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UK funds industry reaches record £7.7 trillion, despite Brexit

Canary_Wharf_banksThe UK asset management industry grew 11% to a record £7.7 trillion (€8.6 trillion) in 2017, maintaining its standing as the second largest asset management centre in the world, according to figures published today by the Investment Association (IA).

Key findings were that:
     •   there was a 12% increase in the assets under management of the wider UK industry to £9.1 trillion
     •   the amount managed for overseas clients rose 19% in 2017 to £3.1 trillion
     •   overseas assets from European investors rose 29% from 2016 to £1.8 trillion

The report also concluded that the UK remains the largest European centre for asset management and manages of 35% of all assets under management: a total larger than the next three countries (Germany, France and Switzerland) combined.

Chris Cummings, the Investment Association’s chief executive, said that the increase in 2017 of 29% in the assets managed in the UK for European clients to £1.8 trillion made Europe the largest source of overseas assets for UK asset managers.

“The clear value the European market brings to the UK asset management industry underlines the urgent need for a Brexit deal to be completed by March 2019 which protects our industry, and more importantly, the savings of millions of people right across Europe,” he said.

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