Barclays Global Investors is the largest fund manager in the Europe with €123bn ($178bn), according to the latest research by Mercer Investment Consulting, the pension consultants. Deutsche Asset Management is second, with €104m.

Fidelity Investments remains the largest fund manager in the world with €832bn. State Street takes second position globally, followed by Deutsche Asset Management, BGI and Vanguard Group respectively. The survey is based on research to the end of 2002 and was conducted among 168 fund managers covering €1.6 trillion of European pension fund assets.