Last week, The Investment Association (IA) released the results of their annual Asset Management Survey, which cemented the UK as a global hub for asset management, second only to the US. The IA’s first survey following the UK’s decision to leave the EU reveals assets under management in the UK increased by 20% in 2016 to a record £6.9 trillion (£5.7trn in 2015).
Total industry assets managed in the UK have grown 20% since 2016 to a record high of £6.9 trillion. £2.6 trillion is managed in the UK on behalf of overseas investors, 50% of which is for non-UK European clients.
The Asset Management Industry directs significant investment into the UK economy, including £29 billion into social and economic infrastructure projects. The survey revealed that as many as 93,500 people are employed in activities related either directly or indirectly to asset management.
Mash Patel, Kurtosys CEO, comments: “The importance of the asset management industry to the UK economy is evident through the investment they direct towards UK companies, infrastructure and property. It is also shown through the impact they have on the wealth of individuals, as they manage their investments and pensions.
Since asset managers are responsible for looking after personal investments, which is a huge responsibility, it’s great to see that the industry has experienced a year of strong growth.”