|
The
2021 growth rate was below the 11% compound average annual
increase seen in the last 10 years, according to an IA survey.
"Whilst 2021 was a positive year, we now face a very different
operating environment," IA CEO Chris Cummings said in the
report, pointing to the war in Ukraine.
"Rising interest rates bring the spectre of recession and weaken
the outlook for asset growth."
Sterling fell to record lows against the dollar this week as
fears mounted over the government's recently-announced fiscal
plan, unleashing calls for an emergency Bank of England rate
hike to restore confidence.
Assets managed within funds open to a range of investors reached
4.1 trillion pounds last year, with almost two-thirds sitting in
funds registered overseas, mainly in Ireland and Luxembourg.
So far, the European Union has not materially restricted
delegation, the mechanism which allows overseas asset managers
to run funds based in the bloc, but the volume of business,
which brings in export earnings to Britain, highlights what's at
stake if EU-UK relations broke down completely over issues like
post-Brexit Northern Ireland.
Nearly half of assets in the survey are now subject to
environmental, social and governance criteria, and assets
applying exclusions reached 28%, from 25% a year earlier.
Cummings described the growth of sustainable and responsible
investing as a "standout trend".
($1 = 0.9260 pounds)
(Reporting by Carolyn Cohn and Huw Jones; Editing by Mark
Potter)
[© 2022 Thomson Reuters. All rights
reserved.]
This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
|
|
