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Our paper proceeds as follows. Section 2 reviews our data, and describes the economic state variables and risk factors used in the study. Section 3 reviews the investor types considered in our study, and provides details on the methodology. Section 4 presents the main empirical results, while Section 5 conducts an attribution analysis and Section 6 provides robustness results. Finally, Section 7 concludes. Details on data sources, variable construction, and additional robustness results are provided in a series of appendices available from the web | May 2012 Asset Management in Europe Facts and Figures 5th ANNUAL REVIEW efama European Fund and Asset Management Association Table of Contents Key Findings.2 Key Figures.3 1 The EFAMA Annual Asset Management Report.4 2 AuM Employment and Industrial Organization.5 2.1 Assets under Management in Europe.5 2.2 Asset under Management across Europe.6 2.3 Employment and Industrial Organization.9 3 AuM in Investment Funds and Discretionary Mandates.16 3.1 Investment Funds.19 3.2 Discretionary Mandates .22 4 Clients of the European Asset Management Industry.25 4.1 Institutional and Retail Clients.26 4.2 Assets Managed for Institutional Investors.28 5 Asset Allocation.33 5.1 Asset Allocation by Country.34 5.2 Asset Allocation in Investment Funds and Discretionary Mandates . 36 6 Financing of the Economy by European Asset Managers.39 6.1 Financing Contribution of Euro Area Investment Funds.39 6.2 Financing Contribution of Asset Management.40 7 Total AuM at end 2011.43 Appendix .
