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1 Krupa Dorota Marzena

1 2024

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Cross-border distribution of investment funds

Krupa Dorota Marzena

Zeszyty Naukowe. Organizacja i Zarządzanie / Politechnika Śląska

2024

z. 192

659--672

Purpose: The aim of this article is to present the evolution of the European investment fund market in the context of its cross-border distribution and the challenges it faces. Design/methodology/approach: Legal acts, reports and data published by international institutions involved in investment fund market research, such as the European Fund and Asset Management Association and PriceWaterhouseCoopers, have been analysed. Findings: There were differences in the regulation of cross-border distribution of investment funds between Member States and between UCITS funds and alternative funds. The harmonisation of rules and the strengthening of cooperation between regulators in different EU countries have contributed significantly to the development of cross-border distribution of investment funds. These regulations also develop similar cross-border distribution rules for the two types of funds mentioned. The share of domestic funds in the structure of the total assets of European investment funds, although dominant, is gradually decreasing in favour of an increase in the share of assets held by cross-border funds distributing their shares or units in other EU countries and outside the EU. The level of development of cross-border distribution has increased, as measured by the ratio of the average number of registrations per cross-border fund. This demonstrates the significant impact of the investment fund market on EU competitiveness and development. It also confirms the positioning of investment funds established under EU law as a global brand, no longer limited to UCITS funds but also to alternative funds (AIFs), which are increasingly used for cross-border distribution. The still dominant position of Luxembourg as the country of choice for cross-border offered investment funds is no longer as strong as before, the position of other Member States (Ireland, France) is slowly increasing. Practical implications: The development of EU legislation on cross-border investment funds may pose a significant challenge to smaller, local investment fund markets. Institutions setting up and promoting investment funds should consider the growing interest of non-EU investors. Social implications: Cross-border distribution of investment funds can increase retail investors' access to a category of funds that is sometimes poorly served in domestic markets, particularly in the growing market for ESG-based sustainable funds. Originality/value: The article presents the evolution of cross-border distribution of investment funds, highlighting regulatory changes, market developments and structural changes in the countries chosen to host cross-border investment funds.