Substance Survey 2019: Overall market - KPMG Luxembourg
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Overall market

Overall market

Overall market

Key figures at a glance

  • 62 GPs interviewed including players active in the Infrastructure and Debt sectors
  • 46 regulated AIFMs, 20 in Luxembourg
  • 1,100 employees in Luxembourg
  • 5,500 entities in Luxembourg
  • 600 investment funds in Luxembourg
  • €11.2 trillion of global assets under management

Luxembourg offices – employees and entities managed

The below chart illustrates the correlation between the number of employees and the number of entities managed.

On average, the General Partners (GPs) surveyed employ 14 people and manage 90 entities (represented by the red dot in the chart below).

Overall Market

Half of those surveyed has less than 10 employees / 60 entities in Luxembourg.

Internal organization of a Luxembourg office

To perform their functions, GPs are generally staffed with administrative and executive profiles. The below chart illustrates the team composition of the offices surveyed.

internal organization of a Luxembourg office

External organization of a Luxembourg office

External organization of a Luxembourg office

Overall, 84% of Luxembourg investment fund offices outsource back office functions, primarily tax, legal and accounting.

How do Luxembourg investment funds consider their substance?

investment funds

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