global fund distribution 2019 - alfi - homepage · 2020-02-13 · bond global etscommodityequity...

GLOBAL FUND DISTRIBUTION 2019

97

4241

191United Arab Emirates

South AfricaMexico

Singapore

Total number of new registrations

Total number of new registrationsTotal number of new registrations


61%Luxembourg

Cross-border distribution1,293United Kingdom


Target markets for distribution


Target markets for distributionTarget markets for distribution


Domicile share of authorisations for cross-broder distribution

Number of cross-border funds 13,669

Compound annual growth rate over 10 years 6.4%

Number of cross-border registrations 113,495


Distribution snapshots

Hot spots for distribution

Explanation - The heat map indicates the total number of registrations at the end of 2018 (see table “Target Markets”) while the percentage shows the number of Top 100 cross-border management groups distributing in each market.

Total number of cross-border registrations as at 31 December 2018:

Over 3,000

Between 1,000 and 2,999

Between 500 and 999

Between 100 and 499

Less than 100

Percentage of Top 100 management groups distributing cross-border funds in each market

x%

HK 40%

SG 89%

MO 23%

VN 1%

KR 39%

JP 22%

BH 23%

SA 3%OM 3%

QA 3%

KW 1%

AE 33%

JO 1%

LB 4%

IL 6%TW 41%

BN 5%

CN 1%

AU 15%

NZ 4%

TT 2%

CW 1%

MX 7%

BR 1%

US 7%

PA 1 %

CO 3%

KY 6%

VG 1%

CL 62%

PE 38%

CA 7%

GL 1%

JE 26%

GG 24%

CH 96%

LI 36%

DE 100%

AT 95%

FR 100%

MC 4%SM 1%

NL 98%

UK 99%

ES 97%

GI 12%

IT 97%

SE 96%

DK 82%

FI 93%NO 91%

BE 89%

LU 96%

PT 69%

CZ 21%

SK 18%

GR 31%

IE 86%

PL 17%

EE 12%

LV 9%

LT 9%

IS 30%

HU 21%

MT 14%

IM 11%

BG 11%

RO 9%

TR 3%

SI 6%

CY 13%

EG 2%

TN 1%

HR 6%

MU 1%BW 1%

SA 17%

SZ 1%

Evolution of UCITS net sales and AuM

Sources: EFAMA and PwC analysis, 31 December 2018

Sources: EFAMA and PwC analysis, 31 December 2018

Europe

Luxembourg

Ireland

UCITS funds net sales

EUR bn

0

200

400

300

100

500

600

-100

2011 2012 2013 2014 2015 2016 2017 YTD 2018 Q3

-90

197229

464

573

275

738

189

-24

97

153

228264

73

281

764962

9156

112 96 117

242

700

800

France

Luxembourg

United Kingdom

Ireland

UCITS assets - Top European domiciles

20112010 2012 2013 2014 2015 2016 2017 YTD 2018 Q3

0

500

1,000

1,500

2,000

2,500

3,500

4,000

3,000

759

664629

768848

995

1,119 1,0971,225 1,236

1,210

1,8811,760

2,0022,198

2,578

2,9473,116

3,4863,574 +1,693

+1,142

+597

-354

1,0681,116 1,121

666 763 796874 856

820 968 1,044

1,274

1,4471,579

1,8311,908

EUR bn Aum Growth2010 - Q3 2018

Evolution of cross-border distribution

Average registrations per true cross-border fund

5.8 7 7.3 7.6 7.7 7.9 7.9 7.7 7.7 7.8 8 8.1 8.2 8.2 8.3

Sources: Refinitiv and PwC analysis, 31 December 2018

Num

ber

of

cross

-bord

er

fund

s

Num

ber

of

cross

-bord

er

reg

istr

ati

ons

0

20,000

40,000

60,000

80,000

100,000

120,000

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 20182004 2005 2006

8,000

10,000

12,000

6,000

4,000

2,000

0

14,000

16,000

Number of cross-border funds and registrations

7,9077,441

8,511

9,436

7,3666,525

5,907

9,869

10,430

11,222

11,732

12,607

13,669

5,1704,875

Number of cross-border funds 13,669


Number of cross-border

registrations 113,495

Compound annual growth rate

over 10 years 7.2%

Registrations in:

United Kingdom 3,272

Germany 2,977

France 2,746

Switzerland 2,504

Netherlands 2,199

Registrations in:

Germany 5,894

Switzerland 5,222

France 5,076

Austria 4,886

United Kingdom 4,259

Top 5 destinations of leading fund domiciles:

Luxembourg Ireland

Domicile share of authorisations for cross-border distribution

61%

28%

3% 3% 1% 4%

Luxembourg

Funds Domicile

Ireland

United Kingdom

France

Jersey

OtherNumber of true cross-border funds

Distribution footprint*

* Of true cross-border funds.


