A report by Ernst & Young has said that global Islamic fund assets stagnated at $52.3bn in 2009, remaining at almost the same level as the $51.4bn posted in 2008. In contrast, the global conventional mutual fund assets under management exhibited signs of recovery from their lows of $19 trillion in 2008, reaching $22 trillion in 2009, the Islamic Funds and Investment Report said. "This trend is reflective of a distinct shift in investors' preferences, and requires Islamic fund managers to adapt their strategies and operating models accordingly to meet the new levels of expectations," according to Sameer Abdi, Middle East head of Ernst & Young's Islamic Financial Services Group.