Carne Group (Carne), has retained its position as Luxembourg’s largest third-party management company (ManCo) by assets under management (AUM) and sub-funds in PwC’s 2026 Observatory for Management Companies Barometer. 

The report ranks Carne Global Fund Managers Luxembourg (CGFML) as the number one third-party ManCo in Luxembourg for the second consecutive year, with €213.7 billion in AUM as of December 2025, representing a 22% increase year-on-year. Over the same period, total assets managed by Luxembourg-based ManCos grew by 7.8%, reaching €6.3 trillion, reflecting the continued strength of the Luxembourg market. 

Mark Stockley, Chief Business Development Officer at Carne Group, commented: 

“The continued growth of private markets and rising investor demand for ETFs and alternative fund structures is increasing operational and governance complexity for asset managers, driving the need for specialist operating models and third-party ManCo solutions. 

Our Supermodel II research shows that 34% of asset managers are likely to fully outsource support for new products or fund vehicles to a third-party ManCo over the next two years, while 18% of managers with an internal ManCo are planning to fully outsource those responsibilities. This reflects a broader shift across the industry as managers seek scalable operating models that allow them to focus on investment performance while meeting increasingly complex regulatory and governance requirements. 

Luxembourg remains at the centre of these trends. Its regulatory framework, governance standards and deep ecosystem of expertise continue to make it a destination of choice for global asset managers, while reinforcing the increasingly strategic role of third-party ManCos in helping firms scale efficiently and meet rising investor expectations.” 

The PwC Barometer also highlights the continued expansion of the third-party ManCo model in Luxembourg. Third-party ManCos now account for 19% of total Luxembourg ManCo assets under management, up from 6% in 2018, representing more than €1.1 trillion in assets under management. 

Carne’s leadership position is further reinforced by Monterey Insight’s latest report, which also placed Carne as the highest-ranked third-party ManCo in Ireland, by total assets under management (AUM), reflecting 11.5% year-on-year growth. 

Together, these two reports confirm Carne’s position as the largest third-party ManCo in Europe, overseeing more than $1 trillion in AUM globally.