Origin of top 51 ManCo


United States

United Kingdom

Switzerland

France

South Africa

Germany

Netherlands

Other

29% (5 to 9 markets)



7% (20+ markets)


22

10

5

4

12

2

5

Benchmarking cross-border distribution

Asset classes



Breakdown of the number of registrations by investment strategy (top 15 strategies)

3,000

0

Number of registrations

Equity Europe

Equity G

lobal

Bond Europe

Equity Specifi

c Secto

r

Equity U

S

Equity Emerging M

arkets

Equity Asia

Pacific

Bond Global

Mixed Asse

t Europe

Bond Emerging Mark

ets

Bond US

Alternati

ve

Equity Jap

an

Absolute Return

Mixed Asse

t US

14,000

12,000

9,000

6,000

2018

2017

Change in number of cross-border funds vs. number of funds last year (top 15 strategies)

Number of funds in 2018

0

50

100

150

200

Equity G

lobal

Bond Europe

Bond Global

Alternati

ve

Equity Europe

Bond US

Bond Emerging Mark

ets

Equity C

hina

Equity U

S

Mixed Asse

t US

Equity Emerging M

arkets

Equity Jap

an

Commodity

Equity Specifi

c Secto

r

Equity Asia

Pacific

1,442 1,738 607 880 1,138 652 766 839 423 221 333 255 600 669 183

Change in number of funds from 2017 to 2018

Target markets for distributionKey fund domiciles and their distribution markets

Distribution Markets

Fund Domiciles

Tota

l num

ber

of

regi

stra

tion

s as

at

Dec

embe

r 20

18

Num

ber

of n

ew

regi

stra

tion

s du

ring

20

18

% g

row

th

201

7-20

18

Tren

d ov

er

5 ye

ars

Luxe

mbo

urg

Irel

and

Fran

ce

Jers

ey

UK

Ger

man

y

Oth

er

EUROPE

Andorra 11 - - - - - - 11 - 0.00% =Austria 4,886 2,027 299 5 107 176 204 7,704 597 8.40% Belgium 2,592 628 146 88 64 22 37 3,577 280 8.49% Bulgaria 147 13 - - 1 - 11 172 12 7.50% Croatia 48 - - - - - - 48 30 166.67% Cyprus 301 5 - - 2 - 2 310 -21 -6.34% Czech Republic 692 47 6 - 1 - 113 859 132 18.16% Denmark 1,893 1,229 66 241 66 21 15 3,531 389 12.38% Estonia 357 3 - - 1 - 13 374 -12 -3.11% Faroe Islands 3 - - - - - - 3 - 0.00% Finland 3,058 1,692 125 237 58 21 91 5,282 717 15.71% France 5,076 2,746 - 410 169 78 200 8,679 782 9.90% Germany 5,894 2,977 622 431 161 - 433 10,518 714 7.28% Gibraltar 323 38 - 3 - - 12 376 -4 -1.05% Greece 1,008 57 7 - 4 - 2 1,078 11 1.03% Greenland 8 - - - - - - 8 - 0.00% Guernsey 239 128 - 8 78 - 1 454 -72 -13.69% Hungary 621 23 1 - 1 - 24 670 110 19.64% Iceland 595 87 - - - 5 4 691 132 23.61% Ireland 1,816 - 21 215 140 3 41 2,236 179 8.70% Isle of Man 43 38 - 6 5 - - 92 3 3.37% Italy 4,032 1,959 448 321 74 55 87 6,976 778 12.55% Jersey 609 137 - - 81 - 9 836 -21 -2.45% Latvia 303 1 - - 1 - 29 334 -11 -3.19% Liechtenstein 1,007 298 - - - 8 52 1,365 137 11.16% Lithuania 280 3 - - 1 - 10 294 - 0.00% Luxembourg - 1,949 200 16 79 44 191 2,479 270 12.22% Malta 239 17 - 2 3 - 1 262 - 0.00% Monaco 4 1 - - - - 1 6 1 20.00% Netherlands 3,546 2,199 326 150 94 66 69 6,450 407 6.74% Norway 2,423 1,292 64 107 50 21 103 4,060 400 10.93% Poland 505 23 - - 1 - 22 551 10 1.85% Portugal 1,575 576 17 146 41 4 1 2,360 439 22.85% Romania 57 1 - - 1 - 7 66 28 73.68% Russian Federation - 3 - - - - - 3 - 0.00% San Marino 1 - - - - - - 1 - 0.00% Slovakia 450 33 2 - 2 1 94 582 29 5.24% Slovenia 37 1 - - 2 - 20 60 5 9.09% Spain 4,088 1,935 317 188 91 47 73 6,739 692 11.44% Sweden 3,384 1,991 131 188 88 22 108 5,912 606 11.42% Switzerland 5,222 2,504 410 9 128 138 207 8,618 795 10.16%

