Asset Management Publications


Luxembourg publications


Global publications


Recent years have seen phenomenal growth in the global ETF market. Global assets in ETFs/ETPs reach a new record of US$3 trillion at the end of May 2015.

Fund distribution is at a turning point. Although the status quo of the industry has been in a state of continuous metamorphosis for some time, the latest regulatory agenda, a profound shift in the investor base, and recent technological developments are accelerating the pace of change.

Africa presents an exciting opportunity: as wealth continues to increase, more domestic investors emerge, while improvements in regulatory frameworks are enticing foreign investment and distribution. In this report we seek to highlight the potential opportunities and challenges that may lie ahead for investors and how they can plan for 2020 and beyond.

By providing you with suitable and comprehensive services and products we support you in building an efficient and sustainable advantage. Private Equity is a core and substantial business within PwC Luxembourg’s service offering. We have developed a team of highly sophisticated specialists with deep know-how and sound market knowledge. Over 220 experienced multilingual partners and staff are dedicated to Private Equity within our audit, tax, compliance and advisory practices and support you in making the right choices. As a result, we are the number one audit firm and market leader servicing the Private Equity industry sector in Luxembourg.

The Asset Management sector stands on the precipice of fundamental shifts that will make it significantly different tomorrow than it is today. The good news is that we can look forward to a bright future: worldwide assets under management are continuing to rise, and we predict they will exceed USD 100 trillion by 2020.

Global Fund Distribution 2015 (March 2015)

The PwC Market Research Centre has just released the 16th edition of its annual Global Fund Distribution Poster. Since its first edition, the annual poster has become a reference tool for asset managers who need a quick overview of the global cross-border fund market.

Solvency II is a new risk-based framework aimed at harmonising the European insurance business and will replace the current national regulatory framework from 1 January 2016 onwards. Unlike the current solvency regime for (re)insurance undertakings, quantitative and qualitative requirements are now closely linked to the asset side of the insurer’s balance sheet.

European Institutional Investors - Poster

The European Institutional Investors poster provides a quick, yet comprehensive overview of the European institutional market including the size and structure of the market, the asset allocation breakdown, the top locations and the largest investors. The poster also highlights the country origins and destinations of European portfolio investments outside Europe.

The seventh edition of the Luxembourg Fund Governance Survey was conducted jointly by PwC and ILA during the months of July to October 2014. The survey takes an in-depth look at governance practices within funds and management companies established in Luxembourg. Once again, the high response rate to our survey underscores the central role governance plays in the Luxembourg fund industry.

To serve clients in the institutional world, it is crucial to understand their needs and plans for the coming months and years. To understand these needs and to elaborate the best services for these clients, UBS Fund Services in collaboration with PwC, have conducted a survey amongst 44 important institutional investors with specific questions regarding their view of the current and coming trends in our industry. UBS and PwC are convinced that the results of this survey will be of interest to you and are therefore delighted to share the answers and interpretation of the answers gathered with you.

Unless otherwise stated in specific laws and/or CSSF circulars, UCITS investment funds fall under the disclosure requirements defined in the Law of 10 December 2010, which abrogates section XIII of the Company Law of 10 August 1915 on annual accounts applicable to commercial companies in Luxembourg. The disclosure requirements specific to the annual reports of Luxembourg UCITS investment funds are defined by the Law of 17 December 2010, as amended by the Law of 12 July 2013 and relevant CSSF circulars applicable to UCITS investment funds.

Investment funds have been hit by a wave of reporting requirements from their investors - specifically from institutional investors, such as credit institutions, insurance companies and other institutional investors. These investors need detailed information in order to comply with their own reporting requirements.

The time is right for asset management to move into the spotlight and increase its role in supporting the global economy. However, the asset management industry will need to ensure that regulators and policy makers do not overregulate the industry, thereby impeding its efforts to play a more decisive role within the global economy. In our current economic climate, the industry must build and strengthen its trust with the public, regulators and policy makers and provide innovative, sustainable solutions. As asset management moves into the spotlight, it will have to rethink its relationships with key stakeholders (investors, distributors, regulators and policy makers) and evaluate, then adapt, its operations and business models to the new paradigm.

For the second consecutive year, PwC launches its Global Asset Management Remuneration Survey.

Over the last years, some offshore promoters decided to locate their fund management activities in Luxembourg by re-domiciling their existing offshore funds in Luxembourg or decided to launch new fund ranges in Luxembourg.

