UK assets managed by member firms of the Investment Management Association (IMA) grew by 13% during 2013.
The latest annual IMA Asset Management Survey found that UK assets managed by IMA members reached £5 trillion (€6.2 trillion) by the end of last year.
The survey recorded an increasing globalisation of the client base, with 35% of total European assets under management (AuM) managed in the UK, making it the largest asset management centre in Europe and the second largest in the world, after the US.
Overall, the IMA found a shift away from dependence on UK investors, with the proportion of assets managed for UK headquartered firms decreasing from 57% to 45%, since 2003. In contrast, 40% or £2 trillion of assets are managed in the UK on behalf of overseas clients, an increase of around 15% in the last decade.
The survey also reported that the spotlight on asset managers is intensifying, following the shift to defined contribution pension schemes, auto-enrolment and greater freedom for investors on how to access their retirement income.
The findings were based on responses from 72 IMA members who collectively manage £4.3 trillion of assets in the UK. The IMA is the trade body for asset managers who manage £5 trillion of assets in the UK.
Jonathan Lipkin, IMA director of public policy, says: “Sustained growth in assets under management underlines the increasing importance of the industry, both for individuals seeking to save for the future, and for the wider economy.
“We are also seeing the industry continue to move towards solution and outcome-focused products alongside the delivery of specialist investment components.
“There is a recognition within the industry of greater opportunity and greater responsibility in terms of product design and cost disclosure.”
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