Top Market United Kingdom 4,259 3,272 438 344 - 32 205 8,550 1,293 17.82%

Total number of registrations - EUROPE 61,632 29,933 3,646 3,115 1,595 764 2,492 103,177 9,837 10.54%

ASIA PACIFIC

Australia 7 38 1 1 1 - 24 72 23 46.94% Brunei Darussalam 84 - - - - - - 84 2 2.44% China - - - - - - 4 4 1 33.33% Hong Kong 913 166 - - 23 1 19 1,122 -22 -1.92% Japan 67 12 - 21 - 4 10 114 5 4.59% Korea 443 54 - - 3 - 1 501 -13 -2.53% Macau 608 112 - - 6 - 55 781 - 0.00% New Zealand 2 1 - - 1 - 9 13 5 62.50%

Top Market Singapore 2,298 744 24 10 71 3 218 3,368 191 6.01%

Taiwan 643 119 3 - 9 8 17 799 -25 -3.03% Vietnam 2 - - - - - - 2 -1 -33.33%

Total number of registrations - ASIA PACIFIC 5,067 1,246 28 32 114 16 357 6,860 166 2.48%

Target markets for distributionKey fund domiciles and their distribution markets

Distribution Markets

Fund Domiciles

Tota

l num

ber

of

regi

stra

tion

s as

at

Dec

embe

r 20

18

Num

ber

of n

ew

regi

stra

tion

s du

ring

20

18

% g

row

th

201

7-20

18

Tren

d ov

er

5 ye

ars

Luxe

mbo

urg

Irel

and

Fran

ce

Jers

ey

UK

Ger

man

y

Oth

er

MIDDLE EAST

Bahrain 282 46 - 2 2 - 34 366 -57 -13% Georgia 6 - - - - - - 6 6 100% Israel 3 3 - - - - 2 8 5 167% Jordan - 1 - - - - - 1 - 0% Kuwait 2 - - - - - 1 3 -1 -25% Lebanon 21 2 - - - - 1 24 -4 -14% Oman 116 - - - - - 1 117 -1 -1% Qatar 119 - - - - - 2 121 -1 -1% Saudi Arabia 1 - - - - - 3 4 -1 -20% Turkey 12 - - - - - 1 13 2 18%

Top Market United Arab Emirates 142 31 2 7 2 - 5 189 97 105%

Total number of registrations - MIDDLE EAST 704 83 2 9 4 - 50 852 45 6%

AMERICAS

Brazil 3 - 2 - - - - 5 4 400% British Virgin Islands - 1 - - - - - 1 - 0% =Canada 1 8 - - 11 - 12 32 5 19% Cayman Islands 3 - - - - - 6 9 4 80% Chile 882 218 84 - 43 22 288 1,537 22 1% Colombia 10 2 - - - - - 12 8 200% Curacao 2 1 - - - - - 3 -108 -97% Dominican Republic - 1 - - - - - 1 - 0%

Top Market Mexico 19 17 3 - 1 1 - 41 29 242%

Panama - 1 - - - - - 1 -1 -50% Peru 258 92 6 - 13 11 272 652 -50 -7% Trinidad & Tobago - - - 1 - - - 1 - 0% United States 2 4 - 2 1 - 2 11 4 57%

Total number of registrations - AMERICAS 1,180 345 95 3 69 34 580 2,306 -83 -3%

AFRICA

Botswana 22 - - - - - - 22 - 0%

Egypt - - - - - - 1 1 1 100% =Mauritius 35 - - - - - 1 36 -9 -25%

Top Market South Africa 132 81 - 13 4 - 8 238 6 3%

Swaziland 1 - - - - - - 1 - 0% =Tunisia - - - - - - 1 1 1 100%

Zambia - - - - - - 1 1 - 0%

Total number of registrations - AFRICA 190 81 - 13 4 - 12 300 -1 0%

TOTAL 68,773 31,688 3,771 3,172 1,786 814 3,491 113,495 9,964 9%

Sources: Refinitiv and PwC analysis, 31 December 2018 Note: Refer to the map for country codes

Top 51 cross-border management groups - AmericasR

ankin

g

Manag

em

ent

com

pany

Tota

l # o

f co

untr

ies

of d

istr

ibut

ion

at g

roup

lev

el (

incl

udin

g d

omic

ile) MAIN FUND DOMICILES AND

NUMBER OF COUNTRIES OF DISTRIBUTION

AMERICAS

Firs

t do

mic

ile a

nd #

of

coun

trie

s of

dis

trib

utio

n (c

ross

-bor

der)

Sec

ond

dom

icile

and

#

of

coun

trie

s of

di

stri

butio

n(c

ross

-bor

der)

