The Investment Association has promoted legal and regulatory expert Johannes Woelfing to serve as its first head of European affairs as the trade body boosts its presence in Brussels.
Woelfing, who has worked at the IA for more than four years, was formerly political adviser to the European parliament, having trained and begun his career as a lawyer in Germany.
He will establish a local office for the organisation in Brussels and will head up the IA’s European policy team.
Increasing numbers of IA’s members are setting up offices domiciled in mainland Europe or Ireland in order to continue servicing their European clients post-Brexit. Around £1.4 trillion of the UK’s £8 trillion in assets under management are run for clients based in the EU.
‘It is essential that the IA has a more permanent voice in Brussels that can help represent our industry and the clients they serve at a European level,’ said IA chief executive Chris Cummings.
‘Johannes’ industry, legal and policy experience within the European parliament and the IA will be valuable to ensure the asset management industry’s voice is better understood by policy makers and regulators in Europe.’
M&G Investments in May announced plans to move £34 billion held in its UK-based funds by overseas investors into equivalent funds based in Luxembourg. The fund group did the same for a further £6 billion of funds last year.
Rival fund group Columbia Threadneedle has also announced plans to move £6 billion held by non-UK investors to Luxembourg.
Legal & General Investment Management and Standard Life Aberdeen have meanwhile opened Dublin-registered offices to house the running of money for overseas investors.