Cross-border registrations of investment funds embarked on a steady growth path for 2024, recording 143,244 registrations as of the end of the year, according to a report by PwC.
Since 2014, the total number of registrations has almost doubled from 83,505 to 143,244, growing at a compound annual growth rate (CAGR) of 5.5%.
However, despite the steady growth in registrations, the number of cross-border funds recorded its first decline since 2014 (14,649 funds), reflecting a -0.5% drop from the previous edition.
Luxembourg-domiciled cross-border investment funds continue to account for more than 52% of all registrations, but the country is facing growing competition from Ireland, the second largest domicile for cross-border investment funds.
The insights come from PwC Luxembourg’s 25th edition of the Global Fund Distribution (GFD) poster 2025, which highlights global fund distribution trends across more than 40 countries.
The poster provides a comprehensive breakdown of cross-border fund distribution, key market developments, and emerging asset classes shaping the future of fund distribution.
Other key findings of the poster include:
Despite the increase in the number of cross-border registrations (1.9%), the number of cross-border investment funds declined for the first time since 2014 (-0.5% YoY).
Equity funds remain the leading asset class of cross-border funds, making up around 50% of the market, followed by bond funds at 28%.
ETFs are claiming an increasing market share, representing nearly 32% of the number of cross-border investment funds and accounting for 37% of the overall number of registrations.
Christophe Saint-Mard, Partner for Global Fund Distribution at PwC Luxembourg, said: “The global fund distribution landscape is undergoing a structural transformation.
“While the number of cross-border investment funds declined for the first time since 2014, the 1.9% increase in registrations reflects a trend of fund range rationalisation, where asset managers are prioritising larger, widely distributed funds while consolidating underperforming ones.
“At the same time, private markets continue their impressive growth, with European private market assets surpassing EUR 4 trillion, fuelled by strong investor demand for alternatives.
“Luxembourg continues to lead in private market AUM, accounting for more than half of Europe’s total. As global markets evolve, the industry is responding by consolidating, innovating, and strategically positioning itself for long-term stability and growth.”
Other key findings of the poster include:
Despite the increase in the number of cross-border registrations (1.9%), the number of cross-border investment funds declined for the first time since 2014 (-0.5% YoY).
Equity funds remain the leading asset class of cross-border funds, making up around 50% of the market, followed by bond funds at 28%.
ETFs are claiming an increasing market share, representing nearly 32% of the number of cross-border investment funds and accounting for 37% of the overall number of registrations.
Christophe Saint-Mard, Partner for Global Fund Distribution at PwC Luxembourg, said: “The global fund distribution landscape is undergoing a structural transformation.
“While the number of cross-border investment funds declined for the first time since 2014, the 1.9% increase in registrations reflects a trend of fund range rationalisation, where asset managers are prioritising larger, widely distributed funds while consolidating underperforming ones.
“At the same time, private markets continue their impressive growth, with European private market assets surpassing EUR 4 trillion, fuelled by strong investor demand for alternatives.
“Luxembourg continues to lead in private market AUM, accounting for more than half of Europe’s total. As global markets evolve, the industry is responding by consolidating, innovating, and strategically positioning itself for long-term stability and growth.
