There are more than 4,600 asset management companies operating in Europe, with around 130,000 employed directly in the industry. Asset managers typically manage investment funds (UCITS and AIFs) and discretionary mandates.  In general, asset managers receive mandates from institutional clients, whereas retail investors are usually offered investment funds. Total assets under management amounted to EUR 30 trillion at the end of 2023 of which around 57% on behalf of investment funds and 43% in managing discretionary mandates.

As stock markets continued to rise during the first three quarters of 2024, we estimate that AuM in Europe reached a new record of EUR 32.7 trillion at end Q3 2024.

Almost 85% of the asset management activity takes place in six countries: the United Kingdom, France, Switzerland, Germany, the Netherlands and Italy.

Net assets of investment funds domiciled in Europe, UCITS and AIFs, totalled EUR 22.7 trillion at the end of Q3 2024.  Luxembourg and Ireland are the two largest domiciles of UCITS and AIFs, with a market share of 25% and 21%, respectively (Q3 2024). Germany, France and the United Kingdom follow in this ranking.

Total fund ownership in Europe amounted to EUR 17.6 trillion at the end of Q2 2024, compared to EUR 9.5 trillion in 2014.  These amounts refer to the funds that are bought and held by investors in Europe (EU 27 + UK), excluding funds domiciled in Europe but sold outside Europe.

Fund ownership can be broken down by the main type of investor. Insurance and pension funds, households and long-term funds are the three principal investors. The five countries with the highest level of fund ownership are Germany, the United Kingdom, France, Luxembourg, and Italy.

The net assets managed by cross-border funds amounted to EUR 10.9 trillion at the end of Q2 2024, compared to EUR 11.2 trillion for domestic funds. The share of cross-border fund assets increased from 43% in 2014 to 49% in 2021 but stabilised in recent years.