PwC Luxembourg announces the release of the 22nd edition of their annual Global Fund Distribution (GFD) poster showcasing the growth of cross border funds and distribution in 2021.


The PwC Luxembourg annual poster, available here, has become the asset management industry’s premier tool for an overview of the global cross-border fund market.

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30/03/2022 |
  • OLI 7131 - Olivier Toussaint -04-04-17

    Robert Glover, Partner, Global Fund Distribution at PwC Luxembourg

This year's edition showcases the evolution of cross border distribution globally, alongside data on the leading domicile centers and information on the key target markets for asset managers.

Key Findings

Asset Managers – The top 5 asset management companies for cross-border distribution funds worldwide are Franklin Templeton, BlackRock, Schroders, Fidelity Investments and HSBC. Franklin Templeton is the clearly leading asset manager with their cross-border funds distributed in 13 more countries than the no. 2 ranked BlackRock.

Cross Border Investment Funds – 14,201 cross-border investment funds accounted for 132,776 registrations globally as of end-2021, a 0.5% increase in the number of cross-border funds and a 3.3% increase in the number of registrations when compared to the previous year.

Cross Border Investment Fund Registrations – UK cross border fund registrations are down by 71% in 2021, primarily due to the lack of passporting rights into Europe.

Fund Domicile (Luxembourg) – Luxembourg maintained its leading position, with the number of cross-border funds domiciled increasing by 1.4% (from 7,410 funds in 2020 to 7,516 funds in 2021), and the number of registrations increasing by 3.9% (from 72,651 in 2020 to 75,476 in 2021).

By Asset Class - Equity funds held the majority assets with 7,016 funds, accounting for 49% of the global cross-border funds.  This was followed by bond funds with 3,858 cross-border funds, accounting for 27%. Multi asset funds made up 11%, liquid alternatives 11% and Money Market Funds (MMF) 2%.

Europe - Denmark experienced the largest increase in the number of new registrations in 2021, with 472 funds being registered. However, with 11,351 cross-border funds registered for sale, Germany remains the top country in Europe in terms of total number of cross-border fund registrations.

Asia Pacific - Singapore maintained its position as the top market in terms of new and total number of registrations in 2021, with 145 new registrations bringing the total number of registrations to 4,313.

Middle East – Israel remains the top market in terms of new registrations in 2021 with 47 new registrations. In terms of total number of registrations in the region, the UAE is still ranked the 1st with 337 funds.

Americas - Chile has maintained its leading position within the Americas in terms of total number of registrations, with 1753 funds registered for sale as of end 2021. Bermuda recorded the largest increase in fund registrations, with 144 new registrations for sale.

Africa - In terms of the total number of funds registered for sale, South Africa continues to lead the continent with 283 funds registered for sale. It also recorded the largest number of new registrations with 14 funds in 2021.

Robert Glover, Partner, Global Fund Distribution at PwC Luxembourg, commented: “We continue to see the impact of the pandemic on new cross-border fund registrations amid increased caution among asset managers. We believe that, as we emerge into the new normal, we will see a pickup in cross-border fund registration in the coming years.”

The full 2022 GFD Poster is available here

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