Assets under management at the 25 largest money managers of U.K. client assets increased 20% in the two years ended June 30, to £2.7 trillion ($4.2 trillion), according to data compiled by Pensions & Investments.
The top 10 accounted for £2.07 trillion, or 76.8%, of the total.
The world's largest money manager, BlackRock Inc., with £2.7 trillion of assets under management across the globe, retained the top spot for U.K client assets, at £509 billion. That was an increase of 25.9% from two years earlier in Pensions & Investments' inaugural survey. Of that U.K. client total, £384.7 billion, or 75.6% was managed for institutional clients. A spokesman for BlackRock said the total U.K. assets include the Republic of Ireland, which could not be separated out for the survey.
The top five managers remained unchanged. Legal & General Investment Management came second, with £411.3 billion of assets managed on behalf of U.K. clients as of June 30, an increase of 49.7% from two years earlier in Pensions & Investments' inaugural survey. Of that U.K. client total, 95.9% was managed for institutional clients.
Besides LGIM, there were four other insurer-owned managers in the top 10: Standard Life Investments, owned by Standard Life Group; Aviva Investors, owned by Aviva PLC; M&G Investments, owned by Prudential PLC; and Royal London Asset Management, owned by Royal London Group.
BNY Mellon Asset Management and State Street Global Advisors were the only two bank-owned managers in the top 10 rankings.
Independent money managers Aberdeen Asset Management and Schroders PLC rounded out the top 10. The biggest jump in position came from Royal London, which came in 10th place in the 2014 ranking, up from 18th in 2012.