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LONDON, Sept 24 (Reuters) - British fund managers' assets
under management rebounded by the end of June towards record
highs above 8 trillion pounds ($10.20 trillion) seen before the
COVID-19 pandemic, estimates from the sector's trade body show.
Assets under management hit record highs of 8.5 trillion
pounds at the end of 2019, a rise of 10% from 2018, helped by
strong stock market performance, the Investment Association said
in its annual Investment Management Survey on Thursday.
A downturn in markets dented assets in March, following a
spate of pandemic-related lockdowns around the world. But
markets recovered in subsequent months, the IA said.
Investors were increasingly interested in responsible
investment products, though the size of the market remains
small. Funds under management in this sector rose by 89% in the
18 months to June 2020 to a high of 33 billion pounds, the IA
said.
The IA covers 85% of the UK investment management sector, it
said. Taking the industry as a whole, including hedge funds,
private equity, property and wealth management, it estimated
assets under management at UK funds reached 9.9 trillion pounds
in 2019.
($1 = 0.7846 pounds)
(Reporting by Carolyn Cohn; editing by Barbara Lewis)
