As the UK heads into a recession, the asset management industry also needed to define a clear role for the industry in the economic recovery and work out how to deliver value for customers in a difficult economic environment, the IA report said.
Outside of this, setting the role for responsible and sustainable investment and enhancing the UK’s international standing post-Brexit were high on the agenda.
Chris Cummings, chief executive of the Investment Association, said: “It is a mark of the industry’s resilience and focus on delivering for savers that total industry assets have reached £8.5trn, significantly driven by customers from around the world choosing the services of UK investment managers.
“While the industry recognises the need for extra diligence as we navigate our way through the dual challenge of Covid-19 and Brexit, we are already preparing for the world of tomorrow.
“The considerable growth in responsible and sustainable investing over the last 18 months, which has gathered even more strength through the pandemic, is a critical indicator of things to come.”
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