The United States fund management industry ranked second overall, finishing behind that of Australia, according to Cerulli Associates CA Lodestar Update, a 400-page report which is designed to provide an assessment of retail and institutional fund management marketplace in 16 countries around the world.
Australia s industry, according to the semi-annual Cerulli assessment, has maintained its position at the top due, in part, to its compulsory retirement savings system, coupled with deeply ingrained open architecture and a strong tendency toward platform-based distribution of asset management products.
Rounding out the top five are Canada, the United Kingdom and Switzerland. Cerulli considers Germany Europes most vibrant retail fund management marketplace. The country has jumped up from ninth place a year ago to sixth place in this report. Cerulli now ranks Germanys $400 billion mutual fund industry the second-most attractive in the world, up from fifth in June 2001.
Cerulli forecasts call for the Australias retail fund management industry to grow at a compound yearly rate of at least 18% between now and the end of 2006.