GLOBAL FUND DISTRIBUTION 2021

GLOBAL FUND DISTRIBUTION 2021

kindly provided by PwC Luxembourg

Distribution snapshots

Number of cross-border registrations 128,520

Compound annual growth rate over 10 years 7.42%

Number of cross-border funds 14,128


221

471

256

18

56.5% 749

IsraelTop Market in Middle Eastwith a total number of new registrations of

SingaporeTop Market in Asia Pacificwith a total number of new registrations of

LuxembourgCross-border distribution Domicile share of authorisations for cross-border distribution

ChileTop Market in Americaswith a total number of new registrations of

South AfricaTop Market in Africawith a total number of new registrations of

PortugalTop Market in Europewith a total number of new registrations of

Hot spots for distribution

Explanation - The heat map indicates the total number of registrations at the end of 2020 (see table “Target Markets”) while the percentage shows the number of Top 100 cross-border management groups distributing in each market.

TT 1%

CW 1%

MX 8%

BR 1%

US 6%

PA 1%

CO 4%

KY 4%

VG 1%

SX 1%

CL 61%

PE 32%

CA 4%

BS 1%

AR 1%

UY 1%

BM 2%

HK 39%

SG 89%

MO 22%

VN 1%

KR 43%

JP 21%

BH 21%

SA 3%OM 3%

QA 3%

KW 2%

AE 34%

JO 1%

LB 3%

IL 7%TW 40%

BN 5%

CN 2%

AU 5%

NZ 1%

JE 22%

GG 21%

CH 97%

LI 41%

DE 98%

AT 96%

FR 100%

MC 2%SM 1%

NL 99%

UK 99%

ES 99%

GI 11%

IT 99%

SE 98%

DK 88%

FI 97%NO 98%

BE 90%

LU 97%

PT 70%

CZ 21%

SK 18%

GR 28%

IE 88%

PL 19%

EE 10%

LV 8%

LT 9%

IS 35%

HU 19%

MT 16%

IM 11%

BG 8%

RO 10%

TR 2%

SI 8%

CY 12%

EG 1%

HR 8%

MU 1%BW 1%

ZA 17%

SZ 1%

%

Total number of cross-border registrations as at 31 December 2020:

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

Evolution of UCITS net sales and AuM

Sources: EFAMA and PwC analysis, 31 December 2020

Sources: EFAMA and PwC analysis, 31 December 2020

UCITS funds net sales

UCITS assets - Top European domiciles

Luxembourg

Ireland

Europe

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020-90

197229

464

573

275

738

117

394

466

214

-24

97

153

228

264

73

281

62105

140

47

254

6291

56

11296

117

242

Luxembourg

France

United Kindgom

Ireland

EUR bn

0

500

700

200

-100

100

800

600

400

300

20112010 2012 2013 2014 2015 2016 2017 2018 2019 2020

759

639 631747

863995

1,083 1,0841,225

1,0921,283 1,286

1,210

1,8811,760

2,002

2,198

2,643

2,9473,116

3,4863,360

3,921

4,158+2,278

+1,769

+647

-326

1,068 1,116

1,044

763

1,146

796874

783 823 884

820 968

1,1111,274

1,4471,579

1,831 1,811

2,316

2,528

EUR bn

2,500

4,000

1,000

500

4,500

3,000

2,000

1,500

3,500

Evolution of cross-border distribution

Sources: Refinitiv and PwC analysis, 31 December 2020

Number of cross-border funds and registrations

Domicile share of authorisations for cross-border distribution

Num

ber

of

cross

-bord

er

fund

s

Num

ber

of

cross

-bord

er

reg

istr

ati

ons

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 20202004 2005 2006

7,9077,441

8,511

9,436

7,366

6,525

5,907

9,86910,430

11,22211,732

12,607

13,66914,031 14,128

5,1704,875

28,427

36,41143,304

49,266

56,49258,553

62,81265,931

72,26476,500

83,505

91,02796,548

103,531

113,495

121,458

128,520

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 8.7 9.1

8,000

10,000

12,000

6,000

4,000

2,000

0

14,000

16,000

0

20,000

40,000

60,000

80,000

130,000

150,000

100,000

10,000

30,000

50,000

90,000

70,000

160,000

140,000

120,000

110,000

Funds Domicile

Luxembourg Ireland

France Jersey

United Kingdom Other

Number of true cross-border funds

Number of cross-border funds 14,128


Number of cross-border registrations 128,520


33%

57% 3%

3% 1% 3%

Top 5 destinations of leading fund domiciles:

Registrations in:Germany 6,149Switzerland 5,402France 5,133Austria 4,973United Kingdom 4,421

