A European fund researcher reported this month that, despite volatile global markets, the number of funds domiciled in Luxembourg, the continent's key mutual funds hub, has continued to increase, driving assets under management up by 6% in 2001.

The number of funds and sub-accounts domiciled in Luxembourg increased by 8% to 7,414 at of the end of last year, from 6,873 in 2000, according to London-based fund tracker Fitzrovia. Assets in those vehicles totaled $822 billion at the end of 2001, the researcher said.

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