GLOBAL FUND DISTRIBUTION 2018 - alfi.lu · Distribution snapshots Number of cross-border funds...

GLOBAL FUND DISTRIBUTION 2018

Distribution snapshots

Number of cross-border funds 12,607

Compound annual growth rate

over 10 years 6.8%

Number of cross-border

registrations 103,531

Compound annual growth rate

over 10 years 7.7%

Target markets for distributionTotal number of new registrations

61Curacao

Cross-border distributionDomicile share of authorisations for cross-border distribution 62%

Luxembourg


42South Korea


26South Africa


1,302Germany

Hot spots for distribution

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%

Explanation - The heat map indicates the total number of registrations at the end of 2017 (see table “Target Markets”) while the percentage shows the number of Top 100 cross-border management groups distributing in each market.

TT 2%

CW 2%

MX 6%

BR 1%

US 6%

PA 2%

CO 2%

KY 3%

BS 1%

BM 1%

CL 58%

PE 36%

CA 8%

GL 1%

JE 24%

GG 24%

CH 98%

LI 28%

DE 99%

AT 92%

FR 99%

MC 3%SM 1%

NL 95%

UK 99%

ES 99%

GI 11%

IT 97%

SE 94%

DK 77%

FI 92%NO 89%

BE 87%

LU 97%

PT 63%

CZ 20%

SK 15%

GR 30%

IE 83%

PL 18%

EE 11%

LV 11%

LT 8%

IS 17%

HU 16%

MT 15%

IM 12%

FO 1%

BG 8%

RO 5%

TR 2%

SI 6%

MU 3%BW 1%

CY 14%

EG 1%

HR 5%

SA 16%

HK 39%

SG 83%

MO 26%

KR 33%

JP 17%

BH 28%

SA 3%OM 3%

QA 5%

KW 1%

AE 23%

JO 1%

LB 4%

IL 1%TW 44%

AU 8%

BN 4%

NZ 2%

CN 1%

Evolution of UCITS net sales and AuM

Source: EFAMA and PwC analysis, 31 December 2017

Source: EFAMA and PwC analysis, 31 December 2017

UCITS funds net sales

Europe

Luxembourg

Ireland

UCITS Assets - Top European domiciles

Luxembourg

France

Ireland

United Kingdom

EUR bn

0

200

400

300

100

500

600

-100

2011 2012 2013 2014 2015 2016YTD 2017

Q3

-90

197229

464

568

275

-24

97

153

228

264

207

736291

56

11296

117

174

573

2010 2011 2012 2013 2014 2015 2016YTD 2017

Q3

1,500

2,500

3,000

3,500

0

500

2,000

1,000759

1,210

1,760

2,002

2,198

1,881

639 631747

863995

1,083 1,0841,161

2,643

2,9473,116

3,381

1,4471,579

1,746

1,068 1,116 1,111 1,146

763 796885

820968 1,044

1,274

+1,500

-325

+987

+522

EUR bnAuM Growth

[2010 - Q3 2017]

Evolution of cross-border distribution

Sources: Lipper LIM and PwC analysis, 31 December 2017 Note: Only true cross-border funds were taken into account - i.e. funds distributed in at least three countries, including their domicile

Number of cross-border funds and registrations

Domicile share of authorisations for 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

Num

ber

of

cross

-bord

er

fund

s

Num

ber

of

cross

-bord

er

reg

istr

ati

ons

0

20,000

40,000

30,000

10,000

60,000

80,000

70,000

50,000

90,000

100,000

110,000

120,000

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 20172004 2005 2006

8,000

10,000

6,000

4,000

2,000

0

12,000

14,000

7,9076%7,441

1%

8,5118%

9,43611%

7,36613%

6,52510%

5,90714%

9,8695%

10,4306%

11,2228%

11,7324%

12,6077%

5,1706%4,875

8%

Number of cross-border funds 12,607

Compound annual growth rate over 10 years 6.8%

Number of cross-border registrations 103,531

Compound annual growth rate over 10 years 7.7%

IrelandRegistrations in:

United Kingdom 2,764

Germany 2,643

France 2,336

Switzerland 2,003

Netherlands 1,879

LuxembourgRegistrations in:

Germany 5,574

Switzerland 4,949

France 4,690

Austria 4,565

United Kingdom 3,832

Top 5 destinations of leading fund domiciles:

Funds Domicile:

Luxembourg

Ireland

United Kingdom

France

Jersey

Other

Number of true cross-border funds

62%

3%

26%

3% 2%

4%

Distribution footprint*

* Of true cross-border funds.

