Luxembourg fund assets shrunk slightly in February due to a market selloff, but still registered year-on-year growth.
The collective balance was essentially set back to the level seen in November 2019.
According to the CSSF, Luxembourg’s financial regulator, total assets in Luxembourg-domiciled investment funds fell by 2.5%, from €4.8trn at the end of January 2020 to €4.7trn at the end of February 2020.
However, assets were still 9.5% higher than at the end of February 2019.
The CSSF report stated: “The spread of the coronavirus outside China and the ensuing risks to global growth have weighed on financial markets, driving down all categories of equity mutual funds.”
Luxembourg-based retail funds recorded a net negative change of €121bn, the CSSF said. While mutual funds experienced net investor inflows of €13.2bn (+0.28%), financial market declines pushed their values down by €134.4bn (-2.81%).