The Association of the Luxembourg Fund Industry (Alfi) its annual report for the period of 2023/2024 during its annual general meeting on 19 June 2024. The report assessed the state of the Luxembourg fund industry, detailing the work and achievements of the organisation, its members and stakeholders from 1 June 2023 to 31 May 2024. It marked the first report under the new leadership of , who was CEO in January 2024, and , who was chairperson in June 2023. Additionally, a new board of directors was elected in June 2023.
Over the 12 months, Alfi has implemented notable changes, including restructuring its board to be more inclusive and representative of the broader asset management industry, including alternatives. The report, featuring video and podcast interviews with Alfi’s senior team, detailed the organisation’s engagement with legislators, policymakers, regulators and the industry to achieve its priorities.
Key statistics from Alfi’s activities over the past year include holding 48 events with over 15,000 registrants, including the Global Asset Management Conference in March 2024. Additionally, Alfi published three annual studies: the REIF Survey, the Alfi/KPMG Private Debt Funds Survey, and the Alfi/Broadridge Cross-border Distribution of Investment Funds Study. Alfi responded to 27 consultations on regulatory and industry topics, such as the AIFMD review, SFDR, Mica and Dora. The organisation also convened 158 technical committees and working groups, which held 564 meetings involving 1,728 professionals.
The report highlighted key statistics on the Luxembourg fund industry. Net assets under management in Luxembourg funds grew to €5.485trn in March 2024, marking the highest level since 2021. Approved alternative investment funds also saw growth, increasing by 4.5% to €994bn in December 2023. Luxembourg maintained its position as the leader in global cross-border fund registrations with a market share of 54.6% and dominated Eltif registrations, accounting for 70% of Europe’s market share.
Weyland emphasised the organisation’s focus on four main pillars: shaping regulation, developing best practices, identifying new business opportunities and promoting Luxembourg internationally. He noted significant work on AIFMD II and Eltifs, which are expected to have a considerable impact on the industry while creating new opportunities. Alfi also collaborated with partners such as the Luxembourg Bankers’ Association (ABBL) to navigate regulations like Dora.
Goy, Alfi’s chairperson, remarked on Luxembourg’s aim to enhance its competitiveness and maintain its status as the world’s leading cross-border domicile for investment management activities across a wide range of investment strategies and asset classes. He acknowledged the country’s challenges in talent retention and attraction and highlighted Luxembourg’s strategic location in Central Europe as a draw for expertise from the region. Goy reiterated that with investors’ best interests at the core, Alfi would continue efforts to further develop the industry.
This annual report is available .