UK fund industry bounces back after crisis

City of LondonAssets under management in the UK fund management sector are now 50% greater than before the financial crisis. The data from TheCityUK, a lobby group that promotes the UK financial services, points to the growing importance of the UK's fund management sector, in which a third of assets are now from overseas clients. "The UK is one of the leading international centres for fund management and by far the largest European centre," says the group in a statement. "The fund management sector is also one that consistently generates a significant trade surplus for the UK economy." There was £6.2 trillion (€8 trillion) under management in the UK at the end of last year, according to the data, a rise of 14% compared to the year before. This means UK funds under management account for 8.4% of global assets, says the group. The US remains by far the biggest source of funds, accounting for nearly half of global assets. TheCityUK says the UK is among the fastest growing European domiciles for funds. Assets in UK-domiciled funds rose nearly 11% in 2013, compared with a rise of 9.7% for Luxembourg and 9.5% for Ireland, says the group. ©2014 funds europe

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