Brexit victory! UK manages more European assets than France and Germany combined

The report published on Wednesday by the Investment Association (IA) concludes that the UK remains a go-to destination for investors. With 270 members, the IA regroups investment management companies that deal daily with British savers, investors and businesses.

In total, members of the IA manage £9.4 trillion of assets and support 114,000 jobs across the UK in the investment management sector.

According to IA’s Investment Management Survey, the annual assessment of the state of the industry, assets under management held by its members increased by 11% in 2020.

The two-digit growth means that despite Covid and Brexit, the UK remains the second largest investment management centre in the world behind the United States.

With a market share of 37%, the UK is also the largest investment management centre in Europe.

© Getty London City
© Getty Brexit

In fact, the UK’s share of the European market is larger than the combined total of France, Germany and Switzerland.

The UK also remains an attractive hub for overseas investors.

By the end of 2020, overseas client assets accounted for 44% of total assets under management (equivalent to £4.2 trillion).

Chris Cummings, Chief Executive of the Investment Association, said in a statement that the investment management industry proved its resilience despite the pandemic.

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© Getty Investment Business
© Getty London city

“The swift action of the central banks supported the global economy and the industry rallied to the cause injecting over £22bn into businesses to help them ride out the storm.

“With the final transition out of the EU completed, the industry is well-set to build on its world-class reputation which has already led to it managing £9.4trn of international clients’ funds,” he said.

Britain is still viewed as a country full of opportunities for private investors according to Blackstone, the world’s largest private equity firm, who employs 400 people in London.

Despite Brexit, it still sees Britain as a gateway to Europe and has invested nearly $20 billion in the country.

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“There is no shortage of opportunity” in Britain, said Lionel Assant, Blackstone’s head of European private equity to the New York Times.

2020 was even the year when “it’s all been unleashed” said Richard Buxton, a fund manager at Jupiter Asset Management who has been investing in British stocks since the late 1980s.

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