LU
LU
IE
IE
LU
LU
LU
IE
Norway
FIDELITY INTERNATIONAL
Luxembourg
BLACKROCK
51
42
41
36
36
35
35
34
34
32
31
31
31
30
29
29
28
28
28
26
26
26
26
26
25
25
25
25
24
24
24
23
23
23
23
23
22
22
22
22
21
21
21
21
21
21
20
20
20
20
Third domicile and # of
countries of distribution
(cross-border)
HSBC
EUROPE - continued
Second domicile and
# of countries of
distribution
(cross-border)
FRANKLIN TEMPLETON
MAIN FUND DOMICILES AND
NUMBER OF COUNTRIES OF
DISTRIBUTION
First domicile and # of
countries of distribution
(cross-border)
1
2
3
4
4
6
6
8
8
10
11
11
11
14
15
15
17
17
17
20
20
20
20
20
25
25
25
25
29
29
29
32
32
32
32
32
37
37
37
37
41
41
41
41
41
41
47
47
47
47
Management company
Ranking
Explanation Ranking according to the total number of countries of distribution.
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
50 13 2 49 47 15 40 5 13 6 49 49 50 50
Note: Refer to the map for country codes.
Top 50 cross-border management groups - Others
BNP PARIBAS
JPMORGAN ASSET MANAGEMENT
ALLIANZ GROUP
UBS
ABERDEEN ASSET MANAGEMNT
FIRST STATE
DEUTSCHE BANK
PIONEER INVESTMENTS
SCHRODERS
CAPITAL GROUP
INVESCO
AMUNDI GROUP
LEGAL & GENERAL GROUP
MAN GROUP
BNY MELLON
CREDIT SUISSE GROUP
HENDERSON GROUP
PICTET & CIE
PRUDENTIAL
INVESTEC
NN INVESTMENT PARTNERS
PIMCO
PINEBRIDGE
ALLIANCEBERNSTEIN MANAGEMENT
LEGG MASON
LYXOR
AXA
GOLDMAN SACHS
MFS
T-ROWE PRICE
VONTOBEL
BARCLAYS
MORGAN STANLEY
OLD MUTUAL
THREADNEEDLE
BLUEBAY
JANUS GROUP
NORDEA
ROBECO
STATE STREET
VANGUARD GROUP
CANDRIAM
EAST CAPITAL
KBC
MASSACHUSETTS MUT LIFE
TOTAL
Sources: Lipper LIM and PwC analysis, 31 December 2015. 2
5
17
9
5
5
8
4
3
14
2
2
8
7
11
2
3
12
7
8
2
11
10
3
8
•
• •
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
• •
•
•
•
•
•
•
•
• •
• •
•
•
•
• •
•
• •
• • •
•
• •
•
•
• • •
•
•
•
•
•
•
•
•
•
•
•
•
•
• •
•
•
•
•
5
2
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
South Africa
Mauritius
Egypt
Turkey
Botswana
Saudi Arabia
Qatar
Oman
United Arab Emirates
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
1 37 18 25 26 48 37 1
AFRICA
•
•
•
•
• • • •
Lebanon
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
Jordan
•
Bahrain
•
• • • • •
•
• • • • • • •
•
•
•
•
• •
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
Vietnam
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
Korea
• •
• • •
• • •
• •
• • •
• • •
• • •
• • •
• • •
•
•
• • •
•
• •
• •
•
•
•
Japan
Hong Kong
Cook Islands
Brunei Darussalam
Australia
Total # of countries of distribution
at group level (including domicile)
US
GG
DE
UK
UK
HK
DE
FR
IE
DE
HK
KY
IE
KY
UK
CH
UK
IE
FR
JE
FR
FR
FR
IE
LU
3
20
23
12
29
13
14
14
18
6
11
23
2
11
25
16
11
17
15
10
15
2
14
9
16
20
13
12
14
4
17
4
10
14
4
12
9
8
13
Taiwan
GAM
IE
IE
IE
IE
IE
FR
UK
IE
IE
UK
UK
LU
AT
UK
IE
FR
LU
LU
LU
IE
UK
CH
LU
GG
FR
IE
IE
LU
IE
UK
LU
FI
NL
LU
US
BE
SE
BE
UK
49
40
34
35
30
34
34
33
32
30
25
24
30
29
28
26
26
26
18
25
24
25
25
19
23
24
24
24
23
23
18
21
21
22
22
22
18
21
21
18
20
20
20
20
15
15
19
18
19
19
MIDDLE EAST
Singapore
FIDELITY INTERNATIONAL
LU
LU
LU
LU
LU
LU
LU
LU
LU
LU
IE
IE
LU
LU
LU
LU
LU
UK
IE
IE
LU
LU
LU
UK
LU
LU
IE
IE
LU
IE
LU
LU
LU
LU
LU
LU
IE
LU
IE
UK
LU
IE
LU
LU
IE
IE
LU
LU
LU
IE
ASIA PACIFIC
Macau
BLACKROCK
51
42
41
36
36
35
35
34
34
32
31
31
31
30
29
29
28
28
28
26
26
26
26
26
25
25
25
25
24
24
24
23
23
23
23
23
22
22
22
22
21
21
21
21
21
21
20
20
20
20
Third domicile and # of
countries of distribution
(cross-border)
HSBC
Second domicile and
# of countries of
distribution
(cross-border)
FRANKLIN TEMPLETON
MAIN FUND DOMICILES AND
NUMBER OF COUNTRIES OF
DISTRIBUTION
First domicile and # of
countries of distribution
(cross-border)
1
2
3
4
4
6
6
8
8
10
11
11
11
14
15
15
17
17
17
20
20
20
20
20
25
25
25
25
29
29
29
32
32
32
32
32
37
37
37
37
41
41
41
41
41
41
47
47
47
47
Management company
Ranking
Explanation Ranking according to the total number of countries of distribution.