Luxembourg

Registrations in:United Kingdom 3,635 Germany 3,455France 2,972Switzerland 2,969Netherlands 2,709

Ireland

Distribution footprint*

* Of true cross-border funds


Origin of top 56 ManCo


26% (5 to 9 markets)



8% (20+ markets)


23

96

5

2

2

9

United States

United KingdomSwitzerland

France

Germany

Netherlands

Other

Benchmarking cross-border distribution

Asset classes



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

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

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

Number of cross-border registrations

2020

2019

0

10,000

14,000

4,000

2,000

16,000

12,000

8,000

6,000

Bond Global

Mixed Asse

t Europe

Bond US

Bond Emerging Mark

ets

Equity Specifi

c Secto

r

Equity G

lobal

Absolute Return

Loan Part

icipati

on Funds

Money Mark

et Asia

Pacific

Mixed Asse

t US

Equity C

hina

Bond Asia Pac

ific

Bond Conve

rtibles G

lobal

Target M

aturity

Band O

ther

1,482

67

1,037

66

1,016

39

496

36

984

32

589

14

341

12

106

12

115

10

103

9

277

8

37

7

197

7

35

5

15

2

Number of funds in 2020

Change in number of funds from 2019 to 2020

0

50

70

20

10

80

60

40

30

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

D

ec. 2

020

Num

ber

of n

ew

regi

stra

tion

s

duri

ng 2

020

% g

row

th 2

019-

2020

Tren

d ov

er 5

yea

rs

Luxe

mbo

urg

Irel

and

Fran

ce

Jers

ey

UK

Ger

man

y

Oth

er

EUROPEAndorra 7 0 0 0 0 0 0 7 -4 -36% Austria 4,973 2,627 314 7 88 184 231 8,424 426 5% Belgium 2,702 904 182 90 63 21 38 4,000 145 4% Bulgaria 181 12 0 0 0 0 17 210 18 9% Croatia 76 0 0 0 0 0 0 76 15 25% Cyprus 305 9 0 0 1 0 1 316 -15 -5% Czech Republic 735 218 12 0 0 8 124 1,097 164 18% Denmark 2,123 2,025 73 229 58 23 47 4,578 236 5% Estonia 258 3 0 0 0 0 5 266 -28 -10% Faroe Islands 5 0 0 0 0 0 2 7 1 17% Finland 3,340 2,430 117 228 54 27 107 6,303 383 6% France 5,133 2,972 0 378 144 84 142 8,853 -188 -2% Germany 6,149 3,455 645 398 101 0 431 11,179 596 6% Gibraltar 341 45 0 1 0 0 9 396 -3 -1% Greece 1,023 75 2 0 3 0 9 1,112 44 4% Greenland 10 1 0 0 0 0 0 11 3 38% Guernsey 216 196 0 6 78 0 0 496 53 12% Hungary 671 33 0 0 0 0 30 734 42 6% Iceland 628 192 0 0 0 2 13 835 85 11% Ireland 2,098 0 24 205 145 14 54 2,540 143 6% Isle of Man 44 69 0 4 9 0 0 126 23 22% Italy 4,308 2,694 462 295 64 76 110 8,009 214 3% Jersey 598 180 0 0 79 0 9 866 84 11% Latvia 239 1 0 0 0 0 21 261 -35 -12% Liechtenstein 1,139 601 0 0 0 10 49 1,799 186 12% Lithuania 231 1 0 0 0 0 12 244 -32 -12% Luxembourg 0 2,573 228 223 83 64 167 3,338 467 16% Malta 263 29 0 1 1 0 0 294 17 6% Monaco 15 0 0 0 0 0 0 15 -3 -17% Netherlands 3,820 2,709 323 139 79 71 55 7,196 162 2% Norway 2,763 2,242 74 101 56 24 113 5,373 374 7% Poland 495 27 0 0 0 0 20 542 9 2%

Top Market Portugal 1,937 1,382 32 125 38 3 13 3,530 749 27% Romania 84 1 0 0 0 0 11 96 16 20% Russian Federation 2 3 0 0 0 0 0 5 2 67% San Marino 1 0 0 0 0 0 0 1 0 0% Slovakia 483 43 2 0 1 1 85 615 6 1% Slovenia 56 2 0 0 1 3 13 75 -3 -4% Spain 4,391 2,524 347 182 75 62 95 7,676 387 5% Sweden 3,623 2,620 140 182 84 25 125 6,799 307 5% Switzerland 5,402 2,969 440 0 105 132 214 9,262 481 5% United Kingdom 4,421 3,635 429 321 0 26 148 8,980 118 1%