Source: Lipper LIM and PwC analysis, 31 December 2017

Origin of top 51 ManCo

Source: Lipper LIM and PwC analysis, 31 December 2017

United States

United Kingdom

Switzerland

France

South Africa

Germany

Netherlands

Other

Country of origin of cross-border Management Groups

21

5

2

2

2

4

7

8

32% (3 to 4 markets)

7%(20+ markets)

27% (5 to 9 markets)

12%(15 to 19 markets)

22%(10 to 14 markets)

Benchmarking cross-border distribution

Asset classes

Sources: Lipper LIM and PwC analysis, 31 December 2017

Sources: Lipper LIM and PwC analysis, 31 December 2017

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

Change in number of cross-border funds vs number of funds in 2017 (top 15 strategies)

0

30

60

90

120

150

Equity G

lobal

Equity Europe

Equity U

S

Mixed Asse

t Europe

Alternati

ve

Bond Global

Bond Europe

Absolute Return

Bond US

Target M

aturity

Equity Asia

Pacific

Mixed Asse

t US

Bond Emerging Mark

ets

Equity Jap

an

Equity Emerging M

arkets

Change in number of funds from 2016 to 2017

1,616 571 715 489 1,616 861 775 297 1,041 383 223 106 646 577 299Number of funds in 2017

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

2017

2016

Target markets for distribution

Note 1: Only true cross-border funds were taken into account - i.e. funds distributed in at least three countries, including their domicileNote 2: “Top Market” refers to the country in each region with the highest absolute number of new registrations in 2017 Sources: Lipper LIM and PwC analysis, 31 December 2017

Key fund domiciles and their distribution markets

Distribution Markets

Fund Domiciles

Tota

l n

um

ber

of

reg

istr

ati

on

s as

at

Dec

20

17

Nu

mb

er

of

new

re

gis

trati

on

s d

uri

ng

2

017

% g

row

th

20

16

-20

17

Tre

nd

ove

r 5

years

Luxe

mbourg

Irela

nd

France

Jers

ey

Unit

ed

K

ing

dom

Germ

any

Oth

er

EUROPEAndorra 11 0 0 0 0 0 0 11 -1 -8.33% =Austria 4,565 1,769 268 5 121 172 207 7,107 321 4.73% Belgium 2,412 538 143 86 74 24 20 3,297 144 4.57% Bulgaria 139 10 0 0 1 0 10 160 2 1.27% Croatia 18 0 0 0 0 0 0 18 18 100.00% Cyprus 310 17 1 0 2 0 1 331 -30 -8.31% Czech Republic 594 18 1 0 1 0 113 727 -2 -0.27% Denmark 1,778 960 53 236 77 21 17 3,142 222 7.60% Estonia 371 2 0 0 1 0 12 386 -1 -0.26% Faroe Islands 3 0 0 0 0 0 0 3 0 0.00% Finland 2,705 1,340 109 232 65 21 93 4,565 312 7.34% France 4,690 2,336 0 407 179 78 207 7,897 803 11.32%

