A positive fourth quarter was not enough to prevent a lacklustre year for inflows into the asset management industry, according to the latest Pridham Report.
Mid-year assertions of "political uncertainty [becoming] the new certainty", both globally and in the UK, led to net annual flows for 2019 remaining "well below average" for the decade. BlackRock and Legal & General Investment Management topped both the gross and net retail sales for the final quarter and the full 12 months. A surge in passive businesses saw BlackRock take over £1bn in net retail sales for the final three months of the year, which takes their 12-month total to just shy of £5bn. This compares with their gross annual figure of £22.1bn. LGIM and HSBC also benefited fr...
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