CACEIS NEWS 38 EN

8 caceis news - No. 38 - June 2014

Country Focus - Luxembourg

Worldwide

Europe

Source: EFAMA - May 2014

Source: EFAMA - April 2014

Germany focus in the next CACEIS news

Net assets under management (AUM) in Luxembourg funds (€ trillion) - Q3 2014

Worldwide Investment Fund Assets Q4 2013 (€ trillion)

Net asset of the European Fund industry Q1 2014

€2.7tr +7.13% /Q3 2013

+1.8% /Q4 2013

€10.1tr +3.8% /Q4 2013

€23.7tr

€2.7tr net assets under management in Luxembourg investment funds at the close of Q1 2014. This represents an increase of 3.59% since the 1 st January 2014 and a growth rate over the last 12 months of 7.13%. Net assets managed by investment funds under Luxembourg law reached €2.6tr at the end of December 2013, an increase of 9.75% compared to €2,3tr at the end of 2012 . With €193 bn in 2013, net sales of Luxembourg investment funds accounted for nearly half of all sales for the European fund industry.

2,529 2,565 2,584

2,487 2,523 2,499 2,539 2,590 2,608 2,615 2,624 2,680 2,709

Investment fund assets worldwide stood at a new all- time high of €23.7

The combined assets of the investment fund market in Europe, i.e. the market for UCITS and non-UCITS, increased by 3.8% during the first quarter of 2014 to break through the €10 trillion mark for the first time.

trillion at end 2013, reflecting growth of 1.8% during the fourth quarter and 7.3% since end 2012. 2012 2013

Top Ten

Trends by investment type

Q4 2013 (€ trillion)

03/13 04/13 05/13 06/13 07/13 08/13 09/13 10/13 11/13 12/13 01/14 02/14 03/14

France €1.5tr

Luxembourg €2.7tr

Source: CSSF as at 31/03/14

On a Euro–denominated basis, equity fund assets worldwide increased 5% during the fourth quarter to €9.6 trillion, whilst net assets of balanced/mixed funds increased by 2.9% to stand at €2.7 trillion. Over the same period, net assets of bond funds fell 1.9% to stand at €5.2 trillion and net assets of money market funds reduced 0.7% during the quarter to stand at €3.5 trillion.

Market shares of fund promoters by country of origin - Q1 2014

22.6%

US Market share:

Ireland €1.4tr

Germany €1.4tr

612

At the close of March 2014, in terms of net assets US promoters held on the first place which they have occupied since September 2009 with a market share of 22.6%. US, Germany and Switzerland still account for more than 50% of the overall market as in 2013.

€9.6tr €5.2tr €3.5tr €2.7tr

+5.0%

Equity

420 407

378

Switzerland €367bn

UK €1.1tr

-1.9%

Bonds

221 203

Money Market

-0.7%

159

130

64 58 57

+2.9%

Balanced

US GB DE CH IT FR BE LU NL SE Others

Italy €217bn

Denmark €225bn

Source: CSSF as at 31/03/14

10

8

6

Domicile market share for cross-border fund distribution - Q4 2013

4

Spain €199bn

Sweden €214bn

67%

2

Luxembourg Market share:

0

Q4

Q1

Q2

Q3

Q4

2012

2013

Net sales of Investment Funds Q4 2013 (€ billion) €229bn +26% /Q3 2013 In the fourth quarter of 2013 investment funds worldwide registered net inflows amounting to €229bn, up from €182bn in the third quarter. Overall in 2013 worldwide investment funds

Net sales of UCITS

Ireland 19%

France 4%

Luxembourg 67%

Q1 2014 (€ billion)

+190% /Q4 2013

With 67% of the worldwide cross border registrations, Luxembourg remains the leading cross-border fund domicile in 2013. With 19% Ireland registered an increase compared to18% in 2012.

€148bn

UK 2%

Other 5%

Jersey 3%

UCITS registered the largest quarterly net sales since 2006 during the first quarter of 2014. Net sales totalled €148 billion, up from €51 billion in the previous quarter. (+190%) 95 78 132 148

attracted net sales of €839bn, up from €828bn in 2012.

369

320

Source: PwC as at 31/12/13

229

193

182

167

109

51

99

34

20 2012 8

12

2013 2014

2012

2013

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