Publishing its 2018 summary on Wednesday, the interest group wrote that half of these are asset managers and the other half are “a mix of banks, insurers and payment service providers. Meanwhile, a number of firms have chosen to expand their existing Luxembourg operations without these plans having been made public.”

In the wake of Britain’s imminent departure from the European Union, financial firms in the UK have been scrambling to find ways to maintain access to EU passporting rights, looking to places like Dublin and Luxembourg.

Luxembourg for Finance CEO Nicolas Mackel said the grand duchy’s appeal lay in its “modern, ambitious and outward looking financial centre, that provides clear development plans and practical support.”

Banking

But it was not only UK-based financial institutions who favoured Luxembourg. In 2018, the arrival of European offices for Bank of Singapore and Banco Santander Brasil brought the total number of banks in Luxembourg to 136.

Luxembourg’s fund industry, meanwhile, reached assets under management (AUM) of €4.19 trillion as of 31 November 2018, marking a year increase of 1.37%. According to the European Fund and Asset Management Association (EFAMA), Luxembourg hosts 36% of Europe market share for UCITS, 27% for UCITS and alternatives combined.

This share could be further boosted if the 23 international asset management and private equity firms who have pledged to move activities to Luxembourg bear fruit. These 23 include Fidelity, M&G, Aberdeen Standard Life, Columbia Threadneedle, Blackstone, T. Rowe Price and Wells Fargo.