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UK asset management industry booming

Total assets under management in the UK rose by 20 per cent last year to a record £6.9 trillion, according to the Investment Association (IA)'s first annual Asset Management Survey since the EU referendum took place.

This compares to an average rise of eight per cent per year over the last 10 years, and means the UK remains the world's second biggest asset management centre after the US.

However, the Investment Association concedes that the strong growth largely reflected increases in the sterling equivalent value of overseas assets as the UK’s currency weakened in the wake of the Brexit referendum.