UK fund industry still not partying like its 1999

Total funds under management by the end of 2003 stood at some £2,800bn, up 6% on 2002, but still 7% down on 1999. The picture is worse in some areas than others, however, with the value of pension funds still down 13% on 1999, despite a 16% increase in the value of pension fund assets through 2003. Investment trusts have recovered somewhat on the rout of 2002, yet are unable to shake off a long-term trend. As a share of institutional holdings ITs have declined to 2% from 6% over the past two decades, IFSL says. Still, the UK, and London in particular, is firmly entrenched as the th...