Total number of registrations - EUROPE 65,289 39,502 3,846 3,115 1,410 860 2,520 116,542 5,645 5%

ASIA PACIFIC

Australia 28 35 1 1 1 0 23 89 11 14% Brunei Darussalam 95 0 0 0 0 0 0 95 5 6% China 0 0 0 0 0 0 3 3 -1 -25% Hong Kong 908 169 0 0 10 1 14 1,102 9 1% Japan 79 53 5 21 0 4 6 168 26 18% Korea 499 92 0 0 6 0 2 599 73 14% Macau 615 120 0 0 7 0 51 793 47 6% New Zealand 2 1 0 0 0 0 5 8 -5 -38%

Top Market Singapore 2,436 1,409 38 9 63 17 196 4,168 471 13% Taiwan 666 125 3 0 3 8 15 820 24 3% Vietnam 3 0 0 0 0 0 0 3 0 0%

Total number of registrations - ASIA PACIFIC 5,331 2,004 47 31 90 30 315 7,848 660 9%

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

D

ec. 2

020

Num

ber

of n

ew

regi

stra

tion

s

duri

ng 2

020

% g

row

th 2

019-

2020

Tren

d ov

er 5

yea

rs

Luxe

mbo

urg

Irel

and

Fran

ce

Jers

ey

UK

Ger

man

y

Oth

er

MIDDLE EASTBahrain 168 36 0 2 0 0 24 230 -2 -1% Georgia 6 0 0 0 0 0 0 6 0 0%

Top Market Israel 8 224 0 0 0 0 2 234 221 1700% Jordan 0 1 0 0 0 0 0 1 -2 -67% Kuwait 1 0 0 0 0 0 0 1 0 0% Lebanon 20 0 0 0 0 0 1 21 -4 -16% Oman 113 0 0 0 0 0 1 114 -1 -1% Qatar 114 0 0 0 0 0 1 115 -1 -1% Saudi Arabia 3 1 0 0 1 0 2 7 2 40% Turkey 9 0 0 0 0 0 0 9 -1 -10% United Arab Emirates 251 57 2 7 9 0 8 334 106 46%

Total number of registrations - MIDDLE EAST 693 319 2 9 10 0 39 1,072 318 42%

AMERICASArgentina 2 0 0 0 0 0 0 2 0 0% Bahamas 1 0 0 0 0 0 0 1 1 - Bermuda 30 0 0 0 3 0 0 33 33 - Brazil 1 0 0 0 0 0 0 1 0 0% British Virgin Islands 0 1 0 0 0 0 1 2 1 100% Canada 2 7 0 0 20 0 3 32 -4 -11% Cayman Islands 3 0 0 0 3 0 6 12 2 20%

Top Market Chile 857 528 90 0 41 21 281 1818 256 16% ColombiaColombia 77 22 00 00 00 00 44 1313 00 0%0% Curacao 9 0 0 0 0 0 0 9 1 13% Mexico 8 226 3 0 1 22 0 260 173 199% Panama 0 1 0 0 0 0 0 1 -2 -67% Peru 227 18 6 0 12 0 268 531 -37 -7% Sint Maarten 8 0 0 0 0 0 0 8 1 14% Trinidad & Tobago 1 0 0 0 0 0 0 1 0 0% Uruguay 1 0 0 0 0 0 0 1 1 - United States 3 4 0 1 0 0 3 11 1 10%

Total number of registrations - AMERICAS 1,160 787 99 1 80 43 566 2,736 427 18%

AFRICABotswana 41 0 0 0 0 0 0 41 -4 -9% Egypt 0 0 0 0 0 0 1 1 0 0% Mauritius 9 0 0 0 0 0 0 9 -3 -25%

Top Market South Africa 128 109 0 12 13 0 7 269 18 7% Swaziland 0 1 0 0 0 0 0 1 1 - Tunisia 0 0 0 0 0 0 1 1 0 0%

Total number of registrations - AFRICA 178 110 0 12 13 0 9 322 12 4%

Total number of registrations 72,651 42,722 3,994 3,168 1,603 933 3,449 128,520 7,062 6%

Top 56 cross-border management groups - AmericasExplanation - Ranking according to the total number of countries of distribution.