Third

dom

icile

and

# o

f co

untr

ies

of d

istr

ibut

ion

(cro

ss-b

orde

r)

Bah

amas

Ber

mud

a

Bra

zil

Bri

tish

Virg

in Is

land

s

Can

ada

Cay

man

Isla

nds

Chi

le

Col

ombi

a

Cur

acao

Mex

ico

Pan

ama

Peru

Trin

idad

and

Tob

ago

Uni

ted

Sta

tes

1 FRANKLIN TEMPLETON 57 LU 55 US 5 IE 5 • • • • • • •2 FIDELITY INTERNATIONAL 50 LU 47 IE 21 UK 13 • • • • • •3 HSBC 42 LU 39 IE 19 HK 5 • •4 BLACKROCK 40 LU 35 IE 27 DE 19 • • •5 AMUNDI GROUP 39 LU 36 FR 17 IE 6 • • •6 SCHRODERS 38 LU 36 HK 2 GG 2 • •7 ABERDEEN STANDARD INV 36 LU 35 UK 13 IE 12 • •7 BNP PARIBAS 36 LU 34 FR 20 SE 7 • • •9 ALLIANZ GLOBAL INVESTORS 35 LU 33 IE 14 FR 11 • •9 JPMORGAN CHASE & CO 35 LU 34 IE 15 HK 4 • • •

11 COMMONWEALTH BANK OF AUS 34 IE 31 UK 15 - - • •11 UBS 34 LU 33 IE 20 FR 4 • • • •13 ALLIANCEBERNSTEIN 33 LU 32 - - - - • •13 GAM 33 IE 27 LU 26 UK 4 • • •13 INVESCO 33 LU 31 IE 20 - - • •16 CREDIT SUISSE GROUP 32 LU 31 LI 9 - - • •17 CAPITAL GROUP 30 LU 29 - - - - • • •17 LEGAL & GENERAL 30 UK 26 IE 14 LU 4

17 PICTET ASSET MANAGEMENT (EUROPE) S.A. 30 LU 29 CH 3 - - • •

20 JANUS HENDERSON 29 LU 28 IE 22 UK 13 • •20 T. ROWE PRICE 29 LU 28 - - - -

22 LEGG MASON 28 IE 27 - - - - • • •23 GOLDMAN SACHS 27 LU 26 IE 15 - - • •23 MASSACHUSETTS MUT LIFE 27 IE 26 UK 17 LU 10 • •23 NN INVESTMENT PARTNERS 27 LU 26 - - - - • •26 AXA INVESTMENT MANAGERS 26 LU 23 IE 20 FR 8 • •26 PIMCO 26 IE 25 - - - - •26 PINEBRIDGE INVESTMENTS 26 IE 25 - - - - • •26 VANGUARD 26 IE 19 US 5 - - • • •30 BNY MELLON 25 IE 24 UK 10 - - • •30 DWS 25 LU 21 IE 20 JE 14 • • • •30 INVESTEC ASSET MANAGEMENT 25 LU 23 GG 3 - - •30 JUPITER 25 LU 24 UK 1 - -

30 MORGAN STANLEY 25 LU 22 IE 18 FR 4 • •30 ROBECO 25 LU 23 NL 10 AU - • •36 MERIAN GLOBAL* 24 IE 23 UK 3 - - • •36 M&G INVESTMENTS 24 LU 19 IE 10 UK 8 •36 RUSSELL INVESTMENTS 24 IE 23 - - - - •39 BLUEBAY ASSET MANAGEMENT 23 LU 19 IE 16 - -

39 MFS INVESTMENT MANAGEMENT 23 LU 22 - - - - • •39 NEUBERGER BERMAN 23 IE 22 - - - - •39 NOMURA 23 IE 22 DE 2 - - • • •39 NORDEA 23 LU 22 FI 3 - - •39 VONTOBEL 23 LU 22 - - - - • • • •45 COLUMBIA THREADNEEDLE 22 UK 20 LU 18 - - • •45 LYXOR 22 LU 19 FR 17 IE 12 • •45 STATE STREET GLOBAL ADVISORS 22 IE 16 LU 14 US 4 •45 UNION BANCAIRE PRIVEE 22 LU 21 IE 11 FR 10 •49 EURIZON CAPITAL 21 LU 20 - - - - • •49 PRINCIPAL GLOBAL INVESTORS 21 IE 20 - - - - •49 WELLINGTON MANAGEMENT 21 LU 20 IE 19 KY 3 • •

TOTAL 1 1 1 1 5 4 45 2 1 6 1 34 1 6

* previously known as OLD MUTUAL GLOBAL INVESTORS

Explanation - Ranking according to the total number of countries of distribution.

