The European Fund and Asset Management Association (EFAMA) published the 17th edition of its Asset Management in Europe report, finding that European assets under management (AuM) rose almost 12% in 2024 to a record EUR 33 trillion, driven mainly by strong equity market performance, and estimating AuM of EUR 34.4 trillion at end-September 2025. The report highlights continued shifts towards investment funds over discretionary mandates, increased retail participation, and further growth in passive, ETF-based investing alongside a higher equity allocation. Asset management activity remained highly concentrated, with the United Kingdom, France, Switzerland, Germany, the Netherlands and Italy accounting for nearly 85% of activity in Europe. At end-2024, asset managers held around EUR 6.8 trillion of EU-issued debt securities and EUR 2.9 trillion of EU-issued listed shares, representing 28% of all debt securities and 24% of listed shares issued by EU-resident companies and other issuers. The retail share of AuM increased to 32% at end-2024 from 26% in 2020, with ETFs cited as a preferred low-cost, diversified vehicle; equities’ portfolio share rose sharply in 2024 while the share of other assets declined, reflecting slower private market growth, reduced UK liability-driven investment strategies and improved data reporting. EFAMA also reported a slight recovery in operating profit margins in 2024 as costs decreased somewhat after fee pressure and higher technology spending weighed on margins in 2022 and 2023. EFAMA expects AuM growth to continue through 2025 at a more moderate pace, citing tariff disruptions, the euro’s appreciation against the dollar and flat bond prices. It also reiterated priorities to support higher retail participation, including improved financial literacy, tax incentives and a simpler investor journey, and called for negotiations on the European Commission’s Retail Investment Strategy to deliver a significant simplification.

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