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

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)

Arg

entin

a

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

Sin

t M

aart

en

Trin

idad

& T

obag

o

Uni

ted

Sta

tes

Uru

guay

1 FRANKLIN TEMPLETON 59 LU 58 IE 8 US 2 • • • • • • •2 FIDELITY INVESTMENTS 47 LU 46 IE 22 UK 10 • • • • •3 HSBC HOLDINGS 43 LU 39 IE 19 UK 5 • • •4 SCHRODERS 42 LU 40 UK 2 HK 2 • • •5 BLACKROCK 41 LU 36 IE 29 DE 18 • •6 INVESCO 38 LU 35 IE 22 • •6 ALLIANZ GROUP 38 LU 37 IE 28 FR 8 • •8 JPMORGAN CHASE & CO 36 LU 35 IE 16 HK 3 • • • •

9 AMUNDI GROUP 35 LU 34 FR 14 IE 11 • •

10 BNP PARIBAS 34 LU 33 FR 19 BE 5 • •10 UBS GROUP 34 LU 33 IE 24 FR 13 • • •10 COMMONWEALTH BANK OF AUS 34 IE 31 UK 15 - - • •10 ABERDEEN STANDARD INV 34 LU 33 UK 5 - - • • •14 ALLIANCEBERNSTEIN (LUXEMBOURG) S.À R.L. 33 LU 32 - - - - • •15 GAM 31 IE 27 LU 25 VG 3 • • •15 CREDIT SUISSE FUND MANAGEMENT S.A. 31 LU 30 - - - - • •15 CAPITAL FOUR MAN AS 31 LU 30 IE 18 - - • • •18 DEUTSCHE BANK 30 LU 23 IE 21 JE 12 • • • •19 JANUS HENDERSON 29 LU 28 IE 23 UK 3 • •20 T. ROWE PRICE GROUP 28 LU 27 - - - -20 PICTET ASSET MANAGEMENT (EUROPE) S.A. 28 LU 27 CH 3 - - • •20 MORGAN STANLEY 28 LU 25 IE 17 FR 4 • •20 GOLDMAN SACHS 28 LU 26 IE 20 • •24 M&G INVESTMENT MGMT 27 LU 23 UK 21 IE 16 •25 NEUBERGER BERMAN 26 IE 25 - - - - • •25 BNY MELLON GROUP 26 IE 25 UK 3 - - • •25 JUPITER 26 LU 25 IE 21 - - •25 NOMURA 26 IE 25 DE 4 - - • • • •25 VONTOBEL HOLDING 26 LU 25 - - - - • • • • •30 PINEBRIDGE INVESTMENTS 25 IE 24 - - - - •30 NN GROUP 25 LU 23 NL 10 - - • •30 BLUEBAY ASSET MANAGEMENT 25 LU 23 IE 17 - - •30 WELLINGTON MANAGEMENT CO 25 LU 22 IE 20 KY 3 • •34 VANGUARD 24 IE 22 US 3 - - • • •34 COLUMBIA THREADNEEDLE 24 LU 22 UK 5 - - • •34 STATE STREET GLOBAL ADVISORS 24 IE 19 LU 15 US 5 • • •34 SOCIETE GENERALE 24 LU 22 FR 18 IE 15 •34 NINETY ONE UK 24 LU 23 - - - - •34 ROBECO 24 LU 23 NL 10 - - • •40 PRINCIPAL GLOBAL INVESTORS LLC 23 IE 22 - - - - •40 UNION BANCAIRE PRIVEE 23 LU 22 IE 12 - - •42 RUSSELL 22 IE 21 - - - -42 AXA INVESTMENT MANAGERS 22 LU 20 IE 18 FR 842 BAILLIE GIFFORD & CO 22 IE 21 - - - - •42 CAPITAL GROUP 22 LU 21 - - - -46 FUNDSMITH 21 LU 20 UK 5 - -46 COMGEST 21 IE 20 FR 6 - - •46 MFS INVESTMENT MANAGEMENT 21 LU 20 - - - - •46 WISDOMTREE INVESTMENTS 21 JE 16 IE 12 US 3 • • •46 POLAR CAPITAL 21 IE 20 - - - -46 NORDEA 21 LU 20 FI 3 - - •46 LGT GROUP 21 LI 16 IE 15 LU 446 LAZARD ASSET MANAGEMENT 21 IE 19 FR 11 DE 2 •46 SEB 21 LU 20 SE 2 - -46 NEW YORK LIFE INVESTMENT 21 LU 20 FR 11 BE 9 •46 BMO GLOBAL ASSET MANAGEMENT 21 IE 19 LU 16 UK 2 •

Total 1 1 2 1 1 3 3 48 3 1 7 1 27 1 1 5 1

Sources: Refinitiv and PwC analysis, 31 December 2020 Note: Refer to the map for country codes

Top 56 cross-border management groups - EuropeExplanation - Ranking according to the total number of countries of distribution.

