EUROPE - The investment fund market in Europe grew by 7.2% in the third quarter and had €6.8trn (US$10.3trn) under management at the end of September, the latest quarterly data by the European Fund and Asset Management Association (EFAMA) revealed.
Since the end of 2008, the European investment fund industry saw its assets rise by 12.4%, or €752bn.
UCITS funds saw €70bn of net inflows in the third quarter, up from €30bn in the second one. This represents a 7.7% increase in the third quarter, which brought assets under management to reach €5.1trn at the end of September.
In the period from January to September total net sales of UCITS reached €122bn. EFAMA said: "Low short-term interest rates and stock valuations, in conjunction with stronger-than-expected GDP growth and a high concentration of financial assets held in bank deposits, contributed to this development."
The association said equity funds experienced the highest asset increase - €197bn or 15%. Balanced and bond funds saw their assets increase by 9% and 8% respectively.
Since the end of 2008, total assets of UCITS have risen by 13.5% or €615bn.
Scottish Widows has completed a bulk annuity deal for the Hitachi UK Limited Pension Scheme.
The lifetime allowance will rise to £1,054,800 from April next year as the Office for National Statistics (ONS) recorded inflation at 2.4% in the year to September.
The national procurement frameworks for the Local Government Pension Scheme (LGPS) has been expanded to include member data services.