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Denise Voss, Chairman of ALFI, explains: "This increase in AUM clearly demonstrates the confidence that asset managers, fund distributors and investors have in our fund centre."

She continues: "Luxembourg is the second largest fund domicile after the US. The growth of assets under management has been quite spectacular with the increase from 3 to 4 trillion taking merely 3 years. Luxembourg funds are now distributed in over 70 countries around the world and we now have 4 110 funds domiciled in Luxembourg."

'Not only have we experienced growth of traditional UCITS funds domiciled in Luxembourg, we have also seen an increase in the AUM of alternative investment funds, especially in the areas of private equity and real estate."

As well as undertaking an ambitious schedule of roadshows, in Europe, Asia, Australia, the USA and Latin America, ALFI has this year instigated a number of new initiatives to help drive this growth. In Singapore, ALFI set up a working group to promote increased collaboration and closer relationships between the two fund centres. In Australia, ALFI negotiated an exemption, for financial services providers regulated by the CSSF, from the obligation to hold an Australian license to provide financial services, enabling Australia's institutional investors, including superannuation funds, to get easier access to Luxembourg UCITS.

Ms Voss concludes: "This increase in assets under management is good news for Luxembourg but also good news for the UCITS and AIF brands, and the European fund and asset management industry as a whole. It clearly shows that people recognise the growing importance of investment funds in providing for their financial future."