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London Clings On To Fund Management Crown For 1999

Jason Gorringe, Tax-news.com, London

14 June 2000

London clung on to its position as the world's biggest fund-management centre at the end of 199, with $2.5 trillion of assets under management (up from $2.2 tn a year earlier), just ahead of New York with $2.4 tn (up from $2.0 tn), and Tokyo with $2.1 tn (up from $1.1 tn).

Boston comes fourth with $1.9 tn, and if the six leading US fund management cities are totalled, they have $6.3 trillion under management representing 36% of the total $17.5 trillion of funds invested in world stock markets by institutions.

''This report demonstrates the increased global competition in the fund management industry,'' said Alastair Hazell of Thomson Financial Europe. ''I am delighted that London has retained its top position,'' Mr. Hazell said. ''However, the fact that America has six of the top 10 cities highlights the enormous amount of funds that the United States has.''

The fastest-growing centres were Tokyo, fuelled by a 42% uplift in the Nikkei 225 Index, and Denver, up 85% to $340 bn because of local concentration on high-tech stocks. Paris entered the top 10 for the first time as only the fourth non-US city in the top 10 list, while Zurich slid 16% to $414 bn as UBS and Credit Suisse reorganised their fund management businesses.

The Thomson report covers more than 6,700 fund-management firms, and draws attention to a growing trend for US investors to place their funds internationally: foreign holdings rose 51% in 1999 to almost $1 trillion.

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