October 2016 key facts and figures European fund industry UCITS - - PowerPoint PPT Presentation

Luxembourg Fund Industry and the relations with Nordic countries

October 2016

key facts and figures

European fund industry

3

UCITS

Country

Assets € millions Market share in %

Country

Assets € millions Market share in % Luxembourg 3 461 904 26.0 Luxembourg 2 906 498 36.0 Ireland 1 916 901 14.4 Ireland 1 447 345 17.9 Germany 1 807 384 13.6 United Kingdom 1 017 514 12.6 France 1 680 868 12.6 France 746 209 9.2 United Kingdom 1 371 157 10.3 Switzerland 424 982 5.3 Netherlands 769 401 5.8 Germany 303 144 3.8 Switzerland 522 358 3.9 Sweden 253 942 3.1 Sweden 275 403 2.1 Italy 224 255 2.8 Italy 274 838 2.1 Spain 182 122 2.3 Denmark 260 170 2.0 Denmark 107 165 1.3 Others 949 787 7.1 Others 459 675 5.7 Total 13 290 172 100.0 Total 8 072 850 100.0

UCITS & AIFs

Figures as at June 30, 2016 Source: EFAMA

Luxembourg fund industry Global overview

500 000 1000 000 1500 000 2000 000 2500 000 3000 000 3500 000 4000 000 2 000 4 000 6 000 8 000 10 000 12 000 14 000 16 000

Funds Fund units Net assets

EUR millions

• nr. of funds / fund units

Figures as at June 30, 2016 Source: CSSF 4

A comprehensive ecosystem

Regulator CSSF

70 Custodians

158 Fund Administrators

3 867 funds € 3 462 billion in AUM 14 000 jobs

Stock exchange 6 613 share classes listed

000

Auditors/ lawyers

391 Management Companies (including 3rd party ManCo)

Financial Sectors Prof. (PSF) 312 Distributors

• 1. Private Banks
• 2. Life Insurance
• 3. Platforms

Source : CSSF, June 2016

5

Relationship with the Nordic countries

Initiators from the Nordic countries (1)

Country of Origin: Iceland

Inititator N° of Funds Assets under Management (end of 2015 - $)

1 Arion Bank 4 203 537 438 $ 2 Thule Investment 1 14 243 209 $ Total 202 217 780 646 $

Source: Monterey Insight Luxembourg 2016

7 Country of Origin: Norway

Inititator N° of Funds Assets under Management (end of 2015 - $)

1 DnB 21 2 020 867 264 $ 2 SIF Private Label 6 240 370 898 $ 3 Pareto 2 125 468 439 $ 4 Oprimum 1 79 591 171 $ Total 202 2 466 297 772 $ Country of Origin: Finland

Inititator N° of Funds Assets under Management (end of 2015 - $)

1 SIF Private Label 13 929 361 199 $ 2 Kulvik & Cie 2 90 606 432 $ 3 ICECAPITAL Securities 1 44 667 227 $ Total 16 1 064 634 858 $

Country of Origin: Denmark Inititator N° of Funds Assets under Management (end of 2015 - $) 1 Nordea 109 65 956 033 865 $ 2 Danske Bank 48 5 171 992 656 $ 3 SIF Private Label 7 2 848 394 840 $ 4 Sparinvest 24 2 192 421 801 $ 5 Saxo Bank 6 1 199 204 761 $ 6 Maj Invest Holding 2 282,447 233 $ 7 BankInvest 2 163 628 053 $ 8 Absalon Capital 2 118 302 682 $ 9 Nielsen Capital Management 1 30 306 368 $ 10 Formuepleje 1 16 584 630 $ Total 202 77 979 316 888 $

Source: Monterey Insight Luxembourg 2016

8

Initiators from the Nordic countries (2)

Country of Origin: Sweden Inititator N° of Funds Assets under Management (end of 2015 - $) 1 SEB 90 26 188 296 863 $ 2 Svenska Handelsbanken 21 14 562 753 035 $ 3 Carnegie 30 6 345 409 444 $ 4 Söderberg & Partners 18 6 051 090 649 $ 5 Monyx Financial Group AB 9 3 457 322 819 $ 6 SIF Private Label 18 2 846 874 086 $ 7 Swedbank 32 2 799 186 420 $ 8 Allra Sverige 4 2 467 912 856 $ 9 Movestic Kapitalförvaltning 22 1 403 319 774 $ 10 East Capital 12 1 094 471 156 $ 11 Norron 5 717 710 077 $ 12 Catella 4 667 628 093 $ 13 Rhenman Partners Asset Management 1 565 096 386 $ 14 Coeli Asset Management 7 239 385 717 $ 15 IKC Fonder 3 226 620 485 $ 16 JRS Asset Management 4 206 864 296 $ Country of Origin: Sweden 17 IPM Informed Portfolio Management 3 136 333 594 $ 18 RAM Rational Asset Management 1 110 907 421 $ 19 CB Asset Management 2 95 727 771 $ 20 Nordic Capital 1 95 226 610 $ 21 Asia Growth Capital Management 1 80 470 478 $ 22 Lancelot Asset Management 1 73 683 719 $ 23 RPM Risk & Portfolio Management 4 65 479 874 $ 24 Öhman Group 2 61 878 686 $ 25 Solidar Fondservice 2 48 591 776 $ 26 Aktive Fonder 1 45 903 094 $ 27 LCL Asset Management 1 39 490 859 $ 28 Invesmerchant 1 8 978 810 $ 29 Systematic Capital Nordic 1 8 827 082 $ 30 Eligo Asset Management 1 7 557 582 $ 31 Aztiq Partners 1 4 098 055 $ Total 303 70 723 097 564 $

Source: Monterey Insight Luxembourg 2016

9

Initiators from the Nordic countries (3)

Cross-border distribution

Luxembourg market share of foreign cross-border funds registered for sale

Source: ALFI Global Distribution poster / Lipper LIM and PwC analysis, December 31, 2015

Sweden, 64% Finland, 65% Denmark, 62% Norway, 70% Iceland, 89% 10

Distribution Markets Fund Domiciles Total number of registrations as at Dec, 2015 Number of new registrations during 2015 % growth 2014- 2015 Trend over 5 years Luxembourg Ireland France Jersey United Kingdom Germany Other Denmark 1,614 626 27 217 77 19 16 2,596 454 21,20% Finland 2,549 919 64 214 60 19 107 3,932 574 17,09% Iceland 341 30

• 1

7 4 383 46 13,65% Norway 2,225 707 11 85 27 19 103 3,177 516 19,39% Sweden 2,994 1,242 76 167 52 19 112 4,662 455 10,82%

The way forward….

the way forward

• Brexit
• Macro drivers affecting the asset management industry (growing

middle class, infrastructure needs, alternative and “passive” on the rise, pressure on margins, pension fund deficits, digitalization….)

• Ongoing regulatory agenda (MIFID II, PRIIPs, CMU, BEPS/ATAD…)
• Legal toolbox (e.g. LPs, RAIF, revised company law...)
• Diversification (e.g. Climate Finance..)
• X-border distribution

THANK YOU!

Camille Thommes

Director General - ALFI

camille.thommes@alfi.lu