Enticed by largely untapped and growing markets overseas, mutual fund companies are building assets in Europe, continuing a trend that began in the mid 1990's, according to a study released by a Luxembourg company that tracks European sales.

U.S. fund companies increased their assets domiciled in Luxembourg by $146.1 billion during the past five years, according to data released April 26 by Fitzrovia International. U.S. funds held $165.5 billion in Luxembourg-based assets in 2000 compared with $19.4 billion in 1995.

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