Cross-border fund registrations hit a new record in 2025 as global fund distribution continues to expand, according to a report from PwC Luxembourg.
Cross-border fund registrations climbed to 143,617 last year marking continued long-term expansion at a 10-year compound annual growth rate (CAGR) of 4.7%.
The number of cross-border funds increased to 14,769 having stabilised after the previous year’s decline.
Luxembourg-domiciled funds account for 51% of all cross-border fund registrations, while Ireland is the second-largest cross-border distribution hub. Europe remains the core distribution market, with Spain, Germany, France and Switzerland also continuing to rank among the largest destinations for cross-border fund registrations.
Australia is the fastest-growing market in the Asia-Pacific region, reflecting expanding demand for offshore products and international diversification. Saudi Arabia is driving regional growth in the Middel East, supported by ongoing investor demand while in the Americas, smaller markets such as Uruguay are showing strong relative growth compared to last year.
PwC’s Global Fund Distribution (GFD) report, published today (24 March), analyses distribution trends across more than 40 jurisdictions and highlights how global fund strategies and market structures are evolving. European Long-Term Investment Funds (ELTIFs) were included in this edition for the first time, given their significant cross-border penetration in the EU.
Christophe Saint-Mard, advisory partner for global fund distribution at PwC Luxembourg, said: “While growth remains moderate, it reflects a maturing market where asset managers are refining their international strategies and focusing on scalable distribution models.
“Luxembourg retains its leadership position as the primary hub for cross-border funds, supported by its strong regulatory framework and global reach. At the same time, we are seeing increased regional diversification, with markets in the Asia-Pacific and the Middle East gaining importance as for many asset managers, Europe is a mature and very competitive market due to the high number of products available for sale.
He added: “As the industry evolves, success will depend on the ability to navigate regulatory complexity and respond to shifting investor demand across multiple jurisdictions.”
