UK Fund Market Rebounds on Strong Launch Activity
New findings from the 9th edition of the Monterey Insight UK Intelligence Fund Report reveal the market shares of service providers across UK’s fund industry, offering insight into which providers service which funds.
The underlying data is available through the Monterey Insight Analytics Platform, allowing users to explore the market interactively, analyse service provider relationships and track trends over time.
All data is as at 31 December 2025 and primarily covers UK regulated funds. Where UK unregulated and non-domiciled funds are included, this additional coverage is clearly specified in the relevant sections below.
By the end of 2025, total UK fund assets covered by Monterey Insight reached £2,779.0 billion (US$3,740.3 billion), representing a 7% increase in GBP terms and 15% in USD terms compared with the previous year. UK regulated funds accounted for £2,466.4 billion (US$3,319.5 billion), also up 7% in GBP terms. The difference between sterling and dollar growth rates reflects the impact of exchange-rate movements. Alongside the regulated market, the report captures additional coverage of UK unregulated and non-domiciled funds, with recorded assets of £49.3 billion (US$66.3 billion) and £263.4 billion (US$354.5 billion), respectively.
Among UK regulated funds, equities remain the largest asset class, with assets totalling US$1,508.0 billion. Index tracking equities retain second place at US$686.1 billion, followed by mixed equities/bonds at US$506.8 billion.
The UK regulated fund market recorded a strong increase in new product launches, with 132 new funds and sub-funds, representing a 113% rise on the previous year. These launches accounted for US$62.1 billion in assets, an impressive 177% increase year on year, highlighting a significant acceleration in new product activity.
Authorised Contractual Schemes (ACS) accounted for the largest share of new product assets, with US$45.3 billion across 12 funds and sub-funds. OEICs followed with US$13.2 billion across 109 funds and sub-funds.
In terms of asset class, equities dominated new UK regulated fund launches, accounting for US$41.8 billion across 59 funds and sub-funds. Private debt ranked second, attracting US$12.1 billion across 6 launches, followed by mixed equities/bonds, which accounted for US$6.3 billion across 49 funds and sub-funds. The remaining launches covered bonds, private equity/venture capital, index tracking equities and alternative investments.
BlackRock Leads UK Fund Promoters as Vanguard Strengthens Position
BlackRock Financial Management retains its leading position among UK fund promoters/initiators, followed by St James’s Place in second place and Vanguard Group in third. Vanguard recorded the strongest growth among the top three, with a 29% increase in total net assets compared with the previous year. The same ranking applies to the ManCo/AIFM and Authorised Corporate Director/Fund Manager (ACD/AFM) categories.
Waystone Maintains Dominant Position Among Third-Party ManCo/AIFMs
Waystone continues to lead the third-party ManCo/AIFM rankings, recording the highest total net assets and the largest number of sub-funds, with 225. Apex Fundrock maintains its second-place position, while Thesis Unit Trust Management retains third place.
Karl Midl, Country Head - UK, Waystone, commented:
“Retaining our position as the UK’s largest independent ACD is a significant achievement and reinforces the strength of our business, the expertise of our people and the trust that asset managers place in Waystone. At a time when regulatory expectations are rising and fund structures are becoming more complex, managers increasingly need partners with the scale, expertise and infrastructure to support their ambitions. Our integrated offering, spanning ACD, Transfer Agency, governance, risk and compliance services, enables us to provide that support while allowing managers to focus on growing their businesses.”
Northern Trust Tops Three Key UK Fund Services Rankings
Northern Trust retained its leading position across UK regulated fund administration (fund accounting), custody and depositary/trustee services, ranking first by assets in all three categories. State Street followed in fund administration and custody, while NatWest Trustee & Depositary Services held second place in depositary/trustee services.
HSBC ranked third across all three categories, underlining its strong presence in the UK regulated fund market.
Laurence Everitt, Head of Asset Managers, Europe, Middle East and Africa (EMEA) at Northern Trust, commented:
“We are delighted to be reconfirmed as the UK’s leading provider by assets across fund administration, custody and depositary services. As asset managers navigate an evolving regulatory agenda, strong oversight and the support of trusted providers are increasingly important in maintaining confidence across the investment management ecosystem. This recognition reflects the strength of our client relationships and our ability to support their evolving needs.”
SS&C Continues Retains Lead in UK Transfer Agent Rankings
SS&C Financial Services International retains its leading position in the UK transfer agent/registrar rankings by assets. Northern Trust holds second place, followed by BNY in third.
EY Leads in UK Fund Audit Rankings
EY ranks first in the UK fund auditor rankings by number of funds, leading both in fund count and total assets. PwC follows in second place, while KPMG retains third position. Karine Pacary, Managing Director at Monterey Insight commented:
“We are pleased to share the latest results of the UK fund industry in the 9th edition of the Monterey Insight UK Fund Report 2026.
The UK fund market saw a strong increase in new product activity in 2025, with both the number of launches and the assets they attracted rising significantly. Authorised Contractual Schemes (ACS) accounted for the largest share of new launch assets, highlighting their importance in driving new product growth. Equities attracted the greatest volume of new launch assets by asset class, while private debt also recorded significant asset-raising activity. These developments provide valuable insight into where product activity and opportunities are emerging across the industry. At Monterey Insight, our research offers an independent, data-driven view of these trends, helping firms understand market landscape & movements, assess competitive positions and make informed strategic decisions.”
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 2025: 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
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 Intelligence Fund Report 2026
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