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This report also reveals that that over one third (37%) of funds under management in the UK – a record £2.6trn – are managed on behalf of overseas clients, making the UK the leading global centre on this measure. The UK is the third largest international fund management centre, after the US and Japan.
It also highlights the strong net exports by UK fund managers, which totalled £6.2bn in 2016 and helped to offset Britain’s large trade deficit in goods.
Overall, UK-based fund managers generated £3.3bn of overall UK economic output in 2016, employing 52,000 people across the UK, and forming a critical part of the wider UK business ecosystem in areas like pensions, insurance and business investment.
In addition to London, other important centres include Edinburgh, Liverpool, Bristol, Aberdeen and Birmingham.