Assets invested in European mutual funds hit a record high this year, pushing past the € 10tn mark.

Ucits, which stands for “undertakings for the collective investment in transferable securities”, provides a single European regulatory framework for an investment vehicle. This means that a fund can be domiciled in one country but sold across the bloc and is seen as an international gold standard of fund regulation.

Net assets of Ucits funds came in at just over € 10tn at the end of the first quarter, according to data from the European Fund and Asset Management Association, which collected figures from 29 countries. Quarter on quarter, this was a 7.8 per cent increase.

Ireland and Luxembourg are among the biggest fund domiciles in Europe, together accounting for 56 per cent of assets invested in Ucits funds.

Assets domiciled in Dublin grew 8.9 per cent in the three months to March while Luxembourg and the UK each recorded asset growth of 7.5 per cent in the same period.

Abridged Version – Full version & Copyright: Irish Times/The Financial Times 2019