Top Market Germany 5,574 2,643 582 428 175 0 402 9,804 1,302 15.31% Gibraltar 330 36 0 2 0 0 12 380 36 10.47% Greece 995 60 5 0 6 0 1 1,067 1 0.09% Greenland 8 0 0 0 0 0 0 8 0 0.00% Guernsey 306 135 0 7 77 0 1 526 33 6.69% Hungary 535 7 0 0 1 0 17 560 -18 -3.11% Iceland 499 51 0 0 1 5 3 559 118 26.76% Ireland 1,648 0 22 209 139 0 39 2,057 56 2.80% Isle of Man 40 40 0 5 4 0 0 89 -1 -1.11% Italy 3,624 1,654 409 318 78 54 61 6,198 373 6.40% Jersey 633 140 0 0 77 0 7 857 20 2.39% Latvia 313 1 0 0 1 0 30 345 4 1.17% Liechtenstein 936 244 0 0 0 8 40 1,228 257 26.47% Lithuania 281 3 0 0 1 0 9 294 -1 -0.34% Luxembourg 0 1,678 187 17 90 43 194 2,209 208 10.39% Malta 234 23 0 2 2 0 1 262 22 9.17% Monaco 2 2 0 0 0 0 1 5 0 0.00% Netherlands 3,455 1,879 312 146 100 65 86 6,043 218 3.74% Norway 2,302 1,039 49 104 41 21 104 3,660 248 7.27% Poland 512 6 0 0 1 0 22 541 -14 -2.52% Portugal 1,254 449 18 144 52 3 1 1,921 143 8.04% Romania 33 1 0 0 1 0 3 38 9 31.03% Russian Federation 0 3 0 0 0 0 0 3 2 200.00% San Marino 1 0 0 0 0 0 0 1 0 0.00% Slovakia 438 17 1 0 2 1 94 553 -29 -4.98% Slovenia 35 1 0 0 2 0 17 55 -4 -6.78% Spain 3,702 1,654 290 185 97 44 75 6,047 427 7.60% Sweden 3,144 1,679 110 185 74 21 93 5,306 308 6.16% Switzerland 4,949 2,003 381 9 146 132 203 7,823 865 12.43% United Kingdom 3,832 2,764 391 157 0 31 82 7,257 515 7.64%

Total number of registrations - EUROPE 57,211 25,202 3,332 2,884 1,689 744 2,278 93,340 6,886 7.96%

ASIA PACIFICAustralia 6 19 1 1 1 0 21 49 3 6.52% Brunei Darussalam 82 0 0 0 0 0 0 82 0 0.00% China 0 0 0 0 0 0 3 3 0 0.00% Hong Kong 882 195 0 0 38 3 26 1,144 -31 -2.64% Japan 65 10 0 21 0 4 9 109 4 3.81%

Top Market South Korea 470 40 0 0 3 1 0 514 42 8.90% Macau 590 127 0 0 6 0 58 781 -17 -2.13% New Zealand 2 1 0 0 1 0 4 8 4 100.00% Singapore 2,157 698 38 14 79 5 186 3,177 28 0.89% Taiwan 646 139 3 0 10 8 18 824 0 0.00% Vietnam 3 0 0 0 0 0 0 3 3 100.00%

Total number of registrations - ASIA PACIFIC 4,903 1,229 42 36 138 21 325 6,694 36 0.54%

Target markets for distribution

Key fund domiciles and their distribution markets

Distribution Markets

Fund Domiciles

Tota

l n

um

ber

of

reg

istr

ati

on

s as

at

Dec

20

17

Nu

mb

er

of

new

re

gis

trati

on

s d

uri

ng

2

017

% g

row

th

20

16

-20

17

Tre

nd

ove

r 5

years

Luxe

mbourg

Irela

nd

France

Jers

ey

Unit

ed

K

ing

dom

Germ

any

Oth

er

MIDDLE EASTBahrain 321 61 0 5 3 0 33 423 -45 -9.62% Israel 1 1 0 0 0 0 1 3 1 50.00% Jordan 0 1 0 0 0 0 0 1 0 0.00% Kuwait 3 0 0 0 0 0 1 4 0 0.00% Lebanon 26 2 0 0 0 0 0 28 -4 -12.50% Oman 117 0 0 0 0 0 1 118 -1 -0.84% Qatar 120 0 0 0 0 0 2 122 -3 -2.40% Saudi Arabia 1 1 0 0 0 0 3 5 -1 -16.67% Turkey 11 0 0 0 0 0 0 11 1 10.00%

Top Market United Arab Emirates 60 21 1 7 0 0 3 92 19 26.03% Total number of registrations - MIDDLE EAST 660 87 1 12 3 0 44 807 -33 -3.93%

AMERICASBrazil 1 0 0 0 0 0 0 1 1 100.00% British Virgin Islands 0 1 0 0 0 0 0 1 1 100.00% =Canada 1 8 0 0 7 0 11 27 3 12.50% Cayman Islands 0 0 0 1 0 0 4 5 0 0.00% Chile 864 212 78 0 56 23 282 1,515 23 1.54% Colombia 3 1 0 0 0 0 0 4 -3 -42.86%

