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  • Andy Bissell

Annual Decline of 21% seen in UK Regulated Funds

New findings from the 6th annual edition of the UK Fund Report, compiled by Monterey Insight, the independent fund research company, reveal the market shares of all service providers in the UK fund industry.

As at 31st December 2022, fund assets of UK regulated funds reached US$2,363.1bn, a decrease of 20.6% compared to last year with a total number of funds and sub-funds reaching 3,699, an increase of 0.1% from last year.

Equity funds represented the largest asset class by assets (USD$1,049.1bn) followed by index tracking equities (USD$438.2bn) and mixed equities/bonds (USD$404.9bn) in third position.

Among the largest fund promoters/initiators of UK regulated schemes, BlackRock Financial Management continues to lead with total net assets of US$227.0bn, followed by St James’s Place with US$163.5bn and a new entry in third position, Vanguard Group with US$100.4bn.

For fund administration services (fund accounting) across UK regulated funds, State Street maintains its lead in first place ranking by assets (US$520.7bn), followed by Northern Trust (US$402.9bn) and in third place HSBC moves up from fourth position with US$376.2bn while BNY Mellon (US$364.5bn) drops to fourth place.

The leading administrators by product types are State Street, ranking first with a total of US$289.6bn assets for OEICs and US$201.4bn assets for Unit Trusts, respectively. Northern Trust retains the leading position with a total of US$220.5bn assets for ACS schemes while Baillie Gifford maintains the top spot for Investment Trusts with a total of US$28.5bn assets.

Among custodians, the primary positions remain unchanged with State Street having the largest assets under custody with US$501.3bn, ahead of BNY Mellon (US$457.2bn) in second place and Northern Trust (US$431.1bn) in third place.

The market share ranking by assets of depositaries/trustees ranked NatWest Trustee & Depositary Services in first place for UK regulated funds with a total of US$438.6bn assets, followed by Northern Trust with US$399.0bn and in third position HSBC with US$359.4bn.

In the transfer agents ranking, SS&C Financial Services International remains in first position with total net assets of US$788.1bn followed by Northern Trust with USD$346.9bn in second position and BNY Mellon, with US$265.5bn in third.

Among UK’s professional audit firms, PwC retains the lead position in auditor’s rankings in both number of funds and assets auditing a total of 1,060 funds and sub-funds with a total of US$879.9bn in assets. They are followed by EY in second position by number of funds with 744 funds (US$625.0bn) and KPMG in third position with 571 funds (US$358.6bn).

Turning to new business, Phoenix Group, as a promoter/initiator secured the largest proportion of new business introduced over the year (US$12.6bn in assets). Further breakdown of new business information shows global mixed equities/bonds are a leading sector by assets and number of funds launched during the year.

The value of new UK regulated schemes and sub-funds launched as at 31st December 2022, amounted to total assets of US$51.2bn from over 170 sub-funds. From this, total assets of US$1.9bn from 30 sub-funds were generated from the creation of entirely new schemes.

Among UK newly launched regulated fund structures, ACS schemes lead with total assets of US$24.0bn, followed closely by OEIC schemes, in second position, with total assets of US$21.7bn. However, when it comes to newly launched products by number of sub-funds, OEICs lead with the highest number of new funds launched, with over 115 sub-funds followed by ACS schemes with over 25 sub-funds.

Karine Pacary, Managing Director at Monterey Insight commented:

“We are pleased to share the latest results of the UK fund industry in our 6th edition of the Monterey Insight UK Fund Report 2023. Once again, ESG shows to be a dominant global trend recording a continuous increase in both assets of 24% reaching USD 209.9bn and in number of funds with an increase of 38%. Authorised Contractual Schemes remain the most attractive product taking a slightly larger market share compared to last year, in an overall shrinking market.

2022 has been another challenging year marked by a significant range of political and economic uncertainty reflected in the market share figures but despite the UK’s AUM decline, the UK remains one of the leading global asset management centres.”

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 2022: authorised contractual schemes, authorised unit trusts and open-ended investment companies. Common investment funds, common deposit 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.


The depositary/trustee rankings include only the listing of appointed depositary/trustee as at 31st December 2022.

Transfer Agent/ Registrar

The transfer agent rankings also include the role of registrar

For more information, please contact:

Karine Pacary, Managing Director, Monterey Insight, Tel. +44 (0)20 4526 2940

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 2022, leading service providers for all funds domiciled in the UK were as follows:

Source: Monterey Insight UK Fund Report 2023

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