UK - Barclays Global Investors' assets under management topped the $1trn (£528.8bn) mark in 2003.
BGI’s total assets under management increased by 29% to £598bn in the year to the end of December.
BGI said the growth represented £67bn of net new assets while £134bn was attributable to market movements. These, though, were offset by £65bn of adverse exchange rate movements, in particular the decline in value of the US dollar.
Approximately 56% of BGI’s income was in US dollars and 31% in sterling.
BGI also revealed that total revenues exceeded $1bn (£528.8m) for the first time last year with fees and commissions up 23% at £662m.
The fund manager attributed this to the increasing popularity of its actively managed funds. Whereas BGI used to depend upon its traditional passive business, actively managed assets now generate over 60% of its management fees and more than 50% of total income.
At present, approximately 21% (£125bn) of BGI’s assets under management are in actively managed mandates, £410bn (69%) are in index funds, while 10% (£63bn) are in managed cash assets.
A suite of liability driven investment (LDI) indices has been launched by STOXX and RiskFirst to aid trustees and consultants select, monitor and challenge managers.
British Airways and the trustees of one of its pension schemes are set to argue over the purpose of a pension scheme, leading to an impactful judgment for DB pensions. James Phillips explores the issue
Bank of England governor Mark Carney has said there is still a lot of data to consider before the Monetary Policy Committee (MPC) can decide when to next hike interest rates.
Savers are not squandering their tax-free lump sums under Freedom and Choice but are taking a more cautious approach to retirement, according to Prudential research.