top of page
  • Andy

A First for the UK Fund Industry

Since 2012 the jurisdictions of Luxembourg, Ireland, Jersey and Guernsey have benefited from Monterey Insight’s annual Fund Reports, providing a manually cleansed, wide-ranging and unique resource of all service providers, their client lists, market shares and domiciled/non-domiciled Funds.

In response to strong client demand, the success of our other reports and Brexit uncertainty, we are delighted to announce the publication of our 1st edition of the Monterey Insight UK Fund Report.

Based in London, Monterey Insight covers over 37,000 investment funds within these jurisdictions, extending the Thomson Reuters legacy and fast becoming the reference point for the entire UK, Luxembourg, Ireland, Jersey and Guernsey fund industries.

Photo by Gordon Williams on Unsplash

Each Report provides a manually cleansed, wide-ranging and unique source of information on all promoters/Initiators, authorised corporate directors, administrators, sub-administrators, custodians, depositaries/trustees, auditors, legal advisers, management companies/AIFMs, transfer agents/registrars and sponsoring brokers, their client lists and their market shares.

New findings from the 1st edition of Monterey Insight UK Fund Report, the independent fund research company, reveal the market shares of all service providers in the UK funds industry.

As at 31st December 2017, among the largest fund promoters/initiators of UK regulated schemes, Standard Life Aberdeen are leading with total net assets of US$220.7bn, followed by BlackRock Financial Management with US$156.5bn and M&G in third position with US$118.2bn.

The top three positions for Management Company/AIFM, among UK regulated schemes, including UK UCITS and UK Non-UCITS, place BlackRock Investment Managers in the leading position (US$156.5bn), M&G Securities takes the second spot with (US$118.2bn), followed by Standard Life Investments (US$100.1bn) in third.

For fund administration services (fund accounting) across UK regulated funds, State Street emerged in first place by assets (US$457.8bn), followed in second position by BNY Mellon (US$376.6bn) while HSBC (US$242.1bn) are ranked third ahead of Northern Trust in fourth with US$205.0bn.

The leading administrators by product types are State Street for OEIC with US$355.7bn, BNY Mellon for Unit Trust with US$121.0bn, BNP Paribas for Investment Trust with US$19.3bn and HSBC for ACS US$66.8bn.

Among custodians, BNY Mellon are in first position having the largest assets under custody with US$469.7bn, ahead of State Street (US$436.9bn) and Northern Trust (US$249.7bn) in third place.

The market share ranking by assets of depositaries/trustees ranked National Westminster in first place for UK regulated funds with a total of US$518.0bn assets, followed by Citibank Europe with US$329.0bn and BNY Mellon with US$288.2bn.

In the transfer agents ranking, DST Financial Services Europe secure first position with total net assets of (US$917.0bn) followed by Northern Trust (USD$252.0bn) in second position and BNY Mellon (US$216.4bn) in third.

Among UK’s professional audit firms, PwC hold the lead position in auditor’s rankings in both number of funds and assets auditing a total of 1,220 funds and sub-funds with US$999.5bn in assets.

They are followed by KPMG with 701 funds (US$303.1bn) and EY in third position with 602 funds (US$516.1bn).

Fund assets of UK regulated funds reached US$2,034.0bn at the end of December 2017 with a total number of funds and sub-funds coming up to 3,271.

The amount of new UK regulated stand-alone and sub-funds launched during the year, amounted to total assets of US$108.6bn from over 190 sub-funds. From this, total assets of US$49.6bn from circa 100 sub-funds were generated from the creation of entirely new schemes.

Equity funds represented the largest asset class by assets (USD$937.3bn) followed by mixed equity/bond funds (USD$435.6) and bond products (USD$257.8) in third position.

Karine Pacary, Managing Director at Monterey Insight commented:

“We are delighted to have produced the first edition of the Monterey Insight UK Fund Report 2018.

This has been a large effort on everyone’s behalf, we are extremely grateful for the support we received from all service providers and we have worked hard to ensure the accuracy and completeness of the data.

We are now very proud to complement our offering with a comprehensive report on UK regulated funds allowing detailed market share rankings for all UK service providers, insightful client summaries and a variety of analyses including new business data of assets or funds.

The timing of the reference data was of crucial importance to be able to build a comparative picture for the pre and post-Brexit UK fund market. We hope this report will become a useful tool for companies to gain a better understanding of the players within the UK fund industry and an enhanced insight of their competitors.”

Notification for reference to the reader:

The figures include the following types of collective investment schemes that are regulated by the Financial Conduct Authority (FCA) as at 31st December 2017: authorised contractual schemes, authorised unit trusts and open-ended investment companies. Common investment funds and investment trusts are also included in this report.

Administrator/Fund Accounting

Our definition of an administrator is the company performing primarily fund accounting duties and TNAV calculation. If the fund accounting is delegated to a third party, we list the delegated firm as the administrator.

Authorised Corporate Director

This includes the listing of authorised corporate director (ACD), authorised fund manager (AFM), authorised contractual scheme (ACS) and authorised unit trust manager (AUTM).


Our definition of a custodian is the company carrying the safe keeping of the assets. When the depositary has delegated the safe keeping of the assets to a third party, the delegated firm will be listed as custodian.

If the depositary/trustee also carry safe keeping of the assets, we may have listed the depositary in both custodian and depositary/trustee rankings.


The depositary/trustee rankings include only the listing of appointed depositary/trustee as at 31st December 2017.

For more information, please contact:

Karine Pacary, Managing Director, Monterey Insight, Tel. +44 (0)845 625 3863


Notes to Editors:

Monterey Insight is an independent fund research company that provides comprehensive statistical analysis of the Guernsey Ireland, Jersey Luxembourg and UK fund industries: the only complete reference of service providers for all funds serviced in these jurisdictions.

As at 31st December 2017, leading service providers for all funds domiciled in the UK were as follows:

Source: Monterey Insight UK Fund Report 2018.

UK Fund Report 2018 Ranking

1,057 views0 comments
bottom of page