Top Market Curacao 110 1 0 0 0 0 0 111 61 122.00% Dominican Republic 0 1 0 0 0 0 0 1 0 0.00% Mexico 1 6 3 0 1 1 0 12 3 33.33% Panama 0 2 0 0 0 0 0 2 0 0.00% =Peru 304 96 7 0 14 12 269 702 -3 -0.43% Trinidad & Tobago 0 0 0 1 0 0 0 1 0 0.00% United States 0 3 0 1 1 0 2 7 0 0.00%

Total number of registrations - AMERICAS 1,284 331 88 3 79 36 568 2,389 86 3.69%

AFRICABotswana 22 0 0 0 0 0 0 22 0 0.00% Mauritius 44 0 0 0 0 0 1 45 -17 -27.42%

Top Market South Africa 130 79 0 15 4 0 4 232 26 12.62% Swaziland 1 0 0 0 0 0 0 1 1 100.00% =Zambia 0 0 0 0 0 0 1 1 -1 -50.00%

Total number of registrations - AFRICA 197 79 0 15 4 0 6 301 9 3.08%

TOTAL 64,255 26,928 3,463 2,950 1,913 801 3,221 103,531 6,984 7.23%

Note 1: Only true cross-border funds were taken into account - i.e. funds distributed in at least three countries, including their domicileNote 2: “Top Market” refers to the country in each region with the highest absolute number of new registrations in 2017 Sources: Lipper LIM and PwC analysis, 31 December 2017

Sources: Lipper LIM and PwC analysis, 31 December 2017 Note: Refer to the map for country codes

Top 51 cross-border management groups - Americas

Explanation - 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)

Bah

amas

Ber

mud

a

Bra

zil

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 56 LU 54 IE 7 US 4 • • • • • •2 FIDELITY INTERNATIONAL 49 LU 47 UK 11 IE 10 • • • • • •3 BLACKROCK 41 LU 35 IE 31 DE 18 • • • •4 HSBC 40 LU 35 IE 18 HK 3 • • •5 BNP PARIBAS 37 LU 35 FR 19 BE 5 • • •6 JPMORGAN CHASE & CO 36 LU 34 IE 12 HK 6 • • •7 ALLIANZ GROUP 35 LU 34 IE 13 DE 7 • •8 GAM 34 LU 29 IE 28 UK 4 • •8 SCHRODERS 34 LU 32 UK 4 HK 2 • •8 UBS 34 LU 33 IE 20 FR 4 • • • •

11 ABERDEEN STANDARD INVESTMENTS 33 LU 32 UK 6 - - • •11 AMUNDI-PIONEER INVESTMENTS 33 LU 32 FR 15 AT 4 • •13 COMMONWEALTH BANK OF AUS 32 IE 25 UK 15 - - • •13 INVESCO 32 LU 30 IE 26 KY 2 • •15 CAPITAL GROUP 30 LU 29 - - - - • • •15 T. ROWE PRICE GROUP 30 LU 29 UK 2 - - •17 ALLIANCEBERNSTEIN (LUXEMBOURG)

S.À.R.L 29 LU 28 - - - - •17 PICTET & CIE 29 LU 28 CH 2 - - • •19 DEUTSCHE BANK 28 LU 24 IE 18 DE 13 • • • •20 LEGAL & GENERAL GROUP 28 UK 26 LU 11 - -21 LEGG MASON 27 IE 26 - - - - • • •21 MASSACHUSETTS MUT LIFE 27 IE 25 UK 17 - - • •21 PRUDENTIAL 27 UK 21 LU 20 - - •24 BNY MELLON 26 IE 25 UK 10 - - • •24 CREDIT SUISSE GROUP 26 LU 25 IE 10 LI 2 •24 GOLDMAN SACHS 26 LU 24 IE 13 - - • •24 JANUS HENDERSON 26 LU 25 IE 20 UK 13 • •24 PIMCO 26 IE 25 - - - - •24 PINEBRIDGE 26 IE 25 - - - - • •24 ROBECO 26 LU 25 NL 8 - - • •31 MORGAN STANLEY 24 LU 22 IE 16 FR 3 • •31 MFS 24 LU 23 - - - - • •31 NN INVESTMENT PARTNERS 24 LU 23 - - - - • •34 AXA IM 23 LU 21 IE 20 FR 7 •34 BANK SARASIN 23 LU 19 IE 5 UK 5

