Global retail and retirement assets under management are set to cross the $70.4 trillion mark by the end of 2013, an increase of $20 trillion from 2008, according to new findings from Cerulli Associates.

According to Cerulli, non-U.S. assets account for a more than 50% share of total assets, but the bulk of growth prospects remain in the U.S. The research shop also found that Europe has added $5.9 trillion in assets since 2008.

"It would be churlish not to feel a sense of optimism about the near- and medium-term outlook for the global asset management industry, especially when considering top-line growth," stated Shiv Taneja, Cerulli's London-based managing director.