The Depositary Banking and Custodian Services Survey 2024, conducted by the CSSF, the ABBL, and KPMG, highlights another year of solid growth and transformation for Luxembourg’s fund servicing sector. Assets under depositary increased by 7% to €6.44 trillion, and assets under custody by 5% to €3.58 trillion, with UCITS funds maintaining 66% of total assets. Alternative funds, particularly RAIFs, saw exceptional expansion (+43%). The top 10 depositary banks control 78% of assets, reflecting market concentration and resilience. The report also notes stable employment (2,073 FTEs) and continued delegation abroad, underscoring Luxembourg’s global leadership in fund servicing and alternative investment operations.
