Hopes pinned on City's fund managers after London loses finance crown

Money flowing into the UK funds industry has hit a record high, despite the City of London losing its status as a top financial centre due to Brexit.

Hopes are being pinned on Britain’s money managers after a closely-watched study showed that Wall Street had overtaken London as a top financial centre for the first time since 2015 amid Brexit uncertainty.  

However, the Investment Association (IA), the trade body, said that £9.1 trillion worth of assets are now being managed by fund houses, hedge funds and private equity firms in the UK – an increase of 12pc in the last 12 months.

Despite concerns surrounding Britain’s exit from the EU, it also said that money from overseas clients had increased by a fifth during 2017 while the amount coming in from European investors had rocketed by 29pc. 

“As Brexit approaches, there is an increasing spotlight on this international dimension,” said IA chief Chris Cummings.

“With £3.1 trillion being managed for overseas clients, most of this from elsewhere in the EU, our industry clearly has the talent and infrastructure to attract clients from around the world.” 

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