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



OF DISTRIBUTION

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

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

Luxe

mbo

urg

Mal

ta

1 FRANKLIN TEMPLETON 59 LU 58 IE 8 US 2 • • • • • • • • • • • • • • • • • • • • • • •2 FIDELITY INVESTMENTS 47 LU 46 IE 22 UK 10 • • • • • • • • • • • • • • • • • •3 HSBC HOLDINGS 43 LU 39 IE 19 UK 5 • • • • • • • • • • • • • • • • •4 SCHRODERS 42 LU 40 UK 2 HK 2 • • • • • • • • • • • • • • • • • • • • •5 BLACKROCK 41 LU 36 IE 29 DE 18 • • • • • • • • • • • • • • • • • •6 INVESCO 38 LU 35 IE 22 • • • • • • • • • • • • • • • • • • •6 ALLIANZ GROUP 38 LU 37 IE 28 FR 8 • • • • • • • • • • • • • • • • •8 JPMORGAN CHASE & CO 36 LU 35 IE 16 HK 3 • • • • • • • • • • • • • • • • • •

9 AMUNDI GROUP 35 LU 34 FR 14 IE 11 • • • • • • • • • • • • • • • •

10 BNP PARIBAS 34 LU 33 FR 19 BE 5 • • • • • • • • • • • • • • • •10 UBS GROUP 34 LU 33 IE 24 FR 13 • • • • • • • • • • • • • • • •10 COMMONWEALTH BANK OF AUS 34 IE 31 UK 15 - - • • • • • • • • • • • • • • • • •10 ABERDEEN STANDARD INV 34 LU 33 UK 5 - - • • • • • • • • • • • • • • • • • •14 ALLIANCEBERNSTEIN (LUXEMBOURG) S.À R.L. 33 LU 32 - - - - • • • • • • • • • • • • •15 GAM 31 IE 27 LU 25 VG 3 • • • • • • • • • • • • • •15 CREDIT SUISSE FUND MANAGEMENT S.A. 31 LU 30 - - - - • • • • • • • • • • • • • •15 CAPITAL FOUR MAN AS 31 LU 30 IE 18 - - • • • • • • • • • • • • • • •18 DEUTSCHE BANK 30 LU 23 IE 21 JE 12 • • • • • • • • • • • • •19 JANUS HENDERSON 29 LU 28 IE 23 UK 3 • • • • • • • • • • • • • • •20 T. ROWE PRICE GROUP 28 LU 27 - - - - • • • • • • • • • • • • • • • •20 PICTET ASSET MANAGEMENT (EUROPE) S.A. 28 LU 27 CH 3 - - • • • • • • • • • • • • •20 MORGAN STANLEY 28 LU 25 IE 17 FR 4 • • • • • • • • • • • • •20 GOLDMAN SACHS 28 LU 26 IE 20 • • • • • • • • • • • • • •24 M&G INVESTMENT MGMT 27 LU 23 UK 21 IE 16 • • • • • • • • • • • • •25 NEUBERGER BERMAN 26 IE 25 - - - - • • • • • • • • • • • •25 BNY MELLON GROUP 26 IE 25 UK 3 - - • • • • • • • • • • • • •25 JUPITER 26 LU 25 IE 21 - - • • • • • • • • • • •25 NOMURA 26 IE 25 DE 4 - - • • • • • • • • • •25 VONTOBEL HOLDING 26 LU 25 - - - - • • • • • • • • •30 PINEBRIDGE INVESTMENTS 25 IE 24 - - - - • • • • • • • • • •30 NN GROUP 25 LU 23 NL 10 - - • • • • • • • • • • • •30 BLUEBAY ASSET MANAGEMENT 25 LU 23 IE 17 - - • • • • • • • • • • • • • •30 WELLINGTON MANAGEMENT CO 25 LU 22 IE 20 KY 3 • • • • • • • • • • •34 VANGUARD 24 IE 22 US 3 - - • • • • • • • • • • • • • •34 COLUMBIA THREADNEEDLE 24 LU 22 UK 5 - - • • • • • • • • • • •34 STATE STREET GLOBAL ADVISORS 24 IE 19 LU 15 US 5 • • • • • • • • •34 SOCIETE GENERALE 24 LU 22 FR 18 IE 15 • • • • • • • • • • •34 NINETY ONE UK 24 LU 23 - - - - • • • • • • • • •34 ROBECO 24 LU 23 NL 10 - - • • • • • • • • • •40 PRINCIPAL GLOBAL INVESTORS LLC 23 IE 22 - - - - • • • • • • • • • • •40 UNION BANCAIRE PRIVEE 23 LU 22 IE 12 - - • • • • • • • • • • •42 RUSSELL 22 IE 21 - - - - • • • • • • • • •42 AXA INVESTMENT MANAGERS 22 LU 20 IE 18 FR 8 • • • • • • • • • • •42 BAILLIE GIFFORD & CO 22 IE 21 - - - - • • • • • • • • • • •42 CAPITAL GROUP 22 LU 21 - - - - • • • • • • • • • • •46 FUNDSMITH 21 LU 20 UK 5 - - • • • • • • • • • •46 COMGEST 21 IE 20 FR 6 - - • • • • • • • • •46 MFS INVESTMENT MANAGEMENT 21 LU 20 - - - - • • • • • • • • •46 WISDOMTREE INVESTMENTS 21 JE 16 IE 12 US 3 • • • • • • • • • •46 POLAR CAPITAL 21 IE 20 - - - - • • • • • • • • • • • • •46 NORDEA 21 LU 20 FI 3 - - • • • • • • • • • • •46 LGT GROUP 21 LI 16 IE 15 LU 4 • • • • • • • • • • • •46 LAZARD ASSET MANAGEMENT 21 IE 19 FR 11 DE 2 • • • • • • • • • •46 SEB 21 LU 20 SE 2 - - • • • • • • • • • • • •46 NEW YORK LIFE INVESTMENT 21 LU 20 FR 11 BE 9 • • • • • • • • •46 BMO GLOBAL ASSET MANAGEMENT 21 IE 19 LU 16 UK 2 • • • • • • • • • • •

