The Luxembourg Fund industry Facts and Figures 7 October, 2009
AGENDA 1. Worldwide Fund industry 2. European landscape 3. Luxembourg market 4. Luxembourg : hub for cross border distribution
Agenda 1. Worldwide Fund industry 2. European landscape 3. Luxembourg market 4. Luxembourg : hub for cross border distribution
Worldwide investment fund assets Trillions of euros / End of quarter (UCITS equivalent) Sources: ICI / EFAMA
Agenda 1. Worldwide Fund industry 2. European landscape 3. Luxembourg market 4. Luxembourg : hub for cross border distribution
European Fund industry UCITS & NON-UCITS Assets Country millions Market share UCITS Country Assets millions Market share Luxembourg 1 631 256 25.6 France 1 359 973 21.3 Germany 934 795 14.7 Ireland 671 915 10.5 United Kingdom 534 527 8.4 Italy 240 865 3.8 Spain 193 523 3.0 Switzerland 145 062 2.3 Austria 129 156 2.0 Sweden 97 746 1.5 Others 439 510 6.9 Total 6 378 327 100.0 Luxembourg 1 398 258 29.2 France 1 203 973 25.1 Ireland 542 560 11.3 United Kingdom 452 112 9.4 Germany 194 739 4.1 Italy 186 202 3.9 Spain 186 063 3.9 Switzerland 108 379 2.3 Sweden 96 703 2.0 Belgium 79 457 1.7 Others 339 716 7.1 Total 4 788 161 100.0 Figures as at June 30, 2009 Source: EFAMA
UCITS vs Non-UCITS : Europe & Luxembourg EUROPE LUXEMBOURG Non-UCITS 25% Non-UCITS 14% UCITS 75% UCITS 86% Figures as at June 30, 2009 Source: EFAMA
Asset allocation by UCITS type in % EUROPE Money Market funds 25% Other UCITS 5% Equity funds 31% LUXEMBOURG Other UCITS 8% Equity funds 28% Money Market funds 24% Balanced funds 16% Bond funds 23% Balanced funds 14% Bond funds 26% Figures as at June 30, 2009 Source: EFAMA
Agenda 1. Worldwide Fund industry 2. European landscape 3. Luxembourg market 4. Luxembourg : hub for cross border distribution
The Luxembourg Investment Fund sector Net assets of Luxembourg domiciled UCIs 2 400 2 200 2 000 1 800 1 600 1 400 1 200 1 000 800 600 400 200 0 billions Growth rate 12 months -9.31% YTD: 11.53% 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 August 09 August 09 1 739.417 Figures as at August 31, 2009 Source: CSSF
The Luxembourg Investment Fund sector Net Subscriptions Var./previous month Cumulative net subscriptions Market performance Cumulative growth over 12 months Cumulative market performance Components of net asset growth Monthly evolution over 12 months to date 200 100 0-100 -200-300 -400 Net sales (cumul) -57.79 Eur Bn Market Performance (cumul) -120.79 Eur Bn Growth -9,31% -178.58 Eur Bn -500-600 billions S O N D J F M A M J J A Figures as at August 31, 2009 Source: CSSF
The Luxembourg Investment Fund sector Number of Luxembourg domiciled funds 4000 3500 3000 2500 Number of funds Growth rate 12 months 5.02% YTD: 2.31% August 09 3 449 2000 1500 1000 500 0 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 August 09 Figures as at August 31, 2009 Source: CSSF
The Luxembourg Investment Fund sector % 25 20 20,4 20,0 Market shares (%) of promoters of Luxembourg domiciled funds in terms of net assets by country of origin in terms of assets under management 16,5 15 10,3 10 8,5 8,3 6,8 5 2,3 1,6 1,5 3,9 0 DE US CH GB BE IT FR NL LU JP Others Figures as at June 30, 2009 Source: CSSF
The Luxembourg Investment Fund sector % 80 69,70 Market shares of currencies used to denominate Luxembourg domiciled fund units in terms of units 70 60 50 40 AUD, CAD, CZK, DKK, HKD, HUF, ISK, NOK NZD, PLN, RON, SEK, SGD, TRY, ZAR 30 20,55 20 10 2,50 2,24 1,94 3,07 0 EUR USD CHF GBP JPY Others Figures as at June 30, 2009 Source: CSSF