The current European and Luxembourg Asset Management (AM) regulatory framework and the continued focus on tailoring products for different investor types present serious compliance challenges. It also provides market players with considerable opportunities to meet clients’ needs.

The internationalisation of the Chinese Renminbi (RMB or ¥) could be one of the most significant developments in global finance for the coming decade. Economists and futurists have been predicting the "Chinese Century" for years and myriad indicators suggest it has finally arrived. Since the dollar eclipsed the pound as the world's most influential currency, China has become the world’s largest exporter and second largest importer of goods and the Chinese government hopes its currency will soon reflect this reality. Hence, internationalising the RMB is one of China's utmost priorities.

The total expense ratio represents a key indicator for investors. However, promoters should find the right balance between attracting investors and keeping the best investment managers. Performance fees may be the mean to reconcile both investors and investment manager's interests. Indeed more and more funds are charging performance fees.

A Brave New World for Asset Management - Executive Summary

Just six years from now the Asset Management industry is likely to look very different from the way it does today, as nearly 500 delegates gathered in Dublin for PwC’s annual European Asset Management Conference heard last week.

Global Fund Distribution: German Tax Reporting

Despite various harmonisation initiatives in Europe, e.g. UCITs IV, tax reporting is still a very long way behind. Germany is a major distribution country for UCITs and non-UCITs funds and it also turns out to have one of the most complex and intricate tax reporting regime for investment funds. Germany is the only country requiring a third party to issue a statement on the accuracy of the tax figures.
Our GTax service provides you with more than simply certification and compilation. It also covers five key areas and includes: Training, Fund Migration, Consulting, System and Process Analysis, Hotline.

Global Tax Compliance - Complying with investment fund's tax challenges has never been easier

So many countries with different reporting requirements create a complex puzzle in tax reporting. We offer a unique tailor-made solution to help you manage your requirements and put all the pieces together in one handy client platform.

Global Tax Compliance - US Tax Reporting for US Investors

Do you have US investors in your fund? A question you have probably heard all too frequently as the topic of FATCA continues to gain in popularity. However, beyond the scope of FATCA, providing your US investors with the right US tax reporting allows them to properly optimise their US tax return filings.

European Market Infrastructure Regulation

In the wake of the 2008 financial crisis, OTC derivatives came under close regulatory scrutiny, leading in 2009 to the decision of introducing comprehensive global regulation of OTC derivatives at the G20-peak in Pittsburgh.
EMIR will restructure in Europe post-trade activities for OTC derivatives through central counterparties (CCPs) and trade repositories (TRs). The objective is to increase transparency and to reduce counterparty default risks in the hitherto unregulated OTC market.

Global Fund Distribution Services for AIFMs

On 22 July 2013 starts a new way to sell non-UCITS funds across the European Union. As from July, European AIFMs will be able to use a marketing passport to distribute European based AIFs within the European Union. In 2015, European AIFMs may have the possibility to use the marketing passport for non European AIFs. Finally, in 2018 only the AIFMD passport may be used with National Private Placement Regimes being eliminated.

Social Media Studies - Asset Management in the Social era

Social Media is changing the way people communicate and interact with each other, and by extension, it is impacting the way we do business today. From the asset manager's perspective, social media provide opportunities as well as challenges. In this report, we seek to identify the current state of asset management with regard to social media usage. We consider how leading asset managers in this area are interacting with end investors, and enumerate key considerations when implementing a social media strategy.

European ETF Listing & Distribution

Recent years have seen phenomenal growth in the global ETF market due to strong and growing investor demand for effective and cost efficient products. 2013 confirms the strong appetite of investors for such products as issuers continue to launch new ETFs and look to expand into new markets.

3W - Our integrated Watch services

3W is an enhanced web-based service providing users with up to date details on regulatory and tax changes impacting asset managers' organisation and funds. 3W covers many key jurisdictions from a regulatory, tax and fund distribution perspective.

The latest economic crisis has highlighted the need to improve the Risk Management processes and structures. In that context, there are no "one size fits all" approach or set of general risk factors that can be used. Therefore, Risk Managers and Board of Directors of Management Companies will have to thoroughly understand their exposures and monitor them adequately.

The latest economic crisis has highlighted the need to improve the Risk Management processes and structures. In that context, there are no "one size fits all" approach or set of general risk factors that can be used. Therefore, Risk Managers and Board of Directors of Management Companies will have to thoroughly understand their exposures and monitor them adequately.