Total 56 55 6 8 10 19 54 9 56 56 56 10 25 17 17 29 54 8 56 18 7 30 8 56 13


Top 56 cross-border management groups - EuropeExplanation - Ranking according to the total number of countries of distribution.

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



OF DISTRIBUTION

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)

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 59 LU 58 IE 8 US 2 • • • • • • • • • •2 FIDELITY INVESTMENTS 47 LU 46 IE 22 UK 10 • • • • • • • • • •3 HSBC HOLDINGS 43 LU 39 IE 19 UK 5 • • • • • • • •4 SCHRODERS 42 LU 40 UK 2 HK 2 • • • • • • • • • •5 BLACKROCK 41 LU 36 IE 29 DE 18 • • • • • • • • •6 INVESCO 38 LU 35 IE 22 • • • • • • • • •6 ALLIANZ GROUP 38 LU 37 IE 28 FR 8 • • • • • • • • • •8 JPMORGAN CHASE & CO 36 LU 35 IE 16 HK 3 • • • • • • • • •

9 AMUNDI GROUP 35 LU 34 FR 14 IE 11 • • • • • • • • • •

10 BNP PARIBAS 34 LU 33 FR 19 BE 5 • • • • • • • • • •10 UBS GROUP 34 LU 33 IE 24 FR 13 • • • • • • • •10 COMMONWEALTH BANK OF AUS 34 IE 31 UK 15 - - • • • • • • • • • • •10 ABERDEEN STANDARD INV 34 LU 33 UK 5 - - • • • • • • •14 ALLIANCEBERNSTEIN (LUXEMBOURG) S.À R.L. 33 LU 32 - - - - • • • • • • • • • •15 GAM 31 IE 27 LU 25 VG 3 • • • • • • •15 CREDIT SUISSE FUND MANAGEMENT S.A. 31 LU 30 - - - - • • • • • • • •15 CAPITAL FOUR MAN AS 31 LU 30 IE 18 - - • • • • • • •18 DEUTSCHE BANK 30 LU 23 IE 21 JE 12 • • • • • • •19 JANUS HENDERSON 29 LU 28 IE 23 UK 3 • • • • • • •20 T. ROWE PRICE GROUP 28 LU 27 - - - - • • • • • • •20 PICTET ASSET MANAGEMENT (EUROPE) S.A. 28 LU 27 CH 3 - - • • • • • • • •20 MORGAN STANLEY 28 LU 25 IE 17 FR 4 • • • • • • • • •20 GOLDMAN SACHS 28 LU 26 IE 20 • • • • • • •24 M&G INVESTMENT MGMT 27 LU 23 UK 21 IE 16 • • • • • • • •25 NEUBERGER BERMAN 26 IE 25 - - - - • • • • • • •25 BNY MELLON GROUP 26 IE 25 UK 3 - - • • • • • • •25 JUPITER 26 LU 25 IE 21 - - • • • • • • •25 NOMURA 26 IE 25 DE 4 - - • • • • • • •25 VONTOBEL HOLDING 26 LU 25 - - - - • • • • • • •30 PINEBRIDGE INVESTMENTS 25 IE 24 - - - - • • • • • • •30 NN GROUP 25 LU 23 NL 10 - - • • • • • • • • •30 BLUEBAY ASSET MANAGEMENT 25 LU 23 IE 17 - - • • • • • • •30 WELLINGTON MANAGEMENT CO 25 LU 22 IE 20 KY 3 • • • • • • •34 VANGUARD 24 IE 22 US 3 - - • • • • • • •34 COLUMBIA THREADNEEDLE 24 LU 22 UK 