UK regulated fund assets climbed to US$2.89 trillion by the end of 2024, rising 6.6% year‑on‑year despite a contraction in the number of funds and sub‑funds, according to new data from Monterey Insight’s 8th annual UK Fund Report.
Equities once again powered industry expansion, with equity funds reaching US$1.29 trillion and index‑tracking strategies adding a further US$610 billion. Product innovation also played a central role: authorised contractual schemes (ACS) led new launches by assets, amassing US$14.1 billion across 18 sub‑funds, while OEICs dominated by number of new products with 39 sub‑funds.
Monterey Insight’s managing director, Karine Pacary, said: “Together, the continued strength of equities and the momentum in Authorised Contractual Scheme (a collective investment vehicle) underline the key forces shaping the UK regulated fund landscape.
Service provider rankings
The report shows a reshaping of market share across key service provider categories. Northern Trust has overtaken rivals to become the UK’s largest fund administrator by assets, moving ahead of State Street, which now sits in second place, while HSBC retains third. Northern Trust also remains the leading custodian, followed by State Street, with HSBC rising to third. SS&C Financial Services continues to dominate transfer agency, with Northern Trust and BNY ranked second and third, respectively.
In the third‑party ManCo segment, Waystone continues to lead, serving the largest pool of assets and overseeing 224 sub‑funds. During the period covered by the UK fund report (January to December 2024), Waystone became the first independent Authorised Corporate Director (ACD) to secure regulatory approval for a Long-Term Asset Fund (LTAF).Apex Fundrock has climbed into second place, while Thesis Unit Trust Management moves to third. EY now tops the audit rankings by both number of funds and assets, ahead of PwC and KPMG.
Equity funds grew 9.8% over the year, reinforcing their central role in the UK fund landscape, while ACS vehicles posted the fastest organic growth among product types.
