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Our industry in numbers



European Assets under Management


There are more than 4,800 asset management companies operating in Europe, with around 120,000 employed directly in the industry. 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 170% 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 11.5% to EUR 28.5 trillion by the end of 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 European Investment Funds





Net assets of investment funds domiciled in Europe, UCITS and AIFs, totalled EUR 19.8 trillion at the end of Q2 2023. Luxembourg and Ireland are the two largest domiciles of UCITS and AIFs, with a market share of 26% and 19%, respectively (Q2 2023). Germany, France and the United Kingdom follow in this ranking.



Investment Fund Ownership in Europe















Total fund ownership in Europe amounted to EUR 15 trillion at the end of 2022, compared to EUR 7.4 trillion in 2012.  These amounts refer to the funds that are bought and held by investors in Europe, excluding the funds domiciled in Europe that are sold outside Europe.



Who held investment funds in Europe at end Q4 2022?
















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 Luxembourg.



Net assets of cross-border and domestic funds in Europe













The net assets managed by cross-border funds amounted to EUR 9.2 trillion at the end of 2022, compared to EUR 9.6 trillion for domestic funds. The share of cross-border fund assets has increased since 2012, reaching 49% in 2022 compared to 42% in 2012.



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