5 - - • • • • • • •34 STATE STREET GLOBAL ADVISORS 24 IE 19 LU 15 US 5 • • • • • • •34 SOCIETE GENERALE 24 LU 22 FR 18 IE 15 • • • • • • • • •34 NINETY ONE UK 24 LU 23 - - - - • • • • • • •34 ROBECO 24 LU 23 NL 10 - - • • • • • • • •40 PRINCIPAL GLOBAL INVESTORS LLC 23 IE 22 - - - - • • • • • •40 UNION BANCAIRE PRIVEE 23 LU 22 IE 12 - - • • • • • • •42 RUSSELL 22 IE 21 - - - - • • • • • •42 AXA INVESTMENT MANAGERS 22 LU 20 IE 18 FR 8 • • • • • • •42 BAILLIE GIFFORD & CO 22 IE 21 - - - - • • • • • •42 CAPITAL GROUP 22 LU 21 - - - - • • • • • • •46 FUNDSMITH 21 LU 20 UK 5 - - • • • • • • •46 COMGEST 21 IE 20 FR 6 - - • • • • • • •46 MFS INVESTMENT MANAGEMENT 21 LU 20 - - - - • • • • • • •46 WISDOMTREE INVESTMENTS 21 JE 16 IE 12 US 3 • • • • • • •46 POLAR CAPITAL 21 IE 20 - - - - • • • • • • •46 NORDEA 21 LU 20 FI 3 - - • • • • • • • •46 LGT GROUP 21 LI 16 IE 15 LU 4 • • • • • • • •46 LAZARD ASSET MANAGEMENT 21 IE 19 FR 11 DE 2 • • • • • • •46 SEB 21 LU 20 SE 2 - - • • • • • • •46 NEW YORK LIFE INVESTMENT 21 LU 20 FR 11 BE 9 • • • • • • • •46 BMO GLOBAL ASSET MANAGEMENT 21 IE 19 LU 16 UK 2 • • • • • • •

Total 2 56 56 16 50 10 1 16 4 56 56 56 56


Top 56 cross-border management groups - OthersExplanation - Ranking according to the total number of countries of distribution.

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



OF DISTRIBUTION

MIDDLE EAST ASIA PACIFIC AFRICA

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

rain

Isra

el

Jord

an

Kuw

ait

Leba

non

Om

an

Qat

ar

Sau

di A

rabi

a

Turk

ey

Uni

ted

Ara

b E

mir

ates

Aus

tral

ia

Bru

nei D

arus

sala

m

Chi

na

Hon

g K

ong

Japa

n

Kor

ea

Mac

au

New

Zea

land

Sin

gapo

re

Taiw

an

Vie

tnam

Bot

swan

a

Egy

pt

Mau

ritiu

s

Sou

th A

fric

a

Sw

azila

nd

1 FRANKLIN TEMPLETON 59 LU 58 IE 8 US 2 • • • • • • • • • • • • • • • • • • •2 FIDELITY INVESTMENTS 47 LU 46 IE 22 UK 10 • • • • • • • • • • • • • •3 HSBC HOLDINGS 43 LU 39 IE 19 UK 5 • • • • • • • • • • • • • • •4 SCHRODERS 42 LU 40 UK 2 HK 2 • • • • • • • •5 BLACKROCK 41 LU 36 IE 29 DE 18 • • • • • • • • • • • •6 INVESCO 38 LU 35 IE 22 • • • • • • • •6 ALLIANZ GROUP 38 LU 37 IE 28 FR 8 • • • • • • • • •8 JPMORGAN CHASE & CO 36 LU 35 IE 16 HK 3 • • • • •

