Assets under management for U.K. fund managers rose an estimated 4.4% to £7.1 trillion ($10.8 trillion) in the first half of 2015, and could rise an additional five percentage points by the end of 2015, said a report released Thursday the TheCityUK, a financial services trade organization.
By comparison, U.K. fund managers ended 2014 with a record £6.8 trillion in assets under management, up 9.7% from 2013.
U.K. investors made up the majority of the 2014 total — £4.35 trillion vs. £2.45 trillion from overseas clients.
Among the various investor types, £4.35 trillion came from institutional clients, mostly pension funds. U.K. fund managers managed £2.1 trillion for pension funds at the end of 2014, up 14% from 2013.
“The U.K. fund management industry is diverse and sophisticated, respected globally and has seen a remarkable recovery post-crisis,” said Chris Cummings, CEO at TheCityUK, in a news release. “It also makes a significant contribution to the U.K. economy, directly employing over 57,000 people right across the country, one-third of whom work in important regional centers such as Edinburgh, Manchester, Liverpool and Cardiff. With net exports in 2014 totaling around £5.2 billion, the sector also generates a significant trade surplus, helping to offset the U.K.'s trade in goods deficit.”