Management Companies

Welcome to PwC's Observatory for Management Companies.

As the leading Asset and Wealth Management practice in Luxembourg, we enjoy a privileged observer role of the industry's evolution.

Today, we are delighted to share with you the result of our recent analysis of the world of Management Companies.

This analysis led us to create both:

• a ManCo Index which provides a good understanding of the sector through its number of firms, AuMs, and number of employees,
• a barometer poster which helps every stakeholders get a grasp on the world of ManCos in Luxembourg.

This section of our website is yours. Please peruse through it to discover our most recent index, poster and service offering tailor made to the needs of the ManCo universe.

We wish you a pleasant reading.

Steven Libby
Asset and Wealth Management leader

Luxembourg Regulatory Framework

All regulated investment vehicules, which are investment funds (UCITS, Part II and SIF funds) shall appoint a Management Company or be "self-managed". UCITS may only appoint a Management Company subject to Chapter 15 of the 2010 Law whereas, Part II and SIF funds may appoint either a Management Company subject to Chapter 15 of the 2010 Law or a Management Company subject to Chapter 16 of the 2010 Law. In case of AIFs, there is need to have an alternative investment fund manager ("AIFM") or to have an "internally-managed" AIF status.

• Law of 17 December 2010 on undertakings for collective investment
• Law of 12 July 2013 on Alternative Investment Fund Managers
• CSSF Circular 12/546 on Authorisation and organisation of UCITS Management Companies and self-managed SICAVs
• CSSF Regulation 10-04 on Organisational requirements, conflicts of interest, business conduct, risk management and content of agreement between the Depositary and the Management Company