Assets overseen by UK fund groups have reached a peak of £10tn, with retail and overseas investors helping the sector recover from a market-driven drop in 2022.

According to the Investment Association, assets overseen by the trade body’s members climbed 10% last year, increasing from £9.1tn at the end of 2023. The IA said strong equity returns and better economic conditions were among factors that helped buoy assets last year.