Top 51 cross-border management groups - Europe


Rankin

g

Manag

em

ent

com

pany

Tota

l # o

f co

untr

ies

of d

istr

ibut

ion

at g

roup

lev

el (

incl

udin

g d

omic



EUROPE

Firs

t do

mic

ile a

nd #

of

coun

trie

s of

dis

trib

utio

n (c

ross

-bor

der)

Sec

ond

dom

icile

and

#

of

coun

trie

s of

di

stri

butio

n(c

ross

-bor

der)

Third

dom

icile

and

# o

f co

untr

ies

of d

istr

ibut

ion

(cro

ss-b

orde

r)

Aus

tria

Bel

gium

Bul

gari

a

Cro

atia

Cyp

rus

Cze

ch R

epub

lic

Den

mar

k

Est

onia

Finl

and

Fran

ce

Ger

man

y

Gib

ralta

r

Gre

ece

Gre

enla

nd

Gue

rnse

y

Hun

gary

Icel

and

Irel

and

Isle

of

Man

Ital

y

Jers

ey

Latv

ia

Liec

hten

stei

n

Lith

uani

a

1 FRANKLIN TEMPLETON 57 LU 55 US 5 IE 5 • • • • • • • • • • • • • • • • • • • •2 FIDELITY INTERNATIONAL 50 LU 47 IE 21 UK 13 • • • • • • • • • • • • • • • • •3 HSBC 42 LU 39 IE 19 HK 5 • • • • • • • • • • • • • • •4 BLACKROCK 40 LU 35 IE 27 DE 19 • • • • • • • • • • • • • • • • •5 AMUNDI GROUP 39 LU 36 FR 17 IE 6 • • • • • • • • • • • • • • •6 SCHRODERS 38 LU 36 HK 2 GG 2 • • • • • • • • • • • • • • • • •7 ABERDEEN STANDARD INV 36 LU 35 UK 13 IE 12 • • • • • • • • • • • • • • • • •7 BNP PARIBAS 36 LU 34 FR 20 SE 7 • • • • • • • • • • • • • • •9 ALLIANZ GLOBAL INVESTORS 35 LU 33 IE 14 FR 11 • • • • • • • • • • • • • •9 JPMORGAN CHASE & CO 35 LU 34 IE 15 HK 4 • • • • • • • • • • • • • • • •

11 COMMONWEALTH BANK OF AUS 34 IE 31 UK 15 - - • • • • • • • • • • • • • • • •11 UBS 34 LU 33 IE 20 FR 4 • • • • • • • • • • • • • •13 ALLIANCEBERNSTEIN 33 LU 32 - - - - • • • • • • • • • • •13 GAM 33 IE 27 LU 26 UK 4 • • • • • • • • • • • • • • • •13 INVESCO 33 LU 31 IE 20 - - • • • • • • • • • • • • • • • •16 CREDIT SUISSE GROUP 32 LU 31 LI 9 - - • • • • • • • • • • • • • •17 CAPITAL GROUP 30 LU 29 - - - - • • • • • • • • • • • •17 LEGAL & GENERAL 30 UK 26 IE 14 LU 4 • • • • • • • • • • • • • • • •17 PICTET ASSET MANAGEMENT

(EUROPE) S.A. 30 LU 29 CH 3 - - • • • • • • • • • • • •20 JANUS HENDERSON 29 LU 28 IE 22 UK 13 • • • • • • • • • • • • •20 T. ROWE PRICE 29 LU 28 - - - - • • • • • • • • • • • • • • •22 LEGG MASON 28 IE 27 - - - - • • • • • • • • • • •23 GOLDMAN SACHS 27 LU 26 IE 15 - - • • • • • • • • • • •23 MASSACHUSETTS MUT LIFE 27 IE 26 UK 17 LU 10 • • • • • • • • • • •23 NN INVESTMENT PARTNERS 27 LU 26 - - - - • • • • • • • • • • •26 AXA INVESTMENT MANAGERS 26 LU 23 IE 20 FR 8 • • • • • • • • • •26 PIMCO 26 IE 25 - - - - • • • • • • • • •26 PINEBRIDGE INVESTMENTS 26 IE 25 - - - - • • • • • • • • •26 VANGUARD 26 IE 19 US 5 - - • • • • • • • • • • •30 BNY MELLON 25 IE 24 UK 10 - - • • • • • • • • • • •30 DWS 25 LU 21 IE 20 JE 14 • • • • • • • • •30 INVESTEC ASSET MANAGEMENT 25 LU 23 GG 3 - - • • • • • • • • •30 JUPITER 25 LU 24 UK 1 - - • • • • • • • • • • • •30 MORGAN STANLEY 25 LU 22 IE 18 FR 4 • • • • • • • • • • • •30 ROBECO 25 LU 23 NL 10 AU - • • • • • • • •36 MERIAN GLOBAL* 24 IE 23 UK 3 - - • • • • • • • •36 M&G INVESTMENTS 24 LU 19 IE 10 UK 8 • • • • • • • • • •36 RUSSELL INVESTMENTS 24 IE 23 - - - - • • • • • • • • • •39 BLUEBAY ASSET MANAGEMENT 23 LU 19 IE 16 - - • • • • • • • • • • • • •39 MFS INVESTMENT MANAGEMENT 23 LU 22 - - - - • • • • • • • • •39 NEUBERGER BERMAN 23 IE 22 - - - - • • • • • • • • • • •39 NOMURA 23 IE 22 DE 2 - - • • • • • • • •39 NORDEA 23 LU 22 FI 3 - - • • • • • • • • • • •39 VONTOBEL 23 LU 22 - - - - • • • • • • •45 COLUMBIA THREADNEEDLE 22 UK 20 LU 18 - - • • • • • • • •45 LYXOR 22 LU 19 FR 17 IE 12 • • • • • • • • •45 STATE STREET GLOBAL ADVISORS 22 IE 16 LU 14 US 4 • • • • • • • • •45 UNION BANCAIRE PRIVEE 22 LU 21 IE 11 FR 10 • • • • • • • • •49 EURIZON CAPITAL 21 LU 20 - - - - • • • • • • • •49 PRINCIPAL GLOBAL INVESTORS 21 IE 20 - - - - • • • • • • • • •49 WELLINGTON MANAGEMENT 21 LU 20 IE 19 KY 3 • • • • • • • • •

