This is a summary. To read the whole story subscribe to BostonGlobe.com
Boston’s investment business is back in a familiar place: awash in money.
To the surprise of many, 2013 turned out to be a huge year for the stock market, marking a psychic return to better times for the city’s large community of money managers. Many now have record assets under management after stocks surged nearly 30 percent last year and created hundreds of billions of dollars in new wealth.
“It snuck up on them,’’ said Alex Thomson, a longtime executive recruiter in Boston’s investment arena. “All of the political discussions put a damper on most people’s expectations.’’
Even as the year progressed, the market’s upward streak came with little celebration. The year was so dominated by worries over the shutdown of the US government and a stubborn economy that there was none of the exuberance that often accompanies a big year in the market.
“There was very little euphoria,’’ said Bruce Herring, group chief investment officer in Fidelity’s global asset allocation group.