European fund managers have seen assets under management increase by more than a quarter in two years as investors shook off fears in the wake of the financial crisis.
Total assets managed in Europe stood at €13.8 trillion (£11.97 trilliion) at the end of 2010, up from €12.4 trillion at the end of 2009, and 26 per cent up on the total of €10.9 trillion at the end of 2008.
The statistics were revealed in the fourth annual asset management report drawn up by the European Fund and Asset Management Association (Efama).
The industry body said the rebound in fortunes for the industry came off the back of the "sustained economic recovery in 2010".
The UK had 186 asset management companies at the end of last year, up from 179 a year earlier, with 24,000 directly employed. There are about 80,000 people in the industry across Europe.
The report found that the UK saw almost 20 per cent asset growth in euro terms. This was partly down to the country's large exposure to equity assets, the rebound in the equity markets and appreciation of sterling compared with the euro.
The UK, France and Germany together account for 65 per cent of the total assets that are under management in Europe, according to Efama.
Peter De Proft, director-general of Efama, said that the reports showed the industry's "order of magnitude confirms the essential contribution of European asset managers to the overall development of the European economy".Reuse content