34 COLUMBIA THREADNEEDLE INVESTMENTS 23 UK 20 LU 18 - - • •

34 INVESTEC 23 LU 21 GG 3 UK 2 •34 KBC 23 LU 22 BE 8 IE 3 •34 LLOYDS TSB GROUP 23 IE 14 JE 9 UK 234 NOMURA 23 IE 22 - - - - • • •34 OLD MUTUAL 23 IE 22 UK 6 - - •34 UBP 23 LU 21 FR 11 - - • •34 VONTOBEL 23 LU 22 - - - - • • •34 WELLINGTON MANAGEMENT 23 LU 19 IE 19 US 2 • • •45 LYXOR 22 LU 19 FR 16 IE 12 • • •45 STATE STREET 22 IE 16 LU 14 FR 8 • • •47 BLUEBAY 21 LU 20 - - - - •47 NORDEA 21 LU 20 FI 3 - - •47 PRINCIPAL GLOBAL INVESTORS 21 IE 19 HK 2 - - •50 EURIZON CAPITAL 20 LU 19 - - - - •50 NEW YORK LIFE INVESTMENT 20 LU 19 FR 10 BE 8 •

TOTAL 1 1 1 6 3 47 3 1 5 2 31 1 4

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)

And

orra

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

1 FRANKLIN TEMPLETON 56 LU 54 IE 7 US 4 • • • • • • • • • • • • • • • • • • • • •2 FIDELITY INTERNATIONAL 49 LU 47 UK 11 IE 10 • • • • • • • • • • • • • • • •3 BLACKROCK 41 LU 35 IE 31 DE 18 • • • • • • • • • • • • • • • •4 HSBC 40 LU 35 IE 18 HK 3 • • • • • • • • • • • • • •5 BNP PARIBAS 37 LU 35 FR 19 BE 5 • • • • • • • • • • • • • • •6 JPMORGAN CHASE & CO 36 LU 34 IE 12 HK 6 • • • • • • • • • • • • • • • •7 ALLIANZ GROUP 35 LU 34 IE 13 DE 7 • • • • • • • • • • • • • •8 GAM 34 LU 29 IE 28 UK 4 • • • • • • • • • • • • • • • •8 SCHRODERS 34 LU 32 UK 4 HK 2 • • • • • • • • • • • • • • •8 UBS 34 LU 33 IE 20 FR 4 • • • • • • • • • • • • • •

11 ABERDEEN STANDARD INVESTMENTS 33 LU 32 UK 6 - - • • • • • • • • • • • • • • • •11 AMUNDI-PIONEER INVESTMENTS 33 LU 32 FR 15 AT 4 • • • • • • • • • • • • • •13 COMMONWEALTH BANK OF AUS 32 IE 25 UK 15 - - • • • • • • • • • • • • • • •13 INVESCO 32 LU 30 IE 26 KY 2 • • • • • • • • • • • • • • •15 CAPITAL GROUP 30 LU 29 - - - - • • • • • • • • • • • •15 T. ROWE PRICE GROUP 30 LU 29 UK 2 - - • • • • • • • • • • • • • • •17 ALLIANCEBERNSTEIN (LUXEMBOURG)

