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In the fourth quarter of 2024, Luxembourg managed around ** percent of the total assets under management (AUM) of domiciled funds in Europe, with Ireland ranked second, managing roughly ** percent of assets. UCITS is an aberration of "Undertakings for Collective Investment in Transferable Securities". These are a type of investment fund that typically invests in transferable liquid securities such as shares, bonds, or money market funds. UCITS can be distributed publicly to retail investors within the European Union. While AIF stands for "Alternative Investment Fund", AIFs refer to any privately pooled investment fund such as an angel or venture capital fund. These pooled funds are typically in the form of a trust, company, or limited liability partnership. Both Ireland and Luxembourg have high numbers of asset management companies relative to their size. This is in correlation to their involvement with UCITS and AIFs as it is often required for fund houses to maintain a management company in each country where they have funds domiciled.