The number of staffers employed by U.K.-headquartered money management firms increased 3.4% to 31,800 employees for the year ended Dec. 31, said the Investment Management Association.
In its latest annual report looking at the U.K. money management industry, the IMA attributed the increase in part to a “more stringent regulatory environment.”
The survey of IMA members representing a total of £5 trillion ($8.1 trillion) in assets — an increase of 13% compared with Dec. 31, 2012 — found that head count represented by employees covering compliance, legal and audit functions had decreased by one percentage point to 6%. However, within that group, the IMA said its category of employees categorized as holding “risk” functions had increased to 31% from 26% the previous year.
Among other categories, investment management functions increased to 28% of total head count, from 27% in 2012; while business development and client services, and fund administration and operations held the same proportions as 2012, accounting for 20% and 18% of head count, respectively.
The U.K. remains the leading center for money management in Europe by assets under management, holding 35% of the total employees. The IMA said this represents more assets than the next two largest centers — France and Germany — combined.
