On 13 July 2009, the Investment Management Association (IMA) announced the publication of its seventh annual asset management survey. The main figures as at December 2008 were:
- £3 trillion = total assets managed in the UK by IMA member firms.
- 43 per cent = proportion of UK stock market held by IMA member firms.
- £9.4 billion = revenue earned by UK asset management firms.
The key findings of the survey were:
- On the shape of the industry. Many aspects of the industry in 2009, including staff levels, fund launches and product development activity, were affected by the market falls of the end of 2008. Despite some M&A activity amongst firms, the asset management industry remains "unconcentrated and not readily consolidated".
- On investment strategies. Industry views differ as to how best to align products with investor interests in the light of the credit crisis and the poor equity returns of the last ten years.
- On the banking industry. There are mixed views among senior asset managers as to whether the agreed need for a greater separation of commercial from investment banking should be pushed through regulation or pulled by the effect of market forces.
- On shareholder engagement. On the one hand the contribution to the credit crisis of failings in shareholder engagement was recognised, and the need for improvement in this regard has been accepted. On the other hand, however, it is generally agreed that there are limitations as to what can be achieved from outside the boardroom.
- On regulation and tax. The general view of the UK and London is still favourable. Recent changes to the UK fund tax regime have been welcomed, albeit with criticism of what is seen as an increasing lack of certainty over broader tax policy.
View Asset Management in the UK 2008 - The IMA’s Seventh Annual Survey, 13 July 2009