US investment houses now control 20% of all Luxembourg fund assets under management, according to the latest survey by Fitzrovia International, the fund research group.

The fund managers now manage $165.5bn (€186bn) of Luxembourg fund assets, fed to them through US fund promoters. This is a 34% increase from last year, when the figure was $109.1bn. US promoters now rank second only to Swiss promoters, Fitzrovia said.