The five largest firms in the U.K., led by Barclays Global Investors and Legal & General Investment Management, manage 31% of the more than £3 trillion (US$5.5 trillion) in assets there, according to the latest Investment Management Association survey. Assets under management overall grew by 30%, the IMA says. The poll of the IMA’s membership also found that 20% of assets are managed for overseas clients, indication the importance of the U.K. as a global financial center, and 80% of the total assets belong to institutional investors. Alternative investments represent 5.4% of the institutional assets, but less than 1% is allocated to hedge funds and private equity.