Milestones: Luxembourg’s investment fund association has marked its silver jubilee this week with a drive to highlight the sector’s economic contribution and draw more people to work in the field.
The Association of the Luxembourg Fund Industry has marked its 25th anniversary by opening campaign to cultivate public opinion and find new recruits for its firms.
Earlier this year, Alfi reported that funds domiciled in the Grand Duchy--which are sold in 70 countries around the world--had more than €2.5 trillion in assets under management, about one-third of the European total. That makes Luxembourg the largest investment fund centre in Europe and the second largest globally, after the US.
This week, Alfi said the sector currently employs about 14,000 staff in the Grand Duchy. That is about 4% of the total workforce, according to Statec data.
The trade group used its silver jubilee soirée at the Grand Théâtre on Tuesday evening to kick off a promotional campaign which it hopes will “demonstrate the benefits the fund industry brings to the Luxembourg economy, and the opportunities that a career in the fund industry offers”.
“The international success of the Luxembourg fund industry is a major achievement,” finance minister Luc Frieden said in a statement. “The expertise we have built up in Luxembourg over the last 25 years will enable us to further develop the industry going forward.”
Economic contribution highlighted
“Over the last 25 years it has grown to become a main contributor to the Luxembourg economy and we should ensure that people here know about the success, and are aware of Luxembourg’s leading position in the global fund industry,” Marc Saluzzi, Alfi chair and a partner at consultancy PwC, said in a statement. “Importantly, we need to let people know about the benefits funds can bring to their own finances, and the attraction of a career in the industry.”
Alfi was founded in 1988 on the heels of then-newly created EU cross-border investment rules. Today the industry association counts more than 1,000 funds, asset management firms and services providers among its members.