TOTAL 51 50 8 6 10 18 49 10 51 51 51 9 25 1 16 18 26 49 7 51 16 6 23 8



Top 51 cross-border management groups - Europe


Rankin

g

Manag

em

ent

com

pany

Tota

l # o

f co

untr

ies

of d

istr

ibut

ion

at g

roup

lev

el (

incl

udin

g d

omic



Firs

t do

mic

ile a

nd #

of

coun

trie

s of

dis

trib

utio

n (c

ross

-bor

der)

Sec

ond

dom

icile

and

#

of

coun

trie

s of

di

stri

butio

n(c

ross

-bor

der)

Third

dom

icile

and

# o

f co

untr

ies

of d

istr

ibut

ion

(cro

ss-b

orde

r)

Luxe

mbo

urg

Mal

ta

Mon

aco

Net

herl

ands

Nor

way

Pol

and

Por

tuga

l

Rom

ania

San

Mar

ino

Slo

vaki

a

Slo

veni

a

Spa

in

Sw

eden

Sw

itzer

land

Uni

ted

Kin

gdom

1 FRANKLIN TEMPLETON 57 LU 55 US 5 IE 5 • • • • • • • • • • • •2 FIDELITY INTERNATIONAL 50 LU 47 IE 21 UK 13 • • • • • • • • • • • •3 HSBC 42 LU 39 IE 19 HK 5 • • • • • • • • • •4 BLACKROCK 40 LU 35 IE 27 DE 19 • • • • • • • • • •5 AMUNDI GROUP 39 LU 36 FR 17 IE 6 • • • • • • • • • • • •6 SCHRODERS 38 LU 36 HK 2 GG 2 • • • • • • • • • • • •7 ABERDEEN STANDARD INV 36 LU 35 UK 13 IE 12 • • • • • • • • •7 BNP PARIBAS 36 LU 34 FR 20 SE 7 • • • • • • • • • • •9 ALLIANZ GLOBAL INVESTORS 35 LU 33 IE 14 FR 11 • • • • • • • • • • •9 JPMORGAN CHASE & CO 35 LU 34 IE 15 HK 4 • • • • • • • • • •

11 COMMONWEALTH BANK OF AUS 34 IE 31 UK 15 - - • • • • • • • • • • • •11 UBS 34 LU 33 IE 20 FR 4 • • • • • • • • •13 ALLIANCEBERNSTEIN 33 LU 32 - - - - • • • • • • • • • • •13 GAM 33 IE 27 LU 26 UK 4 • • • • • • • •13 INVESCO 33 LU 31 IE 20 - - • • • • • • • • • •16 CREDIT SUISSE GROUP 32 LU 31 LI 9 - - • • • • • • • • •17 CAPITAL GROUP 30 LU 29 - - - - • • • • • • • • •17 LEGAL & GENERAL 30 UK 26 IE 14 LU 4 • • • • • • • • • • • • •17 PICTET ASSET MANAGEMENT