S.À.R.L 29 LU 28 - - - - • • • • • • • • • •17 PICTET & CIE 29 LU 28 CH 2 - - • • • • • • • • • • •19 DEUTSCHE BANK 28 LU 24 IE 18 DE 13 • • • • • • • • •20 LEGAL & GENERAL GROUP 28 UK 26 LU 11 - - • • • • • • • • • • • • • • •21 LEGG MASON 27 IE 26 - - - - • • • • • • • • • •21 MASSACHUSETTS MUT LIFE 27 IE 25 UK 17 - - • • • • • • • • • • •21 PRUDENTIAL 27 UK 21 LU 20 - - • • • • • • • • • •24 BNY MELLON 26 IE 25 UK 10 - - • • • • • • • • • • • •24 CREDIT SUISSE GROUP 26 LU 25 IE 10 LI 2 • • • • • • • • • • • • •24 GOLDMAN SACHS 26 LU 24 IE 13 - - • • • • • • • • • •24 JANUS HENDERSON 26 LU 25 IE 20 UK 13 • • • • • • • • • • •24 PIMCO 26 IE 25 - - - - • • • • • • • • •24 PINEBRIDGE 26 IE 25 - - - - • • • • • • • • •24 ROBECO 26 LU 25 NL 8 - - • • • • • • • • •31 MORGAN STANLEY 24 LU 22 IE 16 FR 3 • • • • • • • • • • •31 MFS 24 LU 23 - - - - • • • • • • • • • •31 NN INVESTMENT PARTNERS 24 LU 23 - - - - • • • • • • • • • •34 AXA IM 23 LU 21 IE 20 FR 7 • • • • • • • • •34 BANK SARASIN 23 LU 19 IE 5 UK 5 • • • • • • • • • • •34 COLUMBIA THREADNEEDLE

INVESTMENTS 23 UK 20 LU 18 - - • • • • • • • •34 INVESTEC 23 LU 21 GG 3 UK 2 • • • • • • • • •34 KBC 23 LU 22 BE 8 IE 3 • • • • • • • • • •34 LLOYDS TSB GROUP 23 IE 14 JE 9 UK 2 • • • • • • • • • • •34 NOMURA 23 IE 22 - - - - • • • • • • • •34 OLD MUTUAL 23 IE 22 UK 6 - - • • • • • • • •34 UBP 23 LU 21 FR 11 - - • • • • • • • • •34 VONTOBEL 23 LU 22 - - - - • • • • • • •34 WELLINGTON MANAGEMENT 23 LU 19 IE 19 US 2 • • • • • • • • •45 LYXOR 22 LU 19 FR 16 IE 12 • • • • • • • •45 STATE STREET 22 IE 16 LU 14 FR 8 • • • • • • • •47 BLUEBAY 21 LU 20 - - - - • • • • • • • • • • •47 NORDEA 21 LU 20 FI 3 - - • • • • • • • • • •47 PRINCIPAL GLOBAL INVESTORS 21 IE 19 HK 2 - - • • • • • • • • •50 EURIZON CAPITAL 20 LU 19 - - - - • • • • • • • •50 NEW YORK LIFE INVESTMENT 20 LU 19 FR 10 BE 8 • • • • • • • •

TOTAL 1 50 49 7 5 10 18 47 9 50 51 51 10 26 15 17 16 47 8 51 14 6 20 7

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 - continued

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 56 LU 54 IE 7 US 4 • • • • • • • • • • • • •2 FIDELITY INTERNATIONAL 49 LU 47 UK 11 IE 10 • • • • • • • • • • • •3 BLACKROCK 41 LU 35 IE 31 DE 18 • • • • • • • • • • •4 HSBC 40 LU 35 IE 18 HK 3 • • • • • • • • •5 BNP PARIBAS 37 LU 35 FR 19 BE 5 • • • • • • • • • • •6 JPMORGAN CHASE & CO 36 LU 34 IE 12 HK 6 • • • • • • • • • •7 ALLIANZ GROUP 35 LU 34 IE 13 DE 7 • • • • • • • • • •8 GAM 34 LU 29 IE 28 UK 4 • • • • • • • •8 SCHRODERS 34 LU 32 UK 4 HK 2 • • • • • • • • • •8 UBS 34 LU 33 IE 20 FR 4 • • • • • • • • •

11 ABERDEEN STANDARD INVESTMENTS 33 LU 32 UK 6 - - • • • • • • • • •11 AMUNDI-PIONEER INVESTMENTS 33 LU 32 FR 15 AT 4 • • • • • • • • • • •13 COMMONWEALTH BANK OF AUS 32 IE 25 UK 15 - - • • • • • • • • • • • •13 INVESCO 32 LU 30 IE 26 KY 2 • • • • • • • • •15 CAPITAL GROUP 30 LU 29 - - - - • • • • • • • • •15 T. ROWE PRICE GROUP 30 LU 29 UK 2 - - • • • • • • • •17 ALLIANCEBERNSTEIN (LUXEMBOURG)

