EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.
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Wealth & Asset Management
Clients expect more from wealth and asset managers - stronger performance, broader access to private markets, personalized experiences and regulatory confidence. As growth shifts towards more complex products, markets and client needs, firms must modernize through data, AI and technology to improve efficiency and protect margins, while building resilience.
50+
leading global asset managers served by EY
28,000+
dedicated wealth and asset management professionals across the globe
150+
countries serving wealth and asset management clients
Solving your complex challenges
- Margin pressure and growth
- Wealth transfer
- Data, AI and tech
- Risk and regulation
CHALLENGE
Balancing expansion with profitability in a constrained cost environment
Rising costs, fee pressure and operational complexity are eroding margins as firms expand. Wealth and asset managers need simpler operating models that support scale without compromising performance or client experience.
HOW EY CAN HELP
EY teams help wealth and asset managers address margin pressure by changing how work is delivered across the business. We combine technology and managed services to drive growth while maintaining strong client outcomes.
- Operating models built for scale: redesign front‑to‑back delivery models to remove duplication and complexity, improving speed, control and consistency as volumes increase
- Sustainable cost efficiency: embed automation, managed services and sourcing to deliver lasting productivity gains while maintaining service quality and resilience
- Flexible cost and margin structures: align costs with changing volumes, market conditions and product mix to protect profitability across market cycles
- Growth without added complexity: support expansion into new products, services and client segments while reducing disruption, risk and overhead
FEATURED
The future of asset management: strategies for differentiation
Discover future-ready blueprints for asset managers — built on four pillars to succeed in the era of differentiation.
CHALLENGE
Driving growth through retirement, transition and generational wealth transfer
Ownership is shifting across generations and life stages. Firms must adapt how they engage clients to support smooth wealth transfer and sustain long-term relationships.
HOW EY CAN HELP
EY teams help firms adapt client propositions, advice models and offerings for ownership transition. We align experiences and decision-making across households, entities and advisors to support successful transfer and stronger retention.
- Next-generation client propositions: redesign propositions and experiences to meet evolving expectations around access, transparency and engagement across different client groups
- Asset transfers through transition: deepen engagement earlier across households, entities and life stages to support smoother asset transfer and continuity of client relationships
- Broader access to products and services: expand offerings, including private markets and alternatives, aligned to client needs, risk appetite and regulatory requirements
- Focused growth with discipline: concentrate growth on defined client segments and priorities, strengthening advisory models while managing complexity, cost and risk
FEATURED
2025 EY Global Wealth Research Report
Discover compelling insights about how wealth management clients navigate challenges and how to respond to changing investor needs.
CHALLENGE
Modernizing data, AI, technology foundations and governance to support better decisions
Legacy platforms, fragmented data and uneven governance limit firms’ ability to scale AI and personalize offerings. Wealth and asset managers need stronger data and AI capabilities to increase insight and automation.
HOW EY CAN HELP
EY teams help wealth and asset managers use data, AI and automation more effectively across the business, improving insight and decision-making at scale.
- AI-ready enterprise data: building a single, reliable data backbone that helps enable reuse, interoperability and analytics
- AI beyond pilots: embedding AI and automation into everyday ways of working to improve decisions and productivity
- Modern, resilient platforms: update core platforms to strengthen resilience and keep pace with changing business needs
- Measurable value from investment: driving benefits from data, AI and technology through change management and skills uplift
FEATURED
How AI simulation accelerates growth in wealth and asset management
Harness the power of AI simulation to anticipate client behavior and make faster, smarter decisions. Learn more.
CHALLENGE
Managing risk and regulatory demands
As firms expand products, partnerships and geographies, regulatory demands increase. Stronger governance and transparency are essential to maintain trust and support confident growth.
HOW EY CAN HELP
EY teams help wealth and asset managers manage regulatory and risk demands by aligning governance and controls with strategic priorities, supporting compliant and resilient growth.
