Asset managers are increasingly using social media as a way of communicating with existing and potential clients, consultants and the wider world, but European firms are lagging their US counterparts in embracing such tools.

According to Cerulli Associates' Social Media Survey 2013, nearly 50% of US respondents indicated that social media is a key element of their marketing strategy, compared with only 10% of European managers, while as many as 40% of Asian managers surveyed are not using social media at all. Asian managers are sceptical about the effectiveness of social media and prefer a more cautious approach to delivering content to end investors, according to Cerulli, which polled 90 asset managers in Asia, Europe and the US, representing $27.2 trillion in assets under management.