2021-2022年英国投资管理调查报告

THEINVESTMENTASSOCIATIONINVESTMENTMANAGEMENTIN THE UK 2021-2022TheInvestmentAssociationAnnualSurveySeptember2022 CONTENTENQUIRIESSarah Shehabi, investmentassociation.survey@theia.orgCONTRIBUTORSSarah ShehabiEvan Grace FrenkelRichard HaleMiranda SeathJonathan LipkinThe Investment Association (IA)Camomile Court, 23 Camomile Street, London, EC3A 7LLwww.theia.org@InvAssocSeptermber 2022@ The IA (2022). All rights reservedNo reproduction without permission of the IA INVESTMENTMANAGEMENTSURVEY2021-22CONTENTSCONTENTSIndex of Charts, Figures and Tables5About the Survey8Survey Foreword10Executive Summary121.UKINVESTMENTMANAGEMENTINDUSTRY:AGLOBALCENTRE14Role of Investment Management15Size of UK industry16Scotland as a major centre18Scale of wider industry19UK investment management in European and Global Context20Overseas client market21Services to overseas funds22Importance to UK service exports232.KEYTHEMESINAMOREUNCERTAINWORLD241.Navigating a difficult economic environment252. Investing responsibly and sustainably26Sizing the market for sustainable and responsible investment28Improving disclosure303. Ongoing focus on private markets314.Accelerating pace of operational modernisation345.Opportunitiesforgrowth366.Enhancingdiversity&inclusionacrossthesector393.TRENDSINCLIENTASSETSANDALLOCATION40Client types41Segregated vs. pooled42Trends in asset allocation43Detailed asset allocation44Equities by region44Fixed income assets by region44InvestmentinUKinfrastructure45Growth of indexing strategies47 THEINVESTMENTASSOCIATION4.UKINSTITUTIONALMARKET50Market overview51Client breakdown51Evolution of pension market52Sizing the marketESTrends in the third party institutional marketSSMandate breakdown56Investment trends within single-asset mandates58Active vs. indexing61Segregated vs. pooled615.UKRETAILMARKET62UKinvestorfunds undermanagement64Long-term asset allocation65Long-term sales trends66Net retail sales through 202167Inflation: drivers and the implications for the fund market89Responsible and sustainable investment70Index tracking funds72Sales trends by asset class73Salesto outcomeandallocationfunds79Property funds08Fund of funds81Industry concentration84The UK in the context of the European funds market856.OPERATIONALANDSTRUCTURALISSUES89Revenue and costs06Employment in the investment management industry91Industry concentration96Investment manager ownership98APPENDICES1.Summary of assets under management in the UK1002.Summary of data from the UKinstitutional market1023.Notable M&A deals in the UK investment management sector (2009 - June 2022)1044.Definitions1135.Survey and interview participants115 MENTSURIINDEXHARTS.CIGURESANDTABLESINDEX OF CHARTSFIGURES AND TABLESCHARTSChart 1: Total assets under management in the UK and in UK Funds (2007-2021)18Chart 2: UK-managed assets by UK regional headquarters (2011-2021)19Chart 3: Change in proportion of UK and overseas clients (2016-2021)2122Chart 5: Export earnings of fund managers and contribution to services exports (1996-2020)23Chart 6: Proportion of assets under management by responsible investment category (2019-2021)28Chart 7: Global assets under management in private markets (2006-2021)31Chart 8: Number of UK listed companies over four decades (1976-2021)32Chart 9: Assets managed in the UK by client type in 202141Chart 10: Assets managed in the UK by client type (2011-2021)42Chart 11: Segregated vs. pooled investment (2011-2021)42Chart 12:Overall asset allocation of UK-managed assets (2011-2021)43Chart 13: UK-managed equities by region (2011-2021)44Chart 14: Allocation of UK-managed fixed incorme assets by type and region (2011-2021)45Chart 15: Indexing strategies as proportion of total UK assets under management (2011-2021)47Chart 16: ETF assets under management by region of domicile (2011-2021)48Chart 17: Active ETF assets under management (2011-2021)49Chart 18: Increase in sustainable and responsible investment options in ETFs (Q4 2018 Q4 2021)49Chart 19: UK institutional market by client type in 202151Chart 20: UK institutional market by client type (2011-2021)52Chart 21: Pension participation for private sector jobs (2011-2021)54Chart 22: DC members by scherme type in 202155Chart 23: Third party UK institutional client market by client type in 202155Chart 24: UK third party institutional mandates including LDI in 202156Chart 25: Notional value of LDI (2011-2021)56Chart 26: UK third party institutional client mandates: multi-asset vs, specialist in 202157Chart 27: UK third party institutional client mandates: multi-asset vs. specialist (2011-2021)57Chart 2B: Specialist mandate breakdown by asset class (2011-2021)58Chart 29: Specialist mandate breakdown by asset class in 202169Chart 30: UK DB pension fund asset allocation (2000-2021)59Chart 31:DC asset allocation, 20 years prior to retirement and at retirement in 20260Chart 32: Specialist mandate breakdown by asset class among UK pension funds in 202160Chart 33: Active and indexing third party mandates by client type