Rynek funduszy inwestycyjnych w Luksemburgu

The aim of this article is to analyze investment fund market in Luxembourg in respect of legal, regulatory and quantitative aspects and identify reasons of its expansion in last years. Luxembourg in nowadays largest investment fund market in Europe - net asset value invested in almost 10 000 undertakings for collective investment - UCIs (including sub-funds of umbrella funds) registered in Grand-Duchy amounts about 2 trillion euros, which represents 1/4 of European investment fund market. Luxembourg is not only Europe's most important centre of financial and investment fund services, but also world's leading hub for global fund distribution - about 3/4 true cross-border fund registrations in the world concern Luxembourg funds. Competitive advantage of being the first country to offer investment funds according with the European passport for cross-border distribution (Luxembourg was the first EU member state to adapt its legislation to the European direcitives UCITS I and UCITS III), as well as constant modernization of the country's legal and fiscal environment attracted fund promoters from all around the world who offer wide range of investment products. These aspects as well as very stable political and social environment, concentration of specialist service providers, excellent infrastructure, multicultural and multilingual workforce were principal determinants of this leading position.