- Integrated risk and regulatory oversight: establishing clear, consistent oversight across products, entities and geographies through aligned governance and controls
- Stronger trust and transparency: strengthening confidence among regulators, clients and stakeholders through transparent reporting and clear accountability
- Technology-enabled compliance and oversight: using data, analytics and AI to streamline monitoring and reporting and meet regulatory obligations more efficiently
- Future-ready ways of operating: enabling the business to respond to regulatory change, market shifts and new business models while continuing to innovate with confidence
FEATURED
Top 10 resolutions for wealth and asset management success in 2025
Our global outlook highlights 10 resolutions that wealth and asset managers should take to drive growth in 2025.
Welcome to Luxembourg, the second largest investment fund center in the world
At EY, we recognize the unique and complex challenges facing the Luxembourg and European wealth & asset management industry. In recent years, asset managers have been forced to adapt to disruptive market conditions, while keeping up with regulatory requirements, operational and technological challenges. Factors such as fee pressure, competition between geographies, interest in private and digital assets, changing client expectations and consolidation are driving managers to rethink their operating models and innovate their product offerings.
Luxembourg plays a central role in this industry, being the second largest fund industry in the world after the United States, and the leading domicile for cross-border assets. EY – the most globally connected professional services firm with extensive experience in asset management, supported by technology – has a dedicated team of experts in Luxembourg to help you understand, address and stay ahead of the critical issues impacting your business. For over twenty years, this team has been behind the production of “Investment Funds in Luxembourg,” the go-to guide and #1 resource for understanding funds in Luxembourg and Europe.
We aim to reshape challenges into opportunities for growth, while providing you with forward-looking insights to ensure your organization is well-equipped to thrive in this dynamic landscape.
Our Luxembourg Services
Download our publications
Discover latest industry insights
Luxembourg Market Pulse: Regulatory updates
EY Luxembourg Market Pulse covers a broad range of topics to enrich your understanding of investment funds in Luxembourg.
Investment Funds in Luxembourg
Investment Funds in Luxembourg is the definitive guide covering the latest legislative and regulatory changes shaping the Wealth and Asset management industry in the Grand Duchy and Europe.
Market Pulse Newsletter
Stay informed with the latest regulatory updates.
Explore additional resources
Our latest thinking
Liquidity risk management has long been a core pillar of fund governance in Luxembourg. On 18 March, the CSSF took a further step in strengthening supervisory oversight by introducing a new Liquidity Management Tool (LMT) procedure in eDesk, with immediate and practical implications for UCITS and alternative fund managers.
DORA Register of Information: Quality checks do not stop at submission
In recent communications, the CSSF has reiterated both the importance and urgency of the Register of Information obligation, reminding financial entities that the RoI is a cornerstone of DORA’s oversight framework and a key input for EU‑level supervision.
AMLA’s approach takes shape: what the new EU AML standards mean for financial institutions
Europe’s long‑promised overhaul of anti‑money laundering supervision is moving from blueprint to reality.
The control agent under Luxembourg’s Blockchain IV Law: a turning point for transfer agency?
The introduction of the control agent under Luxembourg’s Blockchain IV Law marks one of the most transformational shifts in the country’s fund‑servicing landscape since the move to dematerialized securities.
AML Package and regulatory crossroads: how fund managers should navigate among AMLA, CSSF and AED?
As Europe moves toward its most ambitious overhaul of anti‑money laundering rules (the AML Package), Luxembourg’s fund industry finds itself navigating an increasingly intricate regulatory triangle.
Retail Investment Strategy: Anticipating new requirements and their impact on fund management
The EU’s Retail Investment Strategy marks an important regulatory shift aimed at strengthening investor protection, increasing transparency, and ensuring better value for money across retail investment products.
Luxembourg funds and crypto assets: understanding the CSSF’s latest clarifications
UCITS may invest indirectly in crypto-assets for a maximum of up to 10% of their net asset value (NAV) as long as these investments (indirect investments in financial instruments with crypto-assets as an underlying asset) qualify , at all times, as transferable securities that do not embed any derivatives.
