Spanish asset managers transfer 12.7 billion in funds to Luxembourg
Asset managers are accelerating the transfer of their activity to Luxembourg, where the assets under management have soared by 68%, reaching a record 31.5 billion.
Spanish asset managers, particularly small and medium-sized ones, are accelerating the transfer of assets to Luxembourg, with double-digit growth. In just three years, they have moved €12.7 billion in fund assets from Spain to Luxembourg, bringing the total assets of Spanish firms in Luxembourg to €31.5 billion, a 68% increase. This trend is expected to continue, driven by the desire to access international markets and overcome distribution barriers in Spain.
Some firms, such as Banco Santander, use Luxembourg as a hub to sell investment funds to clients in other countries, while others transfer assets to Luxembourg to sell them back in Spain. The sector is concerned about the acceleration of this trend and is calling for measures to improve competitiveness.
Written by urgent.news from Expansion ES's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
