• At the end of 2007, assets managed by the European asset management industry amounted to EUR 13.6 trillion, representing over a third of the assets of the global asset management industry. The value of assets professionally managed in Europe is estimated to have fallen to around EUR 10.7 trillion at end 2008, due to the global financial crisis.
• Investment funds represented 51% of assets managed in Europe at end 2007, with discretionary mandates accounting for the remaining 49%.
• Reflecting the size of the domestic savings market, the degree of development of the local financial services sector and the level of delegation to asset management companies by institutional investors, the UK, France and Germany accounted for 66% of total assets under management in Europe at end of 2007. Italy and Belgium followed in this ranking.
• Although there are large differences across countries, on aggregate, the dominant asset classes are bond and equity, with 40% and 37% of total AuM, respectively, at end 2007.
• Insurance companies represent the largest institutional client category, accounting for 42% of total AuM for institutional clients in Europe. Pension funds held the second position in this ranking, with a share of 30%.
• Around 70,000 are estimated to work directly in asset management companies in Europe. Taking related services into account, such as accounting, auditing, custodianship, marketing, research, order processing, and distribution, the level of direct and indirect employment linked to asset management companies would increase to a significantly higher figure.
Mathias Bauer, President of EFAMA, comments: “EFAMA’s new report highlights the important role played by asset managers in managing savings and financing the European economy. By offering a wide range of investment solutions, they provide investors with the advantages of investing in financial markets. And by helping allocating capital resources to support investments, asset managers support our economy’s future potential growth. To thrive in their role as strategic partners of households, pension funds, insurance companies and other investors for the management of their savings, asset managers need a stable, sound and robust global financial system. This means that restoring long-term stability in the system is of critical importance.”
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