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JPMorgan Asset Management (Europe) was Luxembourg’s largest investment fund management company at the end of 2020, according to PwC’s annual survey. Library picture: JPMorgan Asset Management website is seen on 20 October 2015. Photo credit: chrisdorney / Shutterstock.com 

That is according to figures published by the consultancy PwC on 22 April 2021.

Mancos look after certain operational and regulatory functions, separate from portfolio managers, who are often located elsewhere.

40% of the EU’s largest 50 mancos are based in Luxembourg, PwC said. The consulting firm’s “Observatory for management companies 2021 barometer” report included its somewhat anticipated lists of the top ranked outfits in various categories:

Top 5 mancos by assets under management, as of 31 December 2020

  1. JPMorgan Asset Management (Europe)
  2. DWS Investment
  3. UBS Fund Management (Luxembourg)
  4. Amundi Luxembourg
  5. Blackrock (Luxembourg)

Top 5 Luxembourg authorised alternative investment fund managers by assets under management, as of 31 December 2020

  1. Universal-Investment-Luxembourg
  2. EQT Fund Management
  3. Hauck & Aufhäuser Fund Services
  4. M&G Luxembourg
  5. Carne Global Fund Managers (Luxembourg)

Top 5 third party mancos by AuM, as of 31 December 2020

  1. Universal-Investment-Luxembourg
  2. FundRock Management Company
  3. Hauck & Aufhäuser Fund Services
  4. GAM (Luxembourg)
  5. Carne Global Fund Managers (Luxembourg)

PwC said that mancos collectively employed 6,172 staff in the grand duchy at the end of last year, an increase of 224 jobs over December 2019.