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From the Opalesque Team:

According to International Financial Services London (IFSL)'s latest Fund Management report, the UK is one of the largest markets in the world for fund management along with the US and Japan.

Conventional assets under management of the global fund management industry fell 19% in 2008, to $61.6tn, says the report. Together with alternative assets and funds of wealthy individuals, assets of the global fund management industry totalled around $90tn at the end of 2008, a fall of 17% on the previous year - following five successive years of growth before 2008. There was also an additional $6bn to $7bn held in money market funds.

At the end of 2008, conventional funds (pension funds, mutual funds and insurance companies) totalled $61.1tn; alternative funds (hedge funds, private equity funds and sovereign wealth funds) had around $8tn; and private wealth funds generated around $32.8tn.

According to IFSL estimates, $189bn of private equity was invested globally in 2008, down 40% on the previous year, and assets under management of SWFs increased by 18% in 2008 to reach $3.9 trillion. Assets invested in ETFs fell 11% in 2008 to $710bn, although this was more than twice their total four years earlier. ETF assets resumed their growth in 2009 increasing to $858bn by end of July.

The UK was the second largest centre in the world and by far the largest in Europe with around 9% of the global total.

On the whole, IFSL says, fu......................

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