Increases in private client funds and alternative investment funds are credited for lifting assets under management in the U.K. by 7% to £3.45 trillion (US$6.4 trillion), making it the third-largest asset center in the world, according to International Financial Services London’s latest research. Institutional investors account for two-thirds of the total funds under managements, with 15% coming from retail funds and 11% from hedge funds, private equity funds and property funds. Private client contributed the remaining 8%. The U.S. is responsible for 48.5% of the global AUM, with Japan in second place, grabbing 11.2% of the total. According to IFSL, London is Europe’s largest hedge fund center.