Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration only takes a minute