Arendt and Elvinger enjoy funds upswing

Arendt & Medernach and Elvinger Hoss & Prussen were the main beneficiaries of the double-digit growth in the Luxembourg funds market.

Arendt & Medernach and Elvinger Hoss & Prussen were the main beneficiaries of the double-digit growth in the Luxembourg funds market.

Both firms advised on a record number of funds, taking the top two spots in the annual survey of the Luxembourg funds industry by Lipper Fitzrovia.

Arendt took the top spot, advising on 2,003 funds, while Elvinger came second, acting on 1,957 funds, but the latter leads on market share when measured by net assets.

Name partner Jacques Elvinger told The Lawyer: “2005 has been a record year for funds. Our success is partly because we’re growing as our clients are growing, but also we have won a number of new clients who this year set about establishing themselves in Luxembourg.”

Third place went to Linklaters Loesch, which advised on 814 funds, followed by Bonn Schmitt Steichen and then Kremer Associés & Clifford Chance.

Net assets for all domiciled collective investment funds in Luxembourg rose by 20 per cent in 2005, the third year of double-digit growth. Meanwhile, the number of funds and subfunds rose from 7,777 to 8,434.