UK assets under management reached a record figure of £6.8 trillion at the end of 2014, marking the sixth successive year of growth, according to a report from TheCityUK.
The figure represents a 9.7 percent increase on the end of 2013, and a 60 percent increase on the pre-crisis peak.
Funds managed on behalf of international clients increased by 14 percent year-on-year to £2.5 trillion at the end of 2014.
The report also estimated that funds managed in the UK in the first half of 2015 increase by 4 to 5 percent year-on-year to an estimated 7.1 trillion, while the figure for the full year is expected to increase by 9 percent.
TheCityUK also reported an increase in institutional clients in the UK such as insurance funds, pension funds, local authority and pension funds, which now account for two thirds of assets under management.
Assets of retail clients accounted for £1.1 trillion, while private clients accounted for £705 billion and alternative funds, such as hedge funds, property funds and private equity funds, accounted for £700 billion.
CEO of TheCityUK Chris Cummings said: “The UK fund management industry is diverse and sophisticated, respected globally and has seen a remarkable recovery post-crisis.”
He added: “We welcomed the re-launch of the Financial Services Trade and Investment Board earlier this year, and would like to see the fund management industry remain a priority area of focus for the new government.”
“We look forward to continuing our work with the government and wider industry to extend the promotion of the fund management sector overseas and further strengthen the UK’s position as an attractive location for international fund management.”
