Member firms of the Investment Management Association, London, managed £3.4 trillion ($6.6 trillion) as of December 2007, up 10% from £3.1 trillion the year before, according to the associations 6th Asset Management in the United Kingdom Survey, released today.
Institutional clients accounted for 76% of the assets, while retail made up 23% and private clients, 1%. U.K.-based asset management firms earned £10.2 billion in revenue in 2007, the survey found.
The survey also found a growing movement out of equities. For institutions, equities accounted for 44% of total assets in 2007 vs. 49% in 2006. Bonds were 38% in 2007 compared with 35% in 2006. (Specific numbers for increases in alternatives could not be listed because of a change in the surveys methodology.)
The U.K. investment management industry is becoming increasingly sophisticated and international, said Richard Saunders, IMA chief executive, in a news release.
The survey was based on interviews with senior executives at 21 firms and questionnaires sent to 77 firms, managing £3.1 trillion total. The entire survey is available at http://www.investmentuk.org/press/2008/20080808-01.pdf.