英国投资协会：2021-2022年英国投资管理调查报告_116页_5mb

Summary of the Investment Association Annual Survey (UK Investment Management 2021-2022)

Core Content

The Investment Association (IA) Annual Survey provides a comprehensive overview of the UK investment management industry, highlighting its global standing, key trends, and challenges in a post-pandemic and increasingly uncertain economic environment.

Key Themes and Findings

1. UK as a Global Investment Management Centre

• Total Assets Under Management (AUM): IA members managed £10.0 trillion in total AUM at the end of 2021, representing a 6% increase from the previous year.
• Overseas Client Market: 46% of UK AUM was managed on behalf of overseas clients in 2021, up from 37% in 2016.
• Global Position: The UK is the largest investment management industry in Europe and the second largest globally after the US.
• Export Contribution: The sector contributes significantly to UK service exports, with fund managers' export earnings increasing over the years.

2. Key Themes in a More Uncertain World

• Economic Uncertainty: Rising interest rates and inflation are challenging portfolio managers and investor returns.
• Sustainable and Responsible Investment (S&RI): ESG integration covers 47% of AUM, while exclusions cover 28%. The proportion of assets under sustainability-focused criteria grew from 2.6% to 8%.
• Private Markets: Global private market AUM reached £10 trillion, but private markets account for only 3% of IA members’ assets. Expect increased interest as investors seek diversification.
• Operational Modernisation: The industry is accelerating digital transformation, including tokenisation of funds and more customised products.
• Growth Opportunities: There is a focus on innovation, competitiveness, and attracting talent to maintain the UK's global position.
• Diversity & Inclusion: Continued emphasis on diversity, equity, and inclusion, with a growing focus on their impact on retention and advancement.

3. Trends in Client Assets and Allocation

• Client Types: Institutional client assets accounted for 77% of total AUM in 2021, while retail client assets increased from 19% to 22%.
• Asset Allocation:
  • Equities increased from 36% to 42% of AUM (2018–2021).
  • Fixed income dropped to 30% of AUM, the lowest in two decades.
  • Global Diversification: Over half (55%) of fixed income assets were in overseas bonds, up from 34% a decade ago. UK equity holdings declined to 23%.
  • Indexing Strategies: Indexing strategies accounted for 32% of total AUM, up from 22% in 2020, with ETFs playing a key role in growth.

4. UK Institutional Market

• Total Institutional AUM: £4.7 trillion in 2021, up from £4.5 trillion the previous year.
• Pension Funds and Insurers: Accounted for 85% of institutional AUM.
• Third-Party Institutional AUM: £4.1 trillion, up from £3.9 trillion in 2020.
• Liability-Driven Investment (LDI): Total LDI assets reached almost £1.6 trillion, up from £400 billion in 2011.
• Mandate Breakdown: Specialist mandates accounted for 81% of third-party institutional assets, with equity mandates increasing to 38% and fixed income mandates decreasing to 35%.

5. UK Retail Market

• Retail FUM: Reached a record £1.59 trillion at the end of 2021, an 11% increase.
• Net Retail Sales: £43.5 billion in 2021, the second-highest on record.
• S&RI Growth: S&RI FUM grew 62% to £89 billion, increasing its share from 3.8% to 5.6%.
• Index Tracking Funds: Tracker funds accounted for 32% of retail AUM, with strong sales despite market challenges.
• Retail Challenges: Inflows in 2022 were £12 billion, reflecting the impact of the cost-of-living crisis on savings capacity.

6. Operational and Structural Issues

• Revenue and Costs: Total industry revenue after commission was £25.8 billion in 2021, with costs at £18.3 billion.
• Profitability: Operating profit margin was 29%, up from 28% in 2020, though firm-level profitability varied.
• Employment: The industry supports approximately 122,000 jobs, with 45,000 directly employed and 77,000 indirectly.
• Industry Concentration: The top five firms managed 44% of AUM, and the top ten managed 60%, a relatively stable figure since 2020.

Conclusion

The UK investment management industry remains a global leader, despite facing new economic and geopolitical challenges. The sector has shown resilience and growth post-pandemic, with a strong focus on sustainability, digital innovation, and maintaining its competitive edge. The increasing proportion of assets managed for overseas clients and the growth of S&RI strategies underscore the industry's international reach and evolving priorities.