Efama: European funds continued recovery in ’10
From News May 31 2011 BY: Helen Burggraf
, Contributing Editor
, International Adviser
Assets under management held by Europe’s funds industry continued to recover last year from the global financial crisis, gaining €1.4trn (£1.2trn,$2trn), or 11%, to reach €13.8trn (£11.9trn, $19.7trn) at the end of December, the European Fund and Asset Management Association reported last month.
This gain was on top of a 13.7% rise, to €12.4trn, in 2009, Efama 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.