S.À.R.L 29 LU 28 - - - - • • • • • • • • • •17 PICTET & CIE 29 LU 28 CH 2 - - • • • • • • • • • •19 DEUTSCHE BANK 28 LU 24 IE 18 DE 13 • • • • • • • •20 LEGAL & GENERAL GROUP 28 UK 26 LU 11 - - • • • • • • • • • • • • •21 LEGG MASON 27 IE 26 - - - - • • • • • • • • •21 MASSACHUSETTS MUT LIFE 27 IE 25 UK 17 - - • • • • • • •21 PRUDENTIAL 27 UK 21 LU 20 - - • • • • • • • •24 BNY MELLON 26 IE 25 UK 10 - - • • • • • • • •24 CREDIT SUISSE GROUP 26 LU 25 IE 10 LI 2 • • • • • • • •24 GOLDMAN SACHS 26 LU 24 IE 13 - - • • • • • • • • •24 JANUS HENDERSON 26 LU 25 IE 20 UK 13 • • • • • • • • •24 PIMCO 26 IE 25 - - - - • • • • • • • •24 PINEBRIDGE 26 IE 25 - - - - • • • • • • • •24 ROBECO 26 LU 25 NL 8 - - • • • • • • • •31 MORGAN STANLEY 24 LU 22 IE 16 FR 3 • • • • • • • •31 MFS 24 LU 23 - - - - • • • • • • • •31 NN INVESTMENT PARTNERS 24 LU 23 - - - - • • • • • • • • • •34 AXA IM 23 LU 21 IE 20 FR 7 • • • • • • • •34 BANK SARASIN 23 LU 19 IE 5 UK 5 • • • • • • •34 COLUMBIA THREADNEEDLE

INVESTMENTS 23 UK 20 LU 18 - - • • • • • • • •34 INVESTEC 23 LU 21 GG 3 UK 2 • • • • • • •34 KBC 23 LU 22 BE 8 IE 3 • • • • • • • • •34 LLOYDS TSB GROUP 23 IE 14 JE 9 UK 2 • • • • • • • • •34 NOMURA 23 IE 22 - - - - • • • • • • • •34 OLD MUTUAL 23 IE 22 UK 6 - - • • • • • • • •34 UBP 23 LU 21 FR 11 - - • • • • • • • •34 VONTOBEL 23 LU 22 - - - - • • • • • • • •34 WELLINGTON MANAGEMENT 23 LU 19 IE 19 US 2 • • • • • • • • •45 LYXOR 22 LU 19 FR 16 IE 12 • • • • • • • • •45 STATE STREET 22 IE 16 LU 14 FR 8 • • • • • • •47 BLUEBAY 21 LU 20 - - - - • • • • • • •47 NORDEA 21 LU 20 FI 3 - - • • • • • • • • •47 PRINCIPAL GLOBAL INVESTORS 21 IE 19 HK 2 - - • • • • • • •50 EURIZON CAPITAL 20 LU 19 - - - - • • • • • • • • •50 NEW YORK LIFE INVESTMENT 20 LU 19 FR 10 BE 8 • • • • • • • • •

TOTAL 51 12 2 51 49 16 42 7 1 16 6 51 51 51 50

Top 51 cross-border management groups - Others



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1 FRANKLIN TEMPLETON 56 LU 54 IE 7 US 4 • • • • • • • • • • • • • • • •2 FIDELITY INTERNATIONAL 49 LU 47 UK 11 IE 10 • • • • • • • • • • • • • • •3 BLACKROCK 41 LU 35 IE 31 DE 18 • • • • • • • • • •4 HSBC 40 LU 35 IE 18 HK 3 • • • • • • • • • • • • • •5 BNP PARIBAS 37 LU 35 FR 19 BE 5 • • • • • • • •6 JPMORGAN CHASE & CO 36 LU 34 IE 12 HK 6 • • • • • • •7 ALLIANZ GROUP 35 LU 34 IE 13 DE 7 • • • • • • • • •8 GAM 34 LU 29 IE 28 UK 4 • • • • • • • •8 SCHRODERS 34 LU 32 UK 4 HK 2 • • • • • • •8 UBS 34 LU 33 IE 20 FR 4 • • • • • • •

