Our industry in numbers
Asset managers typically manage investment funds (UCITS and AIFs) and discretionary mandates. In general, asset managers receive mandates from institutional clients, whereas retail investors are usually offered investment funds. Total assets under management amounted to EUR 32.2 trillion at the end of 2021 (or 171% of European GDP) of which around 56.6% on behalf of investment funds and 43.4% in managing discretionary mandates. However, according to our estimation, total AuM dropped by 11.8% to EUR 28.4 trillion by the end of Q3 2022, as global stock and bond markets have turned significantly lower since the beginning of the year.
Almost 85% of the asset management activity takes place in six countries: the United Kingdom, France, Germany, Switzerland, the Netherlands and Italy.
Net assets of investment funds domiciled in Europe, UCITS and AIFs, totalled EUR 18.9 trillion at the end of Q3 2022. Luxembourg and Ireland are the two largest domiciles of UCITS and AIFs, with a market share of 27% and 19%, respectively (Q3 2022). Germany, France and the United Kingdom follow in this ranking.
Fund ownership can be broken down by the main type of European investors. Insurers and pension funds are by far the largest investors in investment funds, followed by other financial intermediaries and households. The five countries with the highest level of fund ownership are Germany, the United Kingdom, France, Italy and the Netherlands.
The net assets managed by cross-border funds amounted to EUR 9.3 trillion at the end of Q2 2022, compared to EUR 9.9 trillion for domestic funds. The share of cross-border fund assets has increased since 2011, reaching 49% in Q2 2022 compared to 42% in 2011.
