The Investment Company Institute in the United States has released a survey of the world’s investment fund industry, showing it to be worth an estimated US$11.6 trillion.

The survey examines publicly offered, open-end funds for 38 different countries, where data is available, as of the end of June 30, 2001. ICI notes that comparing this data across countries is not recommended because reporting coverage, periods covered, and definitions are not consistent.

Nevertheless, Canada ranks eighth worldwide according to the survey, representing just 2.3% of world assets. The U.S. is far and away the biggest player, with almost US$7 trillion under management, followed by Luxembourg at US$710 billion, France with US$684 billion, and Japan at US$479 billion. Italy, the U.K. and Australia all rank ahead of Canada.

Canada ranks 10th worldwide in total number of funds, with 1,759 out of more than 53,000. On an asset/fund basis, Canada ranks eighth with $154.5 million. Again, the U.S.is far and away the leader, with $837 million; followed by Italy and Switzerland.