The UK investment industry is managing a record share of assets on behalf of overseas clients, helping to dispel concerns over London’s status as a world-leading financial centre. Despite the London Stock Exchange underperforming many overseas bourses, the overall value of assets managed from the UK rose 11 per cent to £11.1tn last year, according to the Investment Association.

Within that total, the share managed for overseas clients rose 15 per cent to £5.9tn, a record 53 per cent of assets under management. This marks the first time in 2024 that assets managed for overseas clients overtook those managed for UK clients. John Owen, chief executive of the IA, noted that this growth underlines the international competitiveness of the industry.

Growth was driven by various regions; assets for North Americans exceeded £1tn for the first time last year, while Asia-Pacific assets hit £880bn. While pension assets have declined in relative terms, the industry continues to demonstrate resilience through a diversified asset base and increasing trust from overseas institutional investors.