Despite the fact global assets under management increased, asset managers continue to face challenges as they struggle to earn a profit, according to a report released Tuesday by The Boston Consulting Group.

The eighth annual report on the global asset management industry revealed that professionally managed assets rose 12% to $52.6 trillion last year, up from a decline of 17% a year earlier. On average, assets under management increased 11% in North America, 12% in Europe, 7% in Japan and Australia, 25% in the rest of Asia and 22% in Latin America, the report said, driven primarily by rebounding equity markets. Only about 1% of growth came from new net inflows.

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