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Brexit fund stakes hit £1.8 trillion as talks enter final leg

Assets managed in the UK for EU clients hit £1.8 trillion last year - almost a quarter of the total £7.7 million managed.

Brexit fund stakes hit £1.8 trillion as talks enter final leg

Assets managed in the UK for EU clients hit £1.8 trillion last year - almost a quarter of the total £7.7 trillion managed - highlighting the stakes for the industry as Brexit talks enter their final stage.

Investment Association chief executive Chris Cummings said: ‘The clear value the European market brings to the UK asset management industry underlines the urgent need for a Brexit deal to be completed by March 2019 which protects our industry, and more importantly, the savings of millions of people right across Europe.’

Source: Investment Association

The figures underscore the potential impact of Brexit on the industry, after the government admitted last month that it will not be able to ensure UK fund houses are able to service European clients under a no-deal scenario.

In a June report, the IA emphasised six priorities for the negotiations: regulatory cooperation agreements, a transitional arrangement, permission for UK investors to buy EU funds, a comprehensive free trade agreement, grandfathering of contracts and dispute resolution mechanisms, and a roadmap for access to third country passports.

In August the body promoted legal and regulatory expert Johannes Woelfing to serve as its first head of European affairs as it sought to boost its presence in Brussels.

Source: Investment Association

More than 35% of Europe’s assets under management are held in the UK, more than in runners-up Germany, France and Switzerland, combined.

There are now 100,000 jobs in the industry across the UK, with 28,000 of direct roles – nearly three quarters – based in London.

Source: Investment Association

Source: Investment Association

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