Europe's $3.5 trillion mutual fund industry will grow at a 14% compound yearly growth rate between the end of this year and 2006, ahead of both the global 10% rate and a projected 9% rate in the U.S., according to CA Global Update.

The findings, published in the inaugural issue of CA Global Update, also said that European mutual funds are becoming the engine of growth in a global fund management industry that has been shrinking of late. CA estimated that worldwide assets under management were $38.2 trillion at the end of June, down from $39.3 trillion at the end of 2000.

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