The U.K. fiduciary management market saw its biggest growth yet in the year ended June 30, jumping 58.3% to £114 billion ($179 billion) of assets, a KPMG report said.
The number of contracts also increased dramatically, by 26% to 382 defined benefit plans that use full fiduciary management, from 303 the year before.
The 2015 KPMG Fiduciary Management Market Survey said there was also a significant increase in the assets partially managed by fiduciary managers, by 79%, to £61 billion as of June 30 from the year before. The number of plans increased 16.1% to 238.
Anthony Webb, head of fiduciary management research at KPMG, said in a report about the survey that the larger increase in assets, compared to the increase in number of plans hiring fiduciary managers to manage a portion of their assets, reflects the fact that large plans are making these moves.
Consultants continue to make up the vast majority of allocations to fiduciary managers, nearly 300 of the total 382.