French mutual fund management assets have crossed the €1 trillion ($1.2 trillion) mark for the first time and with Germany and Luxembourg, continue to dominate the industry with a 59% market share.

The figures come in the latest report of the European Federation of Investment Funds and Companies (Fefsi), the research and lobby organisation for the industry, and show the European mutual fund market increased by €511bn ($622.8bn) to €4.75 trillion last year.