Navigating the new regulatory landscape: how the EU AI Act is transforming asset management
Artificial Intelligence (AI) has rapidly become a strategic pillar for the asset management industry. From portfolio optimization and risk modelling to client servicing, regulatory reporting and operational automation, AI is reshaping how fund managers operate and compete.
Turning regulation into opportunity: how fund managers can thrive under the SIU framework
The final quarter of 2025 has been marked by a series of pivotal initiatives from the European Commission, signaling a decisive push to reshape the EU’s financial landscape. Luxembourg stands at the crossroads of these regulatory changes set to shape the industry in 2026 and beyond.
Operational set-up and other considerations for Active ETFs
Actively managed ETFs in Europe recorded significant growth over the last year, rising from EUR 55.5 billion assets under management to EUR 62.4 billion end August 2025. This growth follows the ETF surge in Europe, for example, crossing the EUR 500 billion threshold in Germany, the largest ETF market of the continent.
AIFMD II and UCITS VI: What the new EU framework means for US fund managers in Luxembourg
Luxembourg, Europe’s largest investment fund domicile and the second largest globally after the United States, oversees more than EUR 7.45 trillion in fund assets,1 much of it managed on a cross‑border basis.
Preparing for SFDR 2.0: A practical roadmap for fund managers
Published on 20 November 2025, SFDR 2.0 represents a major shift in the EU’s sustainable finance framework by replacing entity-level disclosures with a simplified, product-focused approach.
The future of asset management: strategies for differentiation
The future of asset management : strategies for differentiation
Four regulatory shifts financial firms must watch in 2026
Our Global Financial Services Regulatory Outlook has four regulatory priorities to drive financial institutions' focus in 2026. Download the report.
In keeping with what has become an almost seasonal pattern in the Luxembourg’s fund industry, the Commission de Surveillance du Secteur Financier (CSSF) closed the year with the issuance of the Circular 25/901, bringing substantial consolidation and modernization of the supervisory framework applicable to Part II UCIs, SIFs and SICARs.
AIFMD 2.0: what it means for annex IV reporting
Executive summary. AIFMD 2.0 introduces – amongst others - significant changes to supervisory reporting under Article 24, reshaping the Annex IV content, format, and even reporting frequency and timing through new EU level technical standards. These changes will require AIFMs to manage more granular data, implement stronger governance, and adapt to harmonized processes
Luxembourg, the main domicile for depositaries in the European Union, has received a positive evaluation by ESMA in its peer review on the supervision of depositary obligations, and suggests recommendations for improvement to both the CSSF and depositaries themselves.
How EY can Help
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EY Global Fund Distribution (EY GFD) refers to a set of innovative services developed by EY to help asset managers with the distribution of their UCITS, AIF or other collective investment schemes (CIS).
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The EY Regulatory Compliance Manager can help you digitally manage compliance efficiently and effectively within a shifting regulatory landscape. Learn more.
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Our team can help wealth managers and private banks transform and grow their business. Find out more.
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Our strategic cost transformation team can help wealth and asset managers transform costs while sustaining cost management practices across the value chain.
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We help you effectively harness the power of technology to simplify, rationalize and centralize your firm’s operations, clearing the way to improve efficiency and extend product capabilities to attract new investments.
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We help you implement strategies to improve efficiency across your firm’s value chain, increasing margins while reducing long-term costs and risk.
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We help you forge stronger client relationships built on performance, engagement and trust.
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Discover EY digital audit and how it uses leading-edge technology to brings insights, depth and responsiveness to our audit work. Learn more.
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In our tax department we offer a complete suite of services to asset managers, sponsors, initiators, general partners, promoters, management companies, investment managers, depositary banks, fund administrators and transfer agents.
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EY sustainable finance teams helps financial services companies define sustainability goals that create value and make a measurable difference. Learn more.
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Our skilled teams, operational efficiencies enabled by innovative technology and flexible global delivery service centers can help you manage financial crime risk in a cost-effective, sustainable way.
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