CIFA Annual Review 2020

Cyprus Investment Funds Association (CIFA)
Annual Review 2020 13
Net Assets of UCITS and AIFs by Country
The growth in UCITS assets in 2019 varied between European countries. Overall, growth was predominantly positive,
with only Hungary registering a net asset decline. Exceptional asset growth was seen in Turkey (109%), aided by an
appreciation in the TRY exchange rate and strong inflows into MMFs. In addition, Cyprus (80%), Greece (34%), Ireland
(28%), the Netherlands (28%), Sweden (27%) and Switzerland (27%) also registered strong asset growth. Total AIF net
assets grew slightly less than UCITS assets, again with significant variations between countries. In 22 countries net AIF
assets grew, while six countries registered a decrease. The highest growth rates were recorded in Liechtenstein (42%),
Czech Republic (27%) and Cyprus (27%).
Net Assets of Investment Funds
(€ billions)
Country UCITS UCITS Growth Rate AIFs AIFs Growth Rate
2019 2019 2019 2019
Austria 86.3 14% 107.7 11%
Belgium 143.7 16% 21.7 -8%
Bulgaria 0.8 14% 0.0 2%
Croatia 3.0 18% 0.6 14%
Cyprus 0.4 80% 4.9 27%
Czech Republic 13.1 23% 1.5 27%
Denmark 144.2 15% 171.4 16%
Finland 109.9 13% 14.9 14%
France 1 822.8 5% 1,137.5 10%
Germany 407.9 17% 1,949.8 15%
Greece 6.1 34% 2.8 -19%
Hungary 1.3 -6% 18.3 2%
Ireland 2,315.5 28% 732.9 20%
Italy 244.5 3% 76.1 -1%
Liechtenstein 29.1 9% 24.8 42%
Luxembourg 3,920.8 17% 798.1 13%
Malta 3.1 16% 12.3 7%
Netherlands 43.2 28% 904.3 14%
Norway 134.6 19%
Poland 28.1 11% 34.8 2%
Portugal 12.3 21% 11.2 -4%
Romania 4.7 13% 4.9 17%
Slovakia 5.3 9% 2.1 21%
Slovenia 3.0 22% 0.1 16%
Spain 245.8 10% 60.5 -5%
Sweden 398.4 27% 22.8 13%
Switzerland 564.5 27% 149.8 19%
Turkey 15.4 109% 13.7 4%
United Kingdom 1,282.4 17% 468.8 17%
Europe 10,990 18% 6,748.3 14%
1
Following the introduction of the new EFAMA classification for UCITS and AIFs in 2014, a significant number of UCITS funds domiciled in
France were reclassified as AIFs.