Investment Management Survey
IMS Chapter 2 2019

Chapter 2: Wider policy, regulatory and operational environment

IMS Chapter 3 2019

Chapter 3: Trends in client assets and allocation

IMS Chapter 4 2019

Chapter 4: UK institutional client market

IMS Chapter 6 2019

Chapter 6: Operational and Structural Issues

Key figures

2019 IMS Key Figures chart

Previous Surveys

Asset Management Survey 2017-2018
published in September 2018

Asset Management Survey 2016-2017
published in September 2017

Asset Management Survey 2015-2016
published in September 2016

Asset Management Survey 2014-2015
published in September 2015

Asset Management Survey 2013-2014
published in September 2014

Asset Management Survey 2012-2013 
published in August 2013

Asset Management Survey 2011-2012
published in September 2012

Asset Management Survey 2010-2011
published in July 2011

Asset Management Survey 2009-2010
published in July 2010

Asset Management Survey 2008
published in July 2009

Asset Management Survey 2007
published in July 2008

Asset Management Survey 2006
published in July 2007

Asset Management Survey 2005
published in July 2006

Asset Management Survey 2004
published in May 2005

Asset Management Survey 2003
published in May 2004

Asset Management Survey 2002
published in April 2003

Asset Management Survey 2000
published in February 2001

Assets under Management

Each member firm has their total UK AUM figure requested twice annually:

  • As part of the annual Investment Association subscription call (as at the end of June)
  • As part of the Asset Management Survey (as at the end of December)

This figure covers all assets where the day-to-day management is undertaken by managers within the firm and based in the UK. By “managers” we mean the individuals who undertake discretionary asset management.

As such the focus is on the location of the manager, and not on the location of the client, the fund domicile or the relationship management.


  • Assets managed by your firm in the UK whether for UK or overseas clients contracted with your firm Eg. If Firm A manages in the UK £10bn on behalf of a UK local authority client and £40bn on behalf of a US pension fund client, both figures should be included in Firm A’s total UK AUM.
  • Assets delegated to your UK-based asset managers by either third party asset managers or overseas offices of your company or group Eg. If Firm A’s Japan-based parent group contracted and/or serviced in Japan £15bn of corporate client assets, £10bn of which was delegated for management in the UK to Firm A, we would expect only the £10bn to be included. Likewise, if Firm A contracted in the UK £15bn of corporate client assets, £10bn of which would be delegated for management to Ireland, Firm A’s total UK assets under management should only include the £5bn in assets that continue to be managed in the UK.
  • Assets in pooled vehicles, irrespective of domicile location, whose asset management is undertaken in the UK Eg. If Firm A ran £20bn in pooled vehicles domiciled in Luxembourg, of which £18bn were managed in the UK, we would expect the £18bn to be included in Firm A’s total UK AUM.
  • Assets managed by you in the UK through fund-of-funds or manager-of-managers products, including where you are the manager (see below for how double counting is avoided) Eg. If Firm A managed in the UK a £5bn fund-of-funds or manager-of-managers product, of which £3bn was invested in funds/other products managed by Firm B, Firm A should only include the £2bn invested in its in-house managed funds. Please note that, to avoid double counts, we ask members not to include the size of the fund-of-funds or manager-of-managers product itself.


  • Assets delegated by you to third party managers or your own overseas offices
  • Assets in UK-domiciled pooled vehicles that are managed outside the UK Assets, where the relationship is managed in the UK, but the managers are located overseas
  • Assets of clients that are serviced in the UK, but the asset management (exercise of discretion) is undertaken overseas
  • The size of fund-of-funds or manager-of-managers products themselves. As mentioned above, we would only expect you to include the size of the underlying funds managed by your UK-based managers.


The Investment Association’s definition of UK AUM ought to correspond with the FCA’s A007 Funds under Management figure in all but two respects:

  • Group assets. In contrast to the Investment Association, the FCA’s A007 figure excludes assets managed within the firms’ own group consistent with the exclusion contained in article 69(5) (Groups and joint enterprises) of the Regulated Activities Order.
  • Assets managed by managers outside the UK. The Investment Association’s definition of UK AUM only includes assets managed by managers located in the UK. This is unlike the FCA’s A007 figure where, consistent with Note (e) on FuM, the location of the manager may not be relevant.