11 ABERDEEN STANDARD INVESTMENTS 33 LU 32 UK 6 - - • • • • • •11 AMUNDI-PIONEER INVESTMENTS 33 LU 32 FR 15 AT 4 • • • • • •13 COMMONWEALTH BANK OF AUS 32 IE 25 UK 15 - - • • •13 INVESCO 32 LU 30 IE 26 KY 2 • • • • • •15 CAPITAL GROUP 30 LU 29 - - - - • • • • • •15 T. ROWE PRICE GROUP 30 LU 29 UK 2 - - • • • • • •17 ALLIANCEBERNSTEIN (LUXEMBOURG)

S.À.R.L 29 LU 28 - - - - • • • • • • • •17 PICTET & CIE 29 LU 28 CH 2 - - • • • • • •19 DEUTSCHE BANK 28 LU 24 IE 18 DE 13 • • • • • • •20 LEGAL & GENERAL GROUP 28 UK 26 LU 11 - -21 LEGG MASON 27 IE 26 - - - - • • • • •21 MASSACHUSETTS MUT LIFE 27 IE 25 UK 17 - - • • • • • • •21 PRUDENTIAL 27 UK 21 LU 20 - - • • • • • • • •24 BNY MELLON 26 IE 25 UK 10 - - • • • •24 CREDIT SUISSE GROUP 26 LU 25 IE 10 LI 2 • • • •24 GOLDMAN SACHS 26 LU 24 IE 13 - - • • • • •24 JANUS HENDERSON 26 LU 25 IE 20 UK 13 • • • •24 PIMCO 26 IE 25 - - - - • • • • • • • •24 PINEBRIDGE 26 IE 25 - - - - • • • • • • •24 ROBECO 26 LU 25 NL 8 - - • • • • • • •31 MORGAN STANLEY 24 LU 22 IE 16 FR 3 • • •31 MFS 24 LU 23 - - - - • • • •31 NN INVESTMENT PARTNERS 24 LU 23 - - - - • •34 AXA IM 23 LU 21 IE 20 FR 7 • • • • •34 BANK SARASIN 23 LU 19 IE 5 UK 5 • • • • •34 COLUMBIA THREADNEEDLE

INVESTMENTS 23 UK 20 LU 18 - - • • • • •34 INVESTEC 23 LU 21 GG 3 UK 2 • • • • • •34 KBC 23 LU 22 BE 8 IE 3 • • •34 LLOYDS TSB GROUP 23 IE 14 JE 9 UK 2 • • •34 NOMURA 23 IE 22 - - - - • • • •34 OLD MUTUAL 23 IE 22 UK 6 - - • • • • • •34 UBP 23 LU 21 FR 11 - - • • • •34 VONTOBEL 23 LU 22 - - - - • • • • •34 WELLINGTON MANAGEMENT 23 LU 19 IE 19 US 2 • •45 LYXOR 22 LU 19 FR 16 IE 12 • •45 STATE STREET 22 IE 16 LU 14 FR 8 • • • •47 BLUEBAY 21 LU 20 - - - - • •47 NORDEA 21 LU 20 FI 3 - - •47 PRINCIPAL GLOBAL INVESTORS 21 IE 19 HK 2 - - • • • •50 EURIZON CAPITAL 20 LU 19 - - - - • •50 NEW YORK LIFE INVESTMENT 20 LU 19 FR 10 BE 8 • •

TOTAL 4 4 2 36 15 29 27 1 50 37 24 1 1 1 4 3 4 3 2 24 1 1 2 12

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 of 31 May 2018

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

4.2

2.3 2.2 2.0

20.3

17.8

5.9

14.3 13.6

9.38.1

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 4,270 billion 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 FundIndustry (ALFI), the representative body forthe Luxembourg investment fund community,was founded in 1988. Today it represents more than 1 400 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 “Lead industryefforts to make Luxembourg the mostattractive international investment fund centre”.

Its main objectives are to:

Help members capitalise on industry trendsALFI’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.

Shape regulationAn 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.

Foster dedication to professionalstandards, integrity and qualityInvestor 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.

Promote the Luxembourg investment fund industryALFI 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.

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

[email protected]

alfi | association of theluxembourg fund industry

12, rue ErasmeL- 1468 Luxembourg

July 2018 © 2018 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 2018 - alfi.lu · Distribution snapshots Number of cross-border funds...

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