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The contents outline an industry-focused analysis covering the UK investment management sector as a global centre, key themes shaping the industry, client assets and allocation trends, and both institutional and retail market dynamics. It also maps operational and structural evolution and provides appendices with assets, data summaries, and definitions.",{"@graph":63,"@context":119},[64,80,102],{"@type":65,"itemListElement":66},"BreadcrumbList",[67,71,74,77],{"item":68,"name":69,"@type":70,"position":9},"https://docshare.wps.com","Home","ListItem",{"item":72,"name":10,"@type":70,"position":73},"https://docshare.wps.com/template/",2,{"item":75,"name":51,"@type":70,"position":76},"https://docshare.wps.com/template/general/",3,{"item":78,"name":59,"@type":70,"position":79},"https://docshare.wps.com/template/investment-management-in-the-uk-2024-2025-october-2025-investment-association-annual-survey/564435/",4,{"url":78,"name":59,"@type":81,"image":82,"author":87,"headline":59,"publisher":90,"fileFormat":93,"inLanguage":57,"description":61,"dateModified":94,"datePublished":95,"encodingFormat":93,"isAccessibleForFree":96,"interactionStatistic":97},"DigitalDocument",{"url":83,"@type":84,"width":85,"height":86},"https://docshare.wps.com/thumbnails/investment-management-in-the-uk-2024-2025-october-2025-investment-association-annual-survey/564435.png","ImageObject",442,249,{"name":88,"@type":89},"Bulrr","Person",{"url":68,"name":91,"@type":92},"DocShare","Organization","application/pdf","2026-10-28","2026-10-12",true,{"@type":98,"interactionType":99,"userInteractionCount":101},"InteractionCounter",{"@type":100},"ViewAction",6,{"@type":103,"mainEntity":104},"FAQPage",[105,111,115],{"name":106,"@type":107,"acceptedAnswer":108},"What does the survey cover in the UK investment management industry?","Question",{"text":109,"@type":110},"It covers the role of investment management, industry size and scale, and the UK’s position in a global context, followed by three themes shaping the industry and trends in client assets and allocation.","Answer",{"name":112,"@type":107,"acceptedAnswer":113},"Which themes are highlighted as shaping the UK industry?",{"text":114,"@type":110},"The contents identify accelerating technological transformation, supporting UK economic growth, and democratising investing by broadening retail participation in the UK.",{"name":116,"@type":107,"acceptedAnswer":117},"What market areas are analyzed beyond industry themes?",{"text":118,"@type":110},"It includes analysis of the UK institutional market and the UK retail market, covering topics such as pensions evolution, third-party institutional trends, retail flows, tracking and indexing, responsible investment, and allocation.","https://schema.org",{"og:url":78,"og:type":121,"og:title":59,"og:site_name":91,"og:description":61},"article",{"robots":123,"canonical":78},"index,follow",{"doc_id":125,"site_id":56},564435,1792122433,{"code":4,"msg":5,"data":128},{"doc_id":125,"user_id":129,"nickname":88,"user_avatar":130,"doc_module":9,"category_id":50,"category_name":51,"doc_title":59,"doc_description":61,"doc_content":131,"file_id":132,"file_url":133,"file_type":134,"file_size":135,"view_count":101,"is_deleted":4,"is_public":9,"is_downloadable":9,"audit_status":9,"page_count":136,"language":137,"language_code":57,"site_id":56,"html_lang":57,"table_of_contents":138,"faqs":139,"seo_title":140,"seo_description":61,"update_tm":141,"read_time":142},5909892115043,"https://ap-avatar.wpscdn.com/davatar_6f874abed73319feea01a86fa6f0fab8","INVESTMENT MANAGEMENT IN THE UK 2024-2025  \nThe Investment Association Annual Survey  \nOctober 2025  \nCONTENT ENQUIRIES  \n[investmentassociation.survey@theia.org](investmentassociation.survey@theia.org)  \nCONTRIBUTORS  \nEllen Hodgetts  \nHassan Ali  \nMiranda Seath  \nRichard Hale  \nSarah Shehabi  \nThe Investment Association (IA)  \n10 Norton Folgate, London E1 6DB  \n[www.theia.org](www.theia.org)[ ](www.theia.org)@InvAssoc October 2025  \n© The IA (2025) . All rights reserved.  \nNo reproduction without permission of the IA.  \nINVESTMENT MANAGEMENT SURVEY 2024-25 | CONTENTS  \nCONTENTS  \nIndex of Charts, Figures and Tables 5  \nAbout the Survey 8  \nSurvey Foreword 10  \nExecutive Summary 12  \n\n| 1. UK INVESTMENT MANAGEMENT INDUSTRY: A GLOBAL CENTRE | 14 |\n| --- | --- |\n| Role of investment management | 15 |\n| Industry size and scale | 15 |\n| The UK in a global context | 20 |\n| 2. THREE KEY THEMES THAT WILL SHAPE THE UK INDUSTRY | 25 |\n| Accelerating technological transformation | 26 |\n| Supporting UK economic growth | 30 |\n| Democratising investing: broadening retail participation in the UK | 35 |\n| 3. TRENDS IN CLIENT ASSETS AND ALLOCATION | 38 |\n| Client types | 39 |\n| Asset allocation trends | 41 |\n| Segregated vs. pooled | 45 |\n| Indexing strategies | 46 |\n| Investment in the UK economy | 50 |\n\n4. UK INSTITUTIONAL MARKET 52  \nMarket overview 53  \nEvolution of the UK pensions market 54  \nTrends in the third-party institutional market 57  \nTHE INVESTMENT ASSOCIATION  \n\n| 5. UK RETAIL MARKET | 66 |\n| --- | --- |\n| Funds under management | 68 |\n| Retail flows in context | 70 |\n| Index trackers | 73 |\n| Responsible investment | 76 |\n| Asset allocation | 77 |\n| Net retail sales by asset allocation | 78 |\n| Equity net retail sales by region | 79 |\n| Fixed income | 81 |\n| Property funds | 82 |\n| Funds of funds | 83 |\n| Distribution channels | 83 |\n| Retail investor holding periods | 84 |\n| The UK as a fund domicile | 85 |\n| 6. OPERATIONAL AND STRUCTURAL EVOLUTION | 87 |\n| Industry profitability | 88 |\n| Employment in the investment management industry | 90 |\n| Industry firm size | 94 |\n| Investment manager ownership | 97 |\n\nAPPENDICES  \n1. Summary of assets under management in the UK 100  \n2. Summary of data from the UK institutional market 102  \n3. Notable M&A deals in the UK investment management sector (2009 – June 2025) 104  \n4. Definitions 116  \n5. Survey and interview participants 118  \nINVESTMENT MANAGEMENT SURVEY 2024-25 | INDEX OF CHARTS, FIGURES AND TABLES  \nINDEX OF CHARTS, FIGURES AND TABLES  \nCHARTS  \nChart 1: Total assets under management in the UK and in UK funds (2009–2024) 16  \nChart 2: Total returns on selected indices (2024) 17  \nChart 3: UK-managed assets by regional headquarters (2014–2024) 18  \nChart 4: Change in proportion of UK and overseas clients (2014–2024) 22  \nChart 5: Proportion of assets managed in UK and overseas funds (2014–2024) 24  \nChart 6: Industry export earnings and relation to UK services exports (1997-2023) 24  \nChart 7: Assets managed in the UK by client type (2024) 38  \nChart 8: Assets managed in the UK by client type (2014–2024) 38  \nChart 9: Overall asset allocation of UK-managed assets (2014–2024) 39  \nChart 10: UK-managed equities by region (2014–2024) 41  \nChart 11: Allocation of UK-managed fixed income by type and region (2014-2024) 43  \nChart 12: Segregated vs. pooled investments (2014–2024) 43  \nChart 13: Indexing strategies as a proportion of UK AUM (2014–2024) 44  \nChart 14: ETF assets under management by region of domicile (2014–2024) 45  \nChart 15: Active ETF assets under management by asset class (2014–2024) 46  \nChart 16: European ETF assets under management by domicile (2014-2024) 47  \nChart 17: UK institutional market by client type (2024) 53  \nChart 18: UK institutional market by client type (2014-2024) 53  \nChart 19: Third-party UK institutional client market by client type (2024) 57  \nChart 20: UK third-party institutional mandates including LDI in 2024 58  \nChart 21: Notional ","cbCaiecgjKo08gzm","https://ap.wps.com/l/cbCaiecgjKo08gzm","pdf",5797294,120,"English","# Index of Charts, Figures and Tables\n## About the Survey\n## Survey Foreword\n## Executive Summary\n# 1. UK Investment Management Industry: A Global Centre\n## Role of investment management\n## Industry size and scale\n## The UK in a global context\n# 2. Three Key Themes That Will Shape the UK Industry\n## Accelerating technological transformation\n## Supporting UK economic growth\n## Democratising investing: broadening retail participation in the UK\n# 3. Trends in Client Assets and Allocation\n## Client types\n## Asset allocation trends\n## Segregated vs. pooled\n## Indexing strategies\n## Investment in the UK economy\n# 4. UK Institutional Market\n## Market overview\n## Evolution of the UK pensions market\n## Trends in the third-party institutional market","[{\"question\":\"What does the survey cover in the UK investment management industry?\",\"answer\":\"It covers the role of investment management, industry size and scale, and the UK’s position in a global context, followed by three themes shaping the industry and trends in client assets and allocation.\"},{\"question\":\"Which themes are highlighted as shaping the UK industry?\",\"answer\":\"The contents identify accelerating technological transformation, supporting UK economic growth, and democratising investing by broadening retail participation in the UK.\"},{\"question\":\"What market areas are analyzed beyond industry themes?\",\"answer\":\"It includes analysis of the UK institutional market and the UK retail market, covering topics such as pensions evolution, third-party institutional trends, retail flows, tracking and indexing, responsible investment, and allocation.\"}]","Investment Management in the UK 2024-2025 - October 2025 - Investment Association Annual Survey | PDF",1791842134,42]