Investment Fund’s Financial Reporting

Coordinating and compiling Financial Statements is a challenge. The regulatory framework is continuously changing and it is increasingly complex to cope with all the new Investment Fund’s Financial Statements disclosure requirements imposed by Luxembourg legal and regulatory framework but also by foreign regulations where the fund is registered for distribution.

The Real Estate Industry is currently facing a multitude of challenges and transformations while being in a period of uncertainty. The Luxembourg Real Estate & Infrastructure Team stands by your side, providing a one-stop-shop solution to help you face tomorrow's challenges.

European Institutional Investors - Poster

The European Institutional Investors poster provides a quick, yet comprehensive overview of the European institutional market including the size and structure of the market, the asset allocation breakdown, the top locations and the largest investors. The poster also highlights the country origins and destinations of European portfolio investments outside Europe.

Bringing investment funds to a close: Dealing with liquidation issues efficiently and cost-effectively

The current turmoil in financial markets, associated with the increasing regulation in the Investment Funds industry have led most of the well known market players in the Asset Management industry to reconsider their range of products and even to close down poor performers.

Dedicated to Debt Funds

The urgent need for liquidity and re-financing in the current market and the current regulatory wave have created an opportunity for players to launch structures investing in various forms of debt. Over the past two years, we have built a dedicated team of debt investments experts providing a wide range of audit, tax and advisory services.

Choosing an investment vehicle - European Real Estate Fund Regimes

The last decade has been a period of unprecedented change for the real estate investment management industry. The boom years of 2002 to 2007 have been followed by five years of challenge and uncertainty. Investors have been left bruised by the experience, and the fall-out from the crisis will also result in real estate investment managers facing a significant burden of regulation.

The global economy is changing. Major trends are sweeping across the global financial landscape, and this will change the way business is done. No sector will be unaffected as uncertainty arising from regulatory, fiscal, political and social pressures dominate the short term horizon. While the current volatility necessitates short term planning, asset managers will have to deal with higher investor scrutiny towards the financial sector, regulatory changes and policy-making which will put risk management, transparency and sustainability at the forefront and will impact practices for the foreseeable future.

Wir können (fast) alles - und auch deutsch

Diese Broschüre wurde in deutscher Sprache verfasst, weil wir damit unsere Geschäftspartner ganz gezielt auf unsere deutschsprachige Beratungskompetenz hinweisen möchten. Wir denken, es macht Sinn, Ihnen zu zeigen, was wir alles können, wer was macht und wer für Sie als Ansprechpartner zur Verfügung steht. Und richtig, wir freuen uns, dass wir Ihnen in diesem Segment so viele Mitarbeiter mit unterschiedlichen Fachkompetenzen vorstellen können.

Private Equity in Luxembourg

The main purpose of the third edition of the Private Equity ("PE") Brochure is to give you a general overview of the Private Equity Industry in Luxembourg. It presents the benefits of Luxembourg as a "prime location" for doing business and the value we can help you create in all your PE deals.

Taking the Reins - A roadmap for navigating the institutional investors' universe

PwC and CACEIS conducted a survey which measures the satisfaction of European institutional investors with external asset managers. The report highlights institutional investors' awareness and the importance they place upon a number of criteria critical to their relationship with asset managers. The survey's responses fell into two categories: areas in which satisfaction is being met, like expertise, quality of advice, operational strength and independent verification; and those in which expectations are falling short, including performance, fees, risk transparency and the quality of reporting. The analysis and conclusions taken from institutional investors' responses gave rise to the PwC-CACEIS Assurance Model, which should be at the forefront of any asset manager's mind when considering offering their services to institutional investors.

Valuation Services for Asset Management: Enhancing your business value

The recent period of extreme market volatility and illiquidity has highlighted the continued importance of having reliable valuations. Among the responsibilities of the Management, Board members and services providers, this is one of the most challenging. By using our unparalleled valuation expertise, you’ll understand the value of your assets.

Valuation Services for Real Estate Structures: Making your Real Estate assets valuable

Our Real Estate Valuation Advisory line of service offers comprehensive valuation reviews of both third-party and management-prepared valuations. We can also help you reorganise and/or enhance your own internal valuation management functions with an emphasis on best practices and cost savings.


One of the results of the financial crisis is that the regulatory environment is more challenging than ever before. Regulatory Watch and Analysis is all about bringing the information you need, when it is most useful, and accompanying you in valuing this information.

