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Luxembourg-domiciled funds assets hit $3.8 trln- trade body

Reuters - UK Focus

By Nishant Kumar

LONDON, Oct 24 (Reuters) - Assets under management of Luxembourg-domiciled funds has risen about 15 pct this year to hit 3 trillion euros ($3.80 trillion)at the end of September, the Association of the Luxembourg Fund Industry said on Friday.

About 3,900 funds are domiciled in Luxembourg, making it Europe's largest fund centre. Every year, some 100 new fund firms choose the centre to domicile their products and distribute them to more than 70 countries, the trade body said. ($1 = 0.7887 Euros) (Reporting by Nishant Kumar; editing by Carolyn Cohn)