This gain was on top of a 13.7% rise, to €12.4trn, in 2009, the European Fund and Asset Management Association noted.
EFAMA’s fourth annual Asset Management in Europe: Facts and Figures, which is based mainly on end-2009 data, found institutional clients account for around 68% Europe’s fund industry AUM and retail investors for the remaining 32%, with some significant differences between certain countries.
For example, institutional clients account for 77% of total AUM in the UK, but only 62% in Germany and 51% in Italy, the data shows.
Banks continue to dominate the sales of funds in most of Europe, in stark contrast to the UK, France, Italy and Bulgaria, where non-bank, non-insurance group asset managers account for more than half the asset management companies. In the UK, only 18% of asset managers are owned by banking groups, compared with Germany, where they account for 66%, according to EFAMA.
Asset management as an industry also varies by country, with the top three asset-managing countries – Britain, France and Germany – accounting for 65% of Europe’s total AUM.
The 49-page report may be downloaded from EFAMA’s website at www.efama.org.
