The U.K. fiduciary management market grew 22% to £72 billion ($115.2 billion) of assets in the year ended June 30, with consultants continuing to dominate the marketplace in terms of providers, a KPMG report showed.
The asset growth, however, was skewed by the inclusion of two new providers in KPMG's survey, Cambridge Associates and JLT. Excluding the new providers, asset growth was 17%.
The number of contracts also grew, by 47% to 508. Excluding the new providers in the survey, contracts grew 19%.
KPMG's annual survey found that more than 300 U.K. pension funds are now using fiduciary management on a full delegation basis, an increase of 44% from last year's survey, or 16% excluding the new entrants.
Consultants won a large number of small contracts over the year ended June 30, said Anthony Webb, head of fiduciary management research at KPMG, in the report about the survey. He said 89% of contracts have less than £250 million in assets.
The survey looked at both partial and full delegation.