FUND managers in the UK are responsible for more than £6.2 trillion of investments, a record high, TheCityUK said today.
The huge total is almost 50 per cent above the pre-crash level, indicating the sector recovered quickly from the onset of the financial crisis.
Around one-third of the money, £2.2 trillion, is invested in British funds by foreigners.
The overall sum increased by 14 per cent over the course of 2013 and another five per cent over the first six months of 2014 alone – the sixth consecutive year of growth.
Funds across the world are growing, but the UK is doing particularly well.
In terms of international funds, Britain is the fastest-growing domicile for these funds in Europe, with growth of 10.9 per cent last year.
Luxembourg was next with growth of 9.7 per cent, then Ireland at 9.5 per cent, Germany at 9.2 per cent and France with growth of just 1.3 per cent.
“The strength of these latest figures also demonstrates the attractiveness of the UK as place in which, and from which, to do business,” said TheCityUK’s boss Chris Cummings.
However, the US remains the world leader – it has nearly half of the world’s $146 trillion (£89.9 trillion) in funds, while the UK is responsible for 8.4 per cent.