4 May 2021
Quarterly statistics

Investment fund managers

Situation as of 31 December 2020

Introduction

For the purpose of the charts presented in this document, authorised investment fund managers (authorised IFMs) comprise the following types of fund managers:

  • management companies subject to Chapter 15 (CH15 ManCo) of the Law of 17 December 2010 relating to undertakings for collective investment (hereinafter 2010 Law);
  • authorised alternative investment fund managers (AIFMs) subject to the Law of 12 July 2013 on alternative investment fund managers (hereinafter 2013 Law).

Other investment fund managers (other IFMs) comprise:

  • registered investment fund managers (registered IFMs);
  • management companies subject to Article 125-1 of Chapter 16 of the 2010 Law;
  • self-managed UCITS investment companies (SIAGs);
  • internally-managed alternative investment fund managers;
  • management companies set up under Chapter 18 of the 2010 Law.

Evolution of assets under management (in € billion) by IFM type

The cross-border activities presented in the above chart correspond to the management of Luxembourg-based UCITS or AIFs by IFMs established in another EU Member State according to the provisions of Article 119 of the 2010 Law and/or Article 33 of the 2013 Law.

1. Authorised IFMs

Breakdown of authorised IFMs by category

1.1. Evolution of the number of IFMs and their employees

1.2. Geographical origin

Geographical origin of authorised IFMs

*Breakdown of the caption “Others”

1.3. Assets under management

Breakdown of assets managed by type of investment vehicle

1.4. Investment strategies

Breakdown of assets by investment strategies

1.5. Discretionary management

In 2020, 6 new IFMs have obtained a licence extension to perform MiFID activities, in particular for the provision of discretionary management services while 2 IFMs have abandoned their extended license.

1.6. Financial situation

Breakdown of the net results of authorised IFMs

2. Other IFMs

Breakdown of other IFMs by category

* these management companies manage UCIs which do not qualify as AIFs or UCITS or which fall within the scope of the exemption or transitional provisions of the 2013 Law

**Other types of managers :

  • 4 self-managed UCITS investment companies (SIAGs) – 0,7%
  • 5 internally-managed alternative investment fund managers – 0,6%
  • 1 management company set up under Chapter 18 of the 2010 Law 0,2%

It should also be noted that an additional EUR 93.4 billion are held in regulated AIFs and regulated non-AIFs which fall within the scope of the transitional provisions as defined in Article 58 of the 2013 Law and which are consequently not linked to an authorised or registered IFM set up under the 2013 Law.

2.1. Assets under management

Breakdown of assets managed by other IFMs by investment vehicle

2.2. Investment strategies

Breakdown by investment strategies

3. Cross-border activities*

3.1. IFMs established in another EU Member State

Breakdown of investment vehicles managed on a cross-border basis**

Breakdown of IFMs with cross-border activities by category

 

* The IFMs established in third countries, managing Luxembourg regulated and non-regulated AIFs according to Article 44 of the 2013 Law and managing EUR 16.9 billion of assets, are out of scope.

** Data not available for non-regulated AIFs.

3.2. IFMs established in Luxembourg

3.2.1. Freedom to provide services (FPS) under the UCITS Directive and the AIFMD

Number of authorised IFMs having notified their intention to carry out the functions included in the collective management activities in another EU/EEA Member State in the framework of FPS:

3.2.2. Free establishment of branches under the UCITS Directive and the AIFMD

As at 31 December 2020, 76 authorised IFMs (compared to 60 in 2019) were represented by a branch in one or several EU Member States according to the provisions of the UCITS Directive or the AIFMD.