The Luxembourg Investment Fund sector Broad range of investment fund products Equity funds Bond funds Balanced funds Money market funds Futures/Options funds Guaranteed funds Limited duration funds Pension Pooling funds Real Estate funds Hedge funds Private Equity (SICAR) Securitisation vehicles SIF Islamic f inance products Microfinance Variety of legal structures : Corporate,Contractual... Stand alone / multiple compartment fund
The Luxembourg Investment Fund sector Asset Class Units Net assets millions Bonds ( 1 ) 3 170 751 318 Equities ( 2 ) 3 544 424 300 Mixed ( 3 ) 2 972 262 036 Funds of funds ( 4 ) 1 976 135 817 Cash 155 18 644 Real Estate 142 20 064 Futures, options, warrants 141 15 744 Others ( 5 ) 72 3 333 Total 12 172 1 631 256 (1) included 326 792 millions of euros in money market and other short-term instruments (401 fund units) (2) included 3 927 millions of euros in unlisted securities (34 fund units) and 276 millions of euros in venture capital (15 fund units) (3) included 1 462 millions of euros in unlisted securities (31 fund units) and 324 millions of euros in venture capital (9 fund units) (4) included 186 millions of euros in unlisted securities (3 fund units) Figures as at June 30, 2009 Source: CSSF
Agenda 1. Worldwide Fund industry 2. European landscape 3. Luxembourg market 4. Luxembourg : hub for cross border distribution
The Luxembourg Investment Fund sector BE FR UK 1.4 % 1.8% 2.5 % 75.2 % of all UCITS registered in at least 3 countries (including home state) are Luxembourg funds IE 13.2 % 75.2 % LU 0 10 20 30 40 50 60 70 80 Source : Lipper Hindsight 31.12.2008, Pwc Global Fund Distribution 2009
Fund distribution at a glance Dec 07 Dec 08 Variation 08/07 True cross-border fund registrations 49 266 57 319 16% of which for Luxembourg funds 37 161 43 118 16% True cross-border funds 6 525 7 366 13% Registrations per true cross-border fund 7.6 7.8 2.6% Registration market share of Luxembourg funds 75.4% 75.2% Source : Lipper Hindsight 31.12.2008, Pwc Global Fund Distribution 2009
Fund distribution at a glance For 81 % of countries of sale, over 50 % of registrations for sale are LUXEMBOURG FUNDS. For 81 % of European countries of sale, over 70 % of registrations for sale are LUXEMBOURG FUNDS. 74 % of the top 50 management groups are based in LUXEMBOURG. Sources : Lipper Hindsight 31/12/2008, PWC Global Fund Distribution June 2009
Luxembourg: The major fund center for Global fund distribution in and outside Europe Luxembourg Market share of foreign funds registered for sale France 73% Sweden 80% Germany 73% Switzerland 73% Italy 78% Bahrein 77% South Korea 100% Japan 76% Taiwan 72% Hong Kong 72% Peru 93% Singapore 67% Chile 78%
The Luxembourg Investment Fund sector Principal markets for distribution of Luxembourg investment funds (in terms of the number of registrations) 4500 4000 3500 3000 2500 Europe Asia Pacific Americas Middle East 2000 1500 1000 500 0 Germany Austria Switzerland Netherlands France Spain United Kingdom Italy Sweden Singapore Belgium Finland Norway Hong Kong Chile Denmark Portugal Bahrain DE AT CH NL FR ES UK IT SE SG BE FI NO HK CL DK PT BH Sources : Lipper Hindsight 31/12/2008, PWC Global Fund Distribution June 2009 22
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