9 AMUNDI GROUP 35 LU 34 FR 14 IE 11 • • • • • • •

10 BNP PARIBAS 34 LU 33 FR 19 BE 5 • • • • • •10 UBS GROUP 34 LU 33 IE 24 FR 13 • • • • • • •10 COMMONWEALTH BANK OF AUS 34 IE 31 UK 15 - - • • • •10 ABERDEEN STANDARD INV 34 LU 33 UK 5 - - • • • • • •14 ALLIANCEBERNSTEIN (LUXEMBOURG) S.À R.L. 33 LU 32 - - - - • • • • • • • •15 GAM 31 IE 27 LU 25 VG 3 • • • • • • •15 CREDIT SUISSE FUND MANAGEMENT S.A. 31 LU 30 - - - - • • • • • • •15 CAPITAL FOUR MAN AS 31 LU 30 IE 18 - - • • • • • •18 DEUTSCHE BANK 30 LU 23 IE 21 JE 12 • • • • • •19 JANUS HENDERSON 29 LU 28 IE 23 UK 3 • • • • •20 T. ROWE PRICE GROUP 28 LU 27 - - - - • • • • •20 PICTET ASSET MANAGEMENT (EUROPE) S.A. 28 LU 27 CH 3 - - • • • • •20 MORGAN STANLEY 28 LU 25 IE 17 FR 4 • • • •20 GOLDMAN SACHS 28 LU 26 IE 20 • • • • •24 M&G INVESTMENT MGMT 27 LU 23 UK 21 IE 16 • • • • •25 NEUBERGER BERMAN 26 IE 25 - - - - • • • • •25 BNY MELLON GROUP 26 IE 25 UK 3 - - • • • •25 JUPITER 26 LU 25 IE 21 - - • • • • • • •25 NOMURA 26 IE 25 DE 4 - - • • • • •25 VONTOBEL HOLDING 26 LU 25 - - - - • • • • •30 PINEBRIDGE INVESTMENTS 25 IE 24 - - - - • • • • • • •30 NN GROUP 25 LU 23 NL 10 - - • •30 BLUEBAY ASSET MANAGEMENT 25 LU 23 IE 17 - - • • •30 WELLINGTON MANAGEMENT CO 25 LU 22 IE 20 KY 3 • • • • •34 VANGUARD 24 IE 22 US 3 - -34 COLUMBIA THREADNEEDLE 24 LU 22 UK 5 - - • • • •34 STATE STREET GLOBAL ADVISORS 24 IE 19 LU 15 US 5 • • • • •34 SOCIETE GENERALE 24 LU 22 FR 18 IE 15 • • •34 NINETY ONE UK 24 LU 23 - - - - • • • • • • •34 ROBECO 24 LU 23 NL 10 - - • • • •40 PRINCIPAL GLOBAL INVESTORS LLC 23 IE 22 - - - - • • • • •40 UNION BANCAIRE PRIVEE 23 LU 22 IE 12 - - • • • •42 RUSSELL 22 IE 21 - - - - • • • • • •42 AXA INVESTMENT MANAGERS 22 LU 20 IE 18 FR 8 • • • •42 BAILLIE GIFFORD & CO 22 IE 21 - - - - • • • •42 CAPITAL GROUP 22 LU 21 - - - - • • • •46 FUNDSMITH 21 LU 20 UK 5 - - • • • •46 COMGEST 21 IE 20 FR 6 - - • • • •46 MFS INVESTMENT MANAGEMENT 21 LU 20 - - - - • • • •46 WISDOMTREE INVESTMENTS 21 JE 16 IE 12 US 3 •46 POLAR CAPITAL 21 IE 20 - - - - •46 NORDEA 21 LU 20 FI 3 - - •46 LGT GROUP 21 LI 16 IE 15 LU 4 •46 LAZARD ASSET MANAGEMENT 21 IE 19 FR 11 DE 2 • • •46 SEB 21 LU 20 SE 2 - - • •46 NEW YORK LIFE INVESTMENT 21 LU 20 FR 11 BE 9 • • •46 BMO GLOBAL ASSET MANAGEMENT 21 IE 19 LU 16 UK 2 • •

Total 21 7 1 2 3 3 3 3 2 30 5 5 2 33 18 36 20 1 54 34 1 1 1 1 14 1


Origin of Luxembourg fund initiators

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 April 2021

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

25

20

15

10

5

0

US GB CH DE FR IT BE LU NL DK Others

4.43.4

2.3 2.1

20.6

17.1

5.4

14.2 13.8

10.2

6.5

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 over EUR 5 248.971 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.

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

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.

10 reasons why the fund industry chooses Luxembourg

About ALFI

The Association of the Luxembourg Fund Industry (ALFI) represents the face and voice of the Luxembourg asset management and investment fund community, championing mainstream, private assets and sustainable investing. ALFI seeks to promote Luxembourg’s fund sector internationally, and to cultivate for the benefit of its members a collaborative, dynamic and innovative ecosystem underpinned by the most robust regulatory framework. ALFI’s ambition is to empower investors to meet their life goals.

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 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 more information: www.pwcgfd.com

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.

For further information, please contact us or visit our website www.alfi.lu

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

[email protected]

alfi | association of theluxembourg fund industry

12, rue ErasmeL- 1468 Luxembourg

July 2021© 2021 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 2021

Documents