(EUROPE) S.A. 30 LU 29 CH 3 - - • • • • • • • • • •20 JANUS HENDERSON 29 LU 28 IE 22 UK 13 • • • • • • • • •20 T. ROWE PRICE 29 LU 28 - - - - • • • • • • • •22 LEGG MASON 28 IE 27 - - - - • • • • • • • • •23 GOLDMAN SACHS 27 LU 26 IE 15 - - • • • • • • • • •23 MASSACHUSETTS MUT LIFE 27 IE 26 UK 17 LU 10 • • • • • • •23 NN INVESTMENT PARTNERS 27 LU 26 - - - - • • • • • • • • • •26 AXA INVESTMENT MANAGERS 26 LU 23 IE 20 FR 8 • • • • • • • •26 PIMCO 26 IE 25 - - - - • • • • • • • •26 PINEBRIDGE INVESTMENTS 26 IE 25 - - - - • • • • • • • •26 VANGUARD 26 IE 19 US 5 - - • • • • • • • •30 BNY MELLON 25 IE 24 UK 10 - - • • • • • • • •30 DWS 25 LU 21 IE 20 JE 14 • • • • • • • •30 INVESTEC ASSET MANAGEMENT 25 LU 23 GG 3 - - • • • • • • • •30 JUPITER 25 LU 24 UK 1 - - • • • • • • • •30 MORGAN STANLEY 25 LU 22 IE 18 FR 4 • • • • • • • •30 ROBECO 25 LU 23 NL 10 AU - • • • • • • • •36 MERIAN GLOBAL* 24 IE 23 UK 3 - - • • • • • • • •36 M&G INVESTMENTS 24 LU 19 IE 10 UK 8 • • • • • • • •36 RUSSELL INVESTMENTS 24 IE 23 - - - - • • • • • •39 BLUEBAY ASSET MANAGEMENT 23 LU 19 IE 16 - - • • • • • • • •39 MFS INVESTMENT MANAGEMENT 23 LU 22 - - - - • • • • • • • •39 NEUBERGER BERMAN 23 IE 22 - - - - • • • • • • • •39 NOMURA 23 IE 22 DE 2 - - • • • • • • •39 NORDEA 23 LU 22 FI 3 - - • • • • • • • • •39 VONTOBEL 23 LU 22 - - - - • • • • • • •45 COLUMBIA THREADNEEDLE 22 UK 20 LU 18 - - • • • • • • • •45 LYXOR 22 LU 19 FR 17 IE 12 • • • • • • • • •45 STATE STREET GLOBAL ADVISORS 22 IE 16 LU 14 US 4 • • • • • • •45 UNION BANCAIRE PRIVEE 22 LU 21 IE 11 FR 10 • • • • • • • •49 EURIZON CAPITAL 21 LU 20 - - - - • • • • • • • • •49 PRINCIPAL GLOBAL INVESTORS 21 IE 20 - - - - • • • • • • •49 WELLINGTON MANAGEMENT 21 LU 20 IE 19 KY 3 • • • • • • • •

TOTAL 51 11 4 51 51 16 43 8 1 15 5 51 51 51 48



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1 FRANKLIN TEMPLETON 57 LU 55 US 5 IE 5 • • • • • • • • • • • • • • • • • •2 FIDELITY INTERNATIONAL 50 LU 47 IE 21 UK 13 • • • • • • • • • • • • • • •3 HSBC 42 LU 39 IE 19 HK 5 • • • • • • • • • • • • • • •4 BLACKROCK 40 LU 35 IE 27 DE 19 • • • • • • • • • •5 AMUNDI GROUP 39 LU 36 FR 17 IE 6 • • • • • • • • •6 SCHRODERS 38 LU 36 HK 2 GG 2 • • • • • • •7 ABERDEEN STANDARD INV 36 LU 35 UK 13 IE 12 • • • • • • • •7 BNP PARIBAS 36 LU 34 FR 20 SE 7 • • • • • • •9 ALLIANZ GLOBAL INVESTORS 35 LU 33 IE 14 FR 11 • • • • • • • •9 JPMORGAN CHASE & CO 35 LU 34 IE 15 HK 4 • • • • • •

11 COMMONWEALTH BANK OF AUS 34 IE 31 UK 15 - - • • • •11 UBS 34 LU 33 IE 20 FR 4 • • • • • • •13 ALLIANCEBERNSTEIN 33 LU 32 - - - - • • • • • • • • •13 GAM 33 IE 27 LU 26 UK 4 • • • • • •13 INVESCO 33 LU 31 IE 20 - - • • • • •16 CREDIT SUISSE GROUP 32 LU 31 LI 9 - - • • • • • • •17 CAPITAL GROUP 30 LU 29 - - - - • • • • • •17 LEGAL & GENERAL 30 UK 26 IE 14 LU 4 •17 PICTET ASSET MANAGEMENT

