Equities and ACS Power UK Fund Market Growth

New findings from the 8th 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.

All data is as at 31st December 2024, and covers UK Regulated funds.

By the end of 2024, UK regulated fund assets surged to $2,886.5 billion, marking a 6.6% increase from the previous year. However, the total number of funds and sub-funds decreased by 4.3% to 3,532

The largest asset class remains as per last year equity funds with $1,288.5 billion, followed in second place by index tracking equities at $610.0 billion and in third by mixed equities/bonds at $439.8 billion.

The value of newly UK regulated schemes and sub-funds launched as at 31^st December 2024, amounted to total assets of $22.4 billion from over 62 sub-funds. Of this total, 9 entirely new schemes accounted for 11 sub-funds with a total asset of $1.9 billion 

Among the newly launched regulated fund structures in the UK, ACS schemes are at the forefront with total assets amounting to $14.1 billion, closely followed by OEIC schemes with total assets of $7.6 billion. However, looking at newly launched products by number of sub-funds, OEICs lead with the highest number of new funds launched, with 39 sub-funds followed by ACS schemes with 18 sub-funds.

In term of new product launch, equities lead in terms of assets with $8.6 billion and 21 sub-funds followed by Bonds with $7.7 billion and 16 new sub funds listed

As per last year Phoenix Group remains the top promoter/initiator with the largest proportion of new business introduced over the year, securing $4.4 billion in assets. Concurrently, Northern Trust captured the largest share of new business among fund administrators (fund accounting) and leads with $10.6 billion in assets.

BlackRock Financial Management continues to lead as top ranking promoter/initiator with St James’s Place in second position followed by Vanguard Group in third.

In the latest 2025 report BlackRock Investment Managers retains its lead in the UK ManCo/AIFM rankings, followed by St. James’s Place in second and Vanguard Investments as a new entry in third. These positions are also reflected in the Authorised Corporate Director/ Manager rankings shown below.

Across Third Party ManCo/AIFMs, Waystone retains its leadership with both the largest assets and the highest number of sub-funds with a total of 224. Apex Fundrock climbs to second place and Thesis Unit Trust Management descends to third.

Karl Midl, Country Head - UK, Waystone and CEO Waystone Management UK, said: “The Monterey Insight UK Fund Report provides an independent view of the market and we are proud to be recognised once again as the largest Third Party Management Company/AIFM in the UK. This achievement reflects the trust our investment managers and sponsors place in Waystone and the dedication of our team to delivering exceptional governance and oversight solutions.

As the UK investment landscape continues to evolve, we remain committed to supporting managers with innovative solutions, enabling them to focus on raising assets, fund performance and investor outcomes.” 

In a significant shift for the UK market, Northern Trust has emerged as the new leader in the UK regulated fund administration services (fund accounting) by assets, climbing one spot to first place. This means that State Street moves to second place and HSBC maintains its position in third.

Northern Trust remains the leading custodian by assets, with State Street holding second place. HSBC has made a significant move, rising to third position:

Laurence Everitt, Head of Global Fund Services, UK at Northern Trust, commented: “I want to acknowledge the expertise and diligence of our team in achieving recognition once again as the leading provider of asset servicing solutions to UK funds. This year marks a milestone as we have grown our market share to be ranked for the first time as the industry’s top fund administrator by assets serviced as well as by number of funds, while maintaining leading positions for custody and depositary alongside our highly ranked transfer agency services. It is a privilege to support our clients across the wide range of strategies, and structures represented in this report, and we thank them for the trust they place in us to support them and their investors.”

In the market share rankings by assets for depositaries/trustees of UK regulated funds, Northern Trust Services maintains the leading position, followed by NatWest Trustee & Depositary in second place, while HSBC ascends to third place.

SS&C Financial Services retains the top spot among transfer agents, with Northern Trust and BNY Mellon holding second and third place, respectively.

Leading in both the number of funds and total assets, EY now tops the UK audit rankings with $1,002.5 billion. PwC has moved to second place with $725.7billion, while KPMG remains in third with $579.5 billion.

Karine Pacary, Managing Director at Monterey Insight commented:

“We are pleased to share the latest results of the UK fund industry in the 8th edition of the Monterey Insight UK Fund Report 2025. By the end of 2024, UK regulated fund assets reached $2,886.7 billion, driven primarily by a strong 9.8% growth in equity funds. Equities remain the dominant asset class, reinforcing their central role in the market’s expansion following last year’s double-digit growth of 15%. Growth in 2024 was further supported by product innovation, with ACS structures leading organic expansion, posting the strongest growth among product types. Together, the continued strength of equities and the momentum in ACS underline the key forces shaping the UK regulated fund landscape.”

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 2024: 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.

For more information, please contact:

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

Email: karine.pacary@montereyinsight.com

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.

Source: Monterey Insight UK Fund Report 2025