•
•
24 2
Note: Refer to the map for country codes.
3
3
6
1
2 10
1
1
1
5
Origin of Luxembourg fund initiators
Origin of Luxembourg Fund Initiators
% of net assets under management per country
25
20
15
20.8
16.6
14.7
13.9
10
9.1
7.9
6.4
5
4.3
2.3
0
US GB DE CH IT
2.1
1.8
FR BE LU NL SEOthers
Source: CSSF, Figures as of 31 March 2016
Companies from all over the world use Luxembourg as their gateway to Europe and the rest of the world. The two countries with the largest
market share of assets under management in Luxembourg are the USA and United Kingdom.
10 REASONS WHY THE FUND INDUSTRY CHOOSES LUXEMBOURG
Luxembourg’s legal and regulatory
framework for investment funds is
state-of-the-art, and recognised as
such by the global asset management
community.
It leads the way in
investor protection and
has a highly experienced
and responsive regulator.
Luxembourg is the largest European
fund domicile and the second largest
fund centre in the world after the US,
with about EUR 3,488 billion in assets
under management.
It is a founding member of the
European Union and is situated
at the heart of Europe, with more
than 500 million European
consumers on its doorstep.
Luxembourg is endowed with an
international and multilingual workforce.
English is the language of the financial
sector, and French, German and other
European languages are also spoken.
Its laws provide for so-called umbrella
funds, which have several compartments
under a single legal structure, and each
compartment can invest in a different
asset class.
It has a stable political and social
environment and a AAA economy.
It has a unique concentration
of investment fund experts
specialised in all aspects of
product development,
administration and distribution.
It has established a competitive
framework for UCITS
(Undertakings for Collective
Investment in Transferable
Securities), funds “passported”
within the EU, as well as for
non-UCITS or alternative
investment funds.
Its fund lawyers, audit firms
and tax advisors are highly
experienced in cross-border
registrations of both UCITS and
non-UCITS funds, facilitating fund
distribution around the globe.
About ALFI
The Association of the Luxembourg Fund
Industry (ALFI), nvestment fund community,
was founded in 1988. Today it represents more
than 1 500 Luxembourg-domiciled investment
funds, asset management companies and a wide
variety of service providers including depositary
banks, fund administrators, transfer agents,
distributors, law firms, consultants, tax advisers,
auditors and accountants, specialist IT providers
and communications agencies.
Luxembourg is the largest fund domicile
in Europe and its investment fund industry
is a worldwide leader in cross-border fund
distribution. Luxembourg-domiciled
investment structures are distributed in
more than 70 countries around the globe,
with a particular focus on Europe, Asia,
Latin America and the Middle East.
ALFI defines its mission as to
ALFI defines its mission as to “Lead industry
efforts to make Luxembourg the most
attractive international centre”.
Its main objectives are to:
nHelp members capitalise on industry trends
ALFI’s many technical committees and working
groups constantly review and analyse
developments worldwide, as well as legal and
regulatory changes in Luxembourg, the EU and
beyond, to identify threats and opportunities
for the Luxembourg fund industry.
nShape regulation
n up-to-date, innovative legal and fiscal
environment is critical to defend and improve
Luxembourg’s competitive position as a centre
for the domiciliation, administration and
distribution of investment funds. Strong
relationships with regulatory authorities,
the government and the legislative body enable
ALFI to make an effective contribution to
decisionmaking through relevant input for
changes to the regulatory framework,
implementation of European directives and
regulation of new products or services.
nFoster dedication to professional standards,
integrity and quality
Investor trust is essential for success in collective
investment services and ALFI thus does all it can
to promote high professional standards, quality
products and services, and integrity. Action in
this area includes organising training at all levels,
defining codes of conduct, transparency and
good corporate governance, and supporting
initiatives to combat money laundering.
nPromote the Luxembourg investment
fund industry
ALFI actively promotes the Luxembourg
investment fund industry, its products and its
services. It represents the sector in financial and in
economic missions organised by the Luxembourg
government around the world and takes an active
part in meetings of the global fund industry.
ALFI is an active member of the European Fund
and Asset Management Association, of the
European Federation for Retirement and of the
International Investment Funds Association.
To keep up to date with all the news from
the association and the fund industry in
Luxembourg, join us on LinkedIn
(The Luxembourg Fund Industry Group by
ALFI), Twitter (@ALFIfunds), Youtube, Vimeo
or visit our website at www.alfi.lu.
September 2016
© 2016 ALFI. All rights reserved.
ALFI thanks PwC Luxembourg, which produced the content of this document in association with
Lipper and Thomson Reuters, for its authorisation to reprint. PwC Luxembourg is a member of ALFI.
For further information, please contact us or visit our website www.alfi.lu
alfi | association of the
luxembourg fund industry
12, rue Erasme
L- 1468 Luxembourg
Tel: +352 22 30 26 - 1
Fax: +352 22 30 93
[email protected]
www.alfi.lu