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This was driven by strong growth in both Ucits (undertakings for collective investments in transferable securities), whose assets rose 12.2 per cent year on year to €9.7tn, and alternative investment funds, which rose 7 per cent to €5.9tn.
Inflows were almost €1tn, with more than three-quarters of this, €760bn, going into Ucits funds as the investment vehicles benefited from rallying markets.
This was a record even though the US Federal Reserve and the European Central Bank plan to tighten monetary policy following a decade of historically low rates.
Bolstered by accelerating growth in the US, Europe and Asia as well as recovering commodity prices, many global indices recorded their best annual performance last year since 2008.
Greater optimism on the risks stemming from Brexit and the election of Donald Trump as US president also helped drive the rally in stock and bond markets.
Full article on Financial Times (subscription required)
EFAMA report