UK funds under management hit record £5.4trn

Assets under management held by UK fund managers hit a record high of £5.4trn by the end of 2012, with more than a third of funds originating from overseas clients, new research has revealed.

A study by TheCityUK found that approximately £2trn in funds under management in the UK came from overseas clients in 2012 while overseas firms were managing more than half of all UK-based funds. The strength of the sector meant that the UK retained its position as the second largest source of funds under management in the world in 2012, representing 8.3% of the global market and coming ahead of Japan which accounts for 7.5%. TheCityUK chief executive Chris Cummings said: "The UK is one of the most open markets in the world for fund management. "UK firms are also well positioned to...