Luxembourg Fund Industry and the relations with Nordic countries October 2016
key facts and figures
European fund industry UCITS & AIFs UCITS Assets Market Assets Market Country Country € millions € millions share in % 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 0 0 3 Figures as at June 30, 2016 Source: EFAMA
Luxembourg fund industry Global overview EUR millions n r. of funds / fund units 16 000 4000 000 14 000 3500 000 12 000 3000 000 10 000 2500 000 8 000 2000 000 6 000 1500 000 4 000 1000 000 2 000 500 000 0 0 Funds Fund units Net assets 4 Figures as at June 30, 2016 Source: CSSF
A comprehensive ecosystem Financial Sectors Prof. Stock (PSF) exchange 312 6 613 share Distributors classes listed 1. Private Banks 2. Life Insurance 3. Platforms 3 867 funds € 3 462 billion 70 Custodians in AUM 14 000 jobs 391 Management Companies (including 3rd party ManCo) 158 Fund Administrators 000 Auditors/ lawyers Regulator 0 CSSF 5 Source : CSSF, June 2016
Relationship with the Nordic countries
Initiators from the Nordic countries (1) Country of Origin: Norway Assets under Inititator N° of Funds 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 Assets under Inititator N° of Funds 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: Iceland Assets under Inititator N° of Funds 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
Initiators from the Nordic countries (2) Country of Origin: Denmark Assets under Inititator N° of Funds 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 (3) Country of Origin: Sweden Country of Origin: Sweden Assets under IPM Informed Portfolio 17 3 136 333 594 $ N° of Management Inititator Management Funds (end of 2015 - $) RAM Rational Asset 18 1 110 907 421 $ 1 SEB 90 26 188 296 863 $ Management 2 Svenska Handelsbanken 21 14 562 753 035 $ 19 CB Asset Management 2 95 727 771 $ 3 Carnegie 30 6 345 409 444 $ 20 Nordic Capital 1 95 226 610 $ 4 Söderberg & Partners 18 6 051 090 649 $ Asia Growth Capital 21 1 80 470 478 $ Management 5 Monyx Financial Group AB 9 3 457 322 819 $ 22 Lancelot Asset Management 1 73 683 719 $ 6 SIF Private Label 18 2 846 874 086 $ RPM Risk & Portfolio 7 Swedbank 32 2 799 186 420 $ 23 4 65 479 874 $ Management 8 Allra Sverige 4 2 467 912 856 $ 24 Öhman Group 2 61 878 686 $ 9 Movestic Kapitalförvaltning 22 1 403 319 774 $ 25 Solidar Fondservice 2 48 591 776 $ 10 East Capital 12 1 094 471 156 $ 26 Aktive Fonder 1 45 903 094 $ 11 Norron 5 717 710 077 $ 27 LCL Asset Management 1 39 490 859 $ 12 Catella 4 667 628 093 $ 28 Invesmerchant 1 8 978 810 $ Rhenman Partners Asset 13 1 565 096 386 $ 29 Systematic Capital Nordic 1 8 827 082 $ Management 30 Eligo Asset Management 1 7 557 582 $ 14 Coeli Asset Management 7 239 385 717 $ 15 IKC Fonder 3 226 620 485 $ 31 Aztiq Partners 1 4 098 055 $ 16 JRS Asset Management 4 206 864 296 $ Total 303 70 723 097 564 $ Source: Monterey Insight Luxembourg 2016 9
Cross-border distribution Luxembourg market share of foreign cross-border funds registered for sale Iceland, 89% Sweden, 64% Norway, 70% Finland, 65% Denmark, 62% registrations as at Distribution Fund Domiciles Total number of Number of new Markets % growth 2014- Luxembourg registrations Trend over 5 during 2015 Dec, 2015 Kingdom Germany France Ireland Jersey United Other years 2015 1,614 626 27 217 77 19 16 2,596 454 21,20% Denmark 2,549 919 64 214 60 19 107 3,932 574 17,09% Finland 341 30 - - 1 7 4 383 46 13,65% Iceland 2,225 707 11 85 27 19 103 3,177 516 19,39% Norway 2,994 1,242 76 167 52 19 112 4,662 455 10,82% Sweden Source: ALFI Global Distribution poster / Lipper LIM and PwC analysis, 10 December 31, 2015
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
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