The Fund Code. A History of Investment Funds in Luxembourg from the Holding Act to the UCITS Legislation (1929-1989)

This thesis introduces a comprehensive narrative of the history of Luxembourg’s investment funds, tracing their evolution from the incorporation of closed-end funds as holding companies in the 1930s to the enactment of two harmonization fund laws in the 1980s. Through a focus on the actors "behind the industry", the thesis identifies three enduring patterns. First, policymakers consistently employed "bifurcation of sovereignty" practices to stimulate the local fund market during systemic economic crises (notably, during the interwar years and the steel crisis of the late 1970s). Second, a robu... Mehr ...