• Funds on target to rise over 9% this year, TheCityUK estimates
  • Data comes as regulator conducts study into competition

Assets overseen by U.K. fund managers swelled to a record 7.1 trillion pounds ($11 trillion) in the first half of 2015, according to TheCityUK.

U.K. funds under management increased as much as 5 percent in the period and are on track to rise more than 9 percent by the year end, the financial-services lobby group estimated in a report on Thursday. That compares with a 9.7 percent gain to a 6.8 trillion pounds in 2014. London-based firms accounted for about 80 percent of the funds followed by those in Edinburgh and Glasgow, the data shows.

The figures come as the U.K. Financial Conduct Authority conducts a market study into competition within the asset management industry to see whether firms deliver value for clients and are motivated to control costs.

Institutional investors, which include insurers, pension funds and sovereign wealth funds, accounted for about two thirds of U.K. assets under management at the end of 2014. Retail clients’ assets accounted for 1.1 trillion pounds and 700 billion pounds came from alternative funds, including hedge funds and private-equity funds, according to the study.

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