(EUROPE) S.A. 30 LU 29 CH 3 - - • • • • • •20 JANUS HENDERSON 29 LU 28 IE 22 UK 13 • • • • •20 T. ROWE PRICE 29 LU 28 - - - - • • • • • •22 LEGG MASON 28 IE 27 - - - - • • • • •23 GOLDMAN SACHS 27 LU 26 IE 15 - - • • • • •23 MASSACHUSETTS MUT LIFE 27 IE 26 UK 17 LU 10 • • • • • • •23 NN INVESTMENT PARTNERS 27 LU 26 - - - - • • • •26 AXA INVESTMENT MANAGERS 26 LU 23 IE 20 FR 8 • • • • • •26 PIMCO 26 IE 25 - - - - • • • • • • • •26 PINEBRIDGE INVESTMENTS 26 IE 25 - - - - • • • • • • •26 VANGUARD 26 IE 19 US 5 - - • • • •30 BNY MELLON 25 IE 24 UK 10 - - • • • •30 DWS 25 LU 21 IE 20 JE 14 • • • •30 INVESTEC ASSET MANAGEMENT 25 LU 23 GG 3 - - • • • • • • •30 JUPITER 25 LU 24 UK 1 - - • • • • •30 MORGAN STANLEY 25 LU 22 IE 18 FR 4 • • •30 ROBECO 25 LU 23 NL 10 AU - • • • • • • •36 MERIAN GLOBAL* 24 IE 23 UK 3 - - • • • • • •36 M&G INVESTMENTS 24 LU 19 IE 10 UK 8 • • • • •36 RUSSELL INVESTMENTS 24 IE 23 - - - - • • • • • • •39 BLUEBAY ASSET MANAGEMENT 23 LU 19 IE 16 - - • •39 MFS INVESTMENT MANAGEMENT 23 LU 22 - - - - • • • •39 NEUBERGER BERMAN 23 IE 22 - - - - • • •39 NOMURA 23 IE 22 DE 2 - - • • • • •39 NORDEA 23 LU 22 FI 3 - - • •39 VONTOBEL 23 LU 22 - - - - • • • • •45 COLUMBIA THREADNEEDLE 22 UK 20 LU 18 - - • • • •45 LYXOR 22 LU 19 FR 17 IE 12 • •45 STATE STREET GLOBAL ADVISORS 22 IE 16 LU 14 US 4 • • • • •45 UNION BANCAIRE PRIVEE 22 LU 21 IE 11 FR 10 • • • •49 EURIZON CAPITAL 21 LU 20 - - - - • •49 PRINCIPAL GLOBAL INVESTORS 21 IE 20 - - - - • • • •49 WELLINGTON MANAGEMENT 21 LU 20 IE 19 KY 3 • •

TOTAL 10 5 1 36 19 32 22 2 50 38 1 18 5 1 1 3 3 3 3 3 29 1 1 1 14 1



Origin of Luxembourg fund initiators

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

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.

Source: CSSF, Figures as at 30 April 2019

Origin of Luxembourg Fund Initiators% of net assets under management per country

25

20

15

10

5

0

US GB DE CH FR IT BE LU NL DK Others

4.3

2.5 2.2 2.0

19.918.5

5.6

14.2 13.6

9.38.0

10 reasons why the fund industry chooses Luxembourg

It has a stable political and social environment and a AAA economy.

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 the largest European fund domicile and the second largest fund centre in the world after the US, with about EUR 4 411.388 bn in assets under management.

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.

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.

It leads the way in investor protection and has a highly experienced and responsive regulator.

It has a unique concentration of investment fund experts specialised in all aspects of product development, administration and distribution.

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.

Luxembourg’s legal and regulatory framework for investment funds is state-of-the-art, and recognised as such by the global asset management community.

About ALFI

The Association of the Luxembourg Fund Industry (ALFI), represents the face and voice of the Luxembourg asset management and investment fund community. The Association is committed to the development of the Luxembourg fund industry by striving to create new business opportunities, and through the exchange of information and knowledge.

Created in 1988, the Association today represents over 1,500 Luxembourg-domiciled investment funds, asset management companies and a wide range of businesses that serve the sector. These include depositary banks, fund administrators, transfer agents, distributors, legal firms, consultants, tax advisory firms, auditors and accountants, specialist IT and communication companies. Luxembourg is the largest fund domicile in Europe and a worldwide leader in cross-border distribution of funds. Luxembourg-domiciled investment funds are distributed in more than 70 countries around the world.

ALFI defines its mission as to “Lead industryefforts to make Luxembourg the mostattractive international investment fund centre”.

Its main objectives are to:

n Help 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.

n Shape regulation An 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 decision-making through relevant input for changes to the regulatory framework, implementation of European directives and regulation of new products or services.

n Foster 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.

n Promote 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, Flickr.

Tel: +352 22 30 26 - 1Fax: +352 22 30 93

[email protected]

alfi | association of theluxembourg fund industry

12, rue ErasmeL- 1468 Luxembourg

July 2019 © 2019 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

global fund distribution 2019 - alfi - homepage · 2020-02-13 · bond global etscommodityequity...

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