The market for alternative UCITS, the more hedge fund-type of UCITS funds, has doubled since 2008, but underwent its first outflow since then in 2018. According to LuxHedge's database, it now stands at €400bn ($452bn), with about 1,400 funds.

Despite the outflow, "the number of funds is relatively stable," Tim Vanvaerenbergh, CEO of LuxHedge, a Luxe