Buoyed by rising markets and inflows, the Luxembourg financial sector reports that 2024 was a strong year for growth, with 61 new organisations and entities obtaining authorisation/licensing.

Luxembourg financial regulators authorised or licenced 61 new entities last year, while assets under management rose 11.5 per cent from 2023 to stand at more than €7.3 trillion ($7.96 trillion).

The figures came from Luxembourg for Finance, a public-private partnership promoting the European principality’s financial industry. (Editor’s note: this news service is attending next week’s ALFI Global Asset Management Conference in Luxembourg. The jurisdiction is the largest hub for registration of cross-border UCITS funds.)

In other details, more than 2,300 green, social, sustainability, and sustainability-linked (GSSS) bonds were listed on the Luxembourg Green Exchange by the end of 2024, a 23 per cent rise, at over €1.2 trillion

Luxembourg’s life insurance logged a 41 per cent rise in premiums, at more than €26 billion, the report said. 

Among the newly-authorised/licensed entities were two new banking institutions, Banco Inversis and Banco Votorantim; two electronic money institutions, including LianLian Europe; five Virtual Asset Service Providers (VASPs) including Standard Chartered and B2C2; seven authorised alternative investment fund managers (AIFMs); and 41 registered AIFMs. The establishment of China Taiping in Luxembourg saw the first Chinese insurer licensed in the country.

Detailing its assets under management, the report said growth was strongest in alternative funds (AIFs), up by 13.2 per cent, and they represent one-third of Luxembourg’s fund industry. 

Luxembourg-domiciled AuM Growth (mutual funds and AIFs)


Source: Luxembourg For Finance.

See this interview by WealthBriefing of ALFI chief executive Serge Weyland, last year.