Current Outlook on AIFMD for Luxembourg Private Equity Structures

The Alternative Investment Fund Managers Directive ('the AIFMD' or 'the Directive') entered into force on 21 July 2011. Its aim is to provide a harmonised and comprehensive regulatory and supervisory framework within the EU as well as a single EU market for managers of Alternative Investment Funds (AIFs). The ultimate deadline for EU Member States to transpose the Directive into their national law is just 18 months away (22 July 2013).

Solvency II Impacts on asset managers and servicers

Unlike the current solvency regime for (re)insurance undertakings, quantitative and qualitative requirements are now closely linked with the asset side of the insurer's balance sheet. That's why asset managers are directly and indirectly involved in the new Solvency II Directive. Those asset managers that can develop Solvency II ready offerings will benefit from a significant competitive advantage.

Asset Management in Luxemburg

Luxemburg stellt mit einem verwalteten Fondsvermögen von über EUR 2 Billionen den zweitgrössten Investmentfondsstandort nach den USA dar. Deutschsprachige Promotoren spielen hierbei traditionell eine bedeutende und stabile Rolle. Allein deutsche und Schweizer Promotoren rangieren gemäss den Daten der Luxemburger Aufsichtsbehörde CSSF zum 30. Juni 2011 gemessen am verwalteten Fondsvermögen nach den USA auf den Plätzen 2 und 3 mit insgesamt 32,3% Marktanteil.

Immobilienstrukturen in Luxemburg

Bereits ab dem Jahr 2004 nahm die Zahl der in Luxemburg aufgelegten Immobilienfonds merklich zu. Dieser Trend verstärkte sich in 2007 durch die Novellierung des Luxemburger Spezialfondsgesetzes. In 2011 wurden bereits in der ersten Jahreshälfte 29 neue Fonds aufgelegt. Dadurch erhöhte sich die Gesamtzahl der Immobilienfonds auf 206, was einem Fondsvolumen von EUR 23,090 Milliarden entspricht.

Stresstesting - Definition und Implementierung für Banken und Investmentgesellschaften

Im Rahmen der aktuellen Finanzkrise ist die Stabilisierung der Finanzmärkte von übergeordneter Bedeutung. Die Einführung und die Weiterentwicklung eines robusten Stresstestprogramms liefert Banken und Investmentgesellschaften nicht nur wichtige Informationen zur Einschätzung der aktuellen Risikosituation und für die Geschäftsplanung, sondern kann auch dazu beitragen, Vertrauen bei Investoren und anderen wichtigen Stakeholdern aufzubauen.

Private Equity in Luxemburg

PwC Luxemburg ist mit über 2.100 Mitarbeitern der führende Anbieter professioneller Beratungs- und Prüfungsdienstleistungen in Luxemburg und ist in Fragen des Investment Managements und Private Equity ein Kompetenzzentrum innerhalb des europäischen PwC Netzwerks. Unsere Private Equity - Gruppe in Luxemburg verfügt über mehr als 120 Experten in den Bereichen Wirtschaftsprüfung, Steuerberatung, Corporate Finance, Compliance und Advisory. Deren Schwerpunkt liegt in der Erbringung von Serviceleistungen für die größten international operierenden wie auch für neue Unternehmen in der Branche. Dies ist einzigartig in Luxemburg.


Luxembourg: where else? - Il luogo per l'investment management

Per molti operatori del mercato dell'asset management, la domanda da porsi al momento d’investire è: "dove è meglio collocare il business al fine di massimizzare i profitti nel rispetto della crescente richiesta di regolamentazione e trasparenza?"

Supporting the creation of value - Asset Management News

One of the main lessons of the financial crisis is that the creation of value is no longer only about hiring the best financial minds. For sure, this remains the most important way of doing so, but value today has a wider context. It is also about optimising costs, having sound infrastructure, risk management and a number of other issues.

Rethinking Distribution

The report anticipates a number of key drivers of change and resulting scenarios for the industry. Overall, the research found that drivers such as regulatory developments with a strong focus on consumer protection and regulation at the point of sale; the shift of global economic power toward SAAME (South America, Asia, Africa and the Middle East) countries; the ageing of the population; competition from substitute products; and greater use of social media are set to challenge the asset management industry to come up with new thinking to promote their products in a manner that is different from current traditional patterns.

Being distinctive: Exchange Traded Funds (ETFs)

This brochure provides an introduction to the world of Exchange Traded Funds. We have prepared this document to support the ongoing education of the market in relation to this very important segment of the asset management industry.

Global Compliance Services - A wealth of services to clear your way

More and more, businesses are operating in a regulatory environment with increasingly complex and risky areas. Lack of compliance with regulatory (e.g. accounting, tax, legal, social, requirements, ...) can expose you to significant risks; not only with the Luxembourg and foreign authorities, but also with current and potential stakeholders (e.g. shareholders, banks, ...).

Stay tuned - Reporting according to the Groß- und Millionenkreditverordnung (GroMiKV)

The "Groß- und Millionenkreditverordnung" ("GroMiKV") is a German regulation which transposes the CEBS guideline regarding the large exposure regime into national law in Germany. This regulation is relevant for German credit institutions which are obliged to report their large exposures to the supervisory authority in Germany. It is applicable as from 31 December 2010.

Paving the way to good Governance

The investment management business continues to grow more complex each day and executing effective oversight has become progressively more difficult. The increasing diversity of products, the ever evolving regulatory structure and the greater political focus on governance overall means that the challenge to board members to keep on top of their multiplying responsibilities has never been greater.

UCITS V: The depositary’s role and managers’ remuneration

The European Commission is currently consulting on proposed changes to the role of UCITS depositaries and the remuneration of UCITS managers. The changes will seek to address perceived failings, better protect investors and align UCITS funds with the Alternative Investment Fund Managers Directive.

These changes have significant implications for UCITS managers, depositaries, third party administrators, investors, auditors, and regulators.


The contribution of IMMFA funds to the Money Markets

A research report published jointly by the Institutional Money Market Funds Association (IMMFA) and PwC Luxembourg shows that triple-A rated funds have deepened the money markets, by virtue of the volume and proportion of assets held by the funds.

German Tax Reporting: Your Tax challenges, Our solutions

Despite various harmonisation initiatives in Europe, e.g. UCITs IV, tax reporting is still a very long way behind. Germany is a major distribution country for UCITs and nonUCITs funds and it also turns out to have one of the most complex and intricate tax reporting framework for funds. Germany is the only country requiring a third party to issue a statement on the accuracy of the tax reporting.

KID - Key Investor Information Document

Asset managers launching UCITS will have to start using the KID instead of the simplified prospectus as a necessary pre-contractual document for fund distribution within the European Union. The implementation is subject to a grandfathering clause until July 2012, but for new UCITS the KID is due starting July 2011.

Given these impacts and the tight timing the KID appears to be one of the most important challenges for the UCITS industry over the last decade.

European Real Estate Fund Regimes: October 2010 update

This booklet seeks to compare more than 30 different types of fund vehicle in a summary form, by looking at a consistent set of key topics, and noting major pros and cons.

Ideal Advice

Within this report we examine the state of play of financial advice within Europe and provide a set of key recommendations which we believe are critical to enhance the overall quality of investment advice. In our view, now is the time for our industry to take bold and convincing steps and an active role in achieving a business model that is both sustainable and investor centric.

UCITS IV: Time for change

This document analyses the responses that were received in relation to the Key Information Document (KID). The findings demonstrate that the industry has not yet fully assessed the implications relating to the production of the KID and many requirements surrounding its production are deemed challenging.

Future Newcits regulation?

Who would have thought a year ago, following the credit crunch, that there would now be such a large number of UCITS hedge funds, known as Newcits, encompassing almost the full range of investment strategies? There are not only relatively simple longshort equity funds but also more complex macro, arbitrage and commodity vehicles.


This publication contains the laws and regulations regarding undertakings for collective investment concerning the law of 20 December 2002.

The European securities industry is, more than ever, facing a major transformation driven by market needs for more transparency, control and cost reduction of front and back office services. This drive is reinforced by the expected profound changes to the industry triggered by Target 2 Securities (T2S). The Luxembourg financial centre – which is perceived as a key international securities back office platform – needs to consider these fundamental trends and define its model of the future whose aim should be to attract and retain the securities platforms of global financial institutions in Luxembourg.

The investment fund industry has made an important step forward with the adoption of the UCITS IV Directive on June 22, 2009. While many details still need to be worked out even at the legislative level, industry players should now start considering the likely implications on their business. UCITS IV will become effective on July 1, 2011, being the date by which all Member States must have implemented the Directive into national law.

This paper takes an investor-centric approach to examine the mutual fund value proposition and outlines recommendations for governments and the industry to promote sustainable solutions that will serve investors. The focus is on the long-term investment goals of European retail investors.