IMA: Overseas firms make up 55% total UK assets

The number of overseas-based investment firms investing in the UK rose to 55 per cent of  total UK assets in 2013, according to the Investment Management Association’s annual survey.

Firms with overseas headquarters has risen by 12 percentage points from 43 per cent over the last 10 years and now makes up over half of the total £5trn managed by IMA member firms.

The survey shows the number of overseas clients now makes up 40 per cent of assets under management in the UK.

The report also says some 11 per cent of total assets are managed by Scottish firms with £560bn managed north of the border.

Total assets in the UK by IMA grew 13 per cent to £5trn representing 35 per cent of total assets in Europe.

Pensions remains the largest client type and made up 36 per cent of total UK assets.

IMA director of policy Jonathan Lipkin says: “In the UK, the landscape for the sector is evolving fast, particularly as a result of recent changes in the retail distribution and pension environments.

“Auto-enrolment and plans to allow greater freedom to access retirement income have resulted in a particular spotlight on the role of asset managers. There is a recognition within the industry of greater opportunity and greater responsibility in terms of product design and cost disclosure.”

The IMA survey is based on responses from 72 IMA members.