State Street and JPMorgan have dominated a well-known annual rankings of Luxembourg investment fund service providers. State Street placed first in three service provider categories and the JPMorgan group in two, according to the 30th annual “Luxembourg Fund Report” (which covers 2023) published by Monterey Insight on Tuesday.

A bulkier Caceis, which bought RBC Investor Services Bank last year, climbed up in several categories.

JPMorgan maintained its place at the top of the fund promoters/initiators table, followed by Amundi, which also ranked second in the previous year’s rankings (calculated on data at the end of 2022).

JPMorgan Asset Management was the top Luxembourg manco/AIFM, a position it has held since at least 2017. DWS rose from third to second place.

State Street kept its slot as Luxembourg’s top fund administrator, followed by JPMorgan Bank, rankings that have been unchanged since at least 2017. Caceis rose from fourth to third, swapping places with BNY (formerly BNY Mellon).

State Street was the largest Luxembourg custodian/depositary. Following its merger with RBC, Caceis rose from fourth to third, swapping places with BNP Paribas.

IFDS/State Street topped the transfer agent tables, followed by Caceis, which was up from fourth place in last year’s rankings.

PWC held on to its long-standing place as the grand duchy’s biggest fund auditor, by a wide margin. EY kept its second-place ranking.

Among law firms, Arendt & Medernach had the biggest funds business, followed by Elvinger Hoss Prussen, positions both firms have held for several years.

Monterey Insight is a London-based fund industry research outfit providing intelligence reports on the UK, Jersey, Guernsey, Ireland and Luxembourg markets. The firm’s annual rankings are based on its proprietary database of Luxembourg fund service provider relationships, which covered more than 22,000 funds and sub-funds as of 31 December 2023.