The new polymer 5 pound Sterling note featuring Sir Winston Churchill, is unveiled at Blenheim Palace in Oxfordshire, Britain June 2, 2016. REUTERS/Joe Giddens/Pool
September 24, 2020
LONDON (Reuters) – British fund managers’ assets under management rebounded by the end of June towards record highs above 8 trillion pounds seen before the COVID-19 pandemic, estimates from the sector’s trade body show.
Assets under management hit record highs of 8.5 trillion pounds at the end of 2019, a rise of 10% from 2018, helped by strong stock market performance, the Investment Association said in its annual Investment Management Survey on Thursday.
A downturn in markets dented assets in March, following a spate of pandemic-related lockdowns around the world. But markets recovered in subsequent months, the IA said.
Investors were increasingly interested in responsible investment products, though the size of the market remains small. Funds under management in this sector rose by 89% in the 18 months to June 2020 to a high of 33 billion pounds, the IA said.
The IA covers 85% of the UK investment management sector, it said. Taking the industry as a whole, including hedge funds, private equity, property and wealth management, it estimated assets under management at UK funds reached 9.9 trillion pounds in 2019.
(Reporting by Carolyn Cohn; editing by Barbara Lewis)