There are more than 4,500 asset management companies operating in Europe, with around 123,000 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 28 trillion at the end of 2022 (or 133% of European GDP) of which around 56.5% was on behalf of investment funds and 43.5% in managing discretionary mandates.  According to our estimation, total AuM increased by 8.7% to EUR 30 trillion by the end of 2023, as stock markets rallied at the start of the year and inflation began to ease, investor confidence recovered. 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 21 trillion at the end of 2023. Luxembourg and Ireland are the two largest domiciles of UCITS and AIFs, with a market share of 26% and 20%, respectively (at the end of 2023). Germany, France and the United Kingdom follow in this ranking.

Total fund ownership in Europe amounted to EUR 16 trillion at the end of 2023, compared to EUR 8 trillion in 2013. These amounts refer to the funds that are bought and held by investors in Europe, excluding the funds domiciled in Europe that are sold outside Europe.

Fund ownership can be broken down by the main type of European investors.  Insurers and pension funds are by far the largest investors in investment funds, followed by households and long-term funds. 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 11 trillion at the end of 2023, compared to EUR 10 trillion for domestic funds. The share of cross-border fund assets has increased since 2013, reaching 51% in 2023 compared to 41% in 2013.