In 2006, for the fourth year in a row, the investment fund industry in Europe has recorded a strong rise in business, reports the European Fund and Asset Management Association (EFAMA) in its recent annual report, the EFAMA Fact Book 2007. In 2006, more than €540bn of new capital was invested in European funds (up from around €500bn in 2005). An updating of the EU UCITS directive and the introduction of the conditions required for a Europe-wide savings and pensions savings products are now urgent requirements in order to keep this exceptionally competitive level, commented EFAMA President Mathias Bauer. Between 2003 and 2006, investment fund assets rose 15% a year on average, from €4.296bn in 2002 to €7.552bn in 2006. European households invested around 11.5% of their finances in investment funds in 2006, although this varies widely from one country to another, with Sweden and France seeing the highest rises (up 20%) and Italy recording a fall. EFAMA figures confirm another trend - the growing success of cross-border sales. Fact Book 2007 makes a detailed analysis of recent trends and growth prospects in the European investment fund industry and analyses a raft of important issues for the industry. Info: http: //http://www.efama.org. (I.L.)