The total number of financial products carrying a Luxflag label has continued to slide this year. There were 264 labelled investment funds and insurance products at the end of the third quarter, according to figures released by the labelling agency on 8 October 2024. That is down from 278 at the end of the second quarter and 326 in 2023. There were 365 labelled products in 2021.

Total assets under management have risen slightly this year, increasing from €130bn at the end of the first quarter to €132bn at the end of the third quarter. That is still down from €190bn in 2021.

Luxflag is the grand duchy’s labelling agency that checks financial firms’ responsible investing claims. It is a public-private partnership backed by eight organisations that aim to instil investor confidence in responsible investments.

Earlier this year, Luxflag CEO Isabelle Delas said in an interview that the labelling agency faced tightening budgets at financial firms and increased competition from rival labelling agencies. Luxflag planned to step up its product, service and communications lineups to stem the tide and return to growth, Delas stated.