The assets are global but part of the economics stays local. I estimate how much Luxembourg actually captures from servicing €8.3 trillion of fund assets.

Who really runs a Luxembourg fund?

You might get a different answer depending on whom you ask.

The AIFM? The investment manager? The administrator? The board?

They could all be right, depending on how we define “runs”.

Luxembourg's fund industry is built around specialisation and delegation. AIFMs/ManCos, investment managers, administrators, depositaries, auditors, advisers and control functions each perform distinct roles within the operating model.

In its 2025 Annual Report, the CSSF discusses technology concentration, vendor lock-in and third-party dependencies. It also introduces SKAI, its own AI-agent platform, while making clear that boards and executive teams need to understand emerging AI risks and oversee how they are managed.

This creates an interesting governance paradox: The people performing the work and the people accountable for overseeing it are increasingly not the same people.