The 11th edition of EFAMA's Asset Management Report provides detailed data on the assets under management in Europe, the location of the asset management activity, the clients of the industry, the evolution of the asset allocation, and the contribution of the industry in terms of employment.
Highlights of the report include:
Total Assets under Management (AuM) in Europe is estimated at EUR 23.1 trillion, an increase of 113% since end-2008. Investment funds assets represented EUR 12.5 trillion (%) - 54% of total AuM - with discretionary mandates accounting for the remaining EUR 10.6 trillion. Although down from 2017 due to the sharp decline in global stock markets towards the end of 2018, total assets have more than doubled from the lows they reached during the global financial crisis of 2008.
Since 2011, the share of investment funds in total AuM has risen every year. This has occurred largely as a result of the much higher proportion of equities in the portfolio allocation of investment funds (42% of total investment funds AuM) than in mandates (22% of discretionary mandates AuM) - coupled with the strong rise of stock markets over the 2012-2017 period. The increase in the share of investment funds in the portfolio allocation of pension funds and insurance companies has also played a role in this evolution.
Three countries hold a significant market share in assets under management in Europe: the UK (37%), France (17%) and Germany (9%). These high market shares reflect the size of these countries’ economies, their experience in financial services as well as their pool of savings accumulated over the years.
In most European countries, the asset management industry serves predominantly domestic clients. The UK is the main exception with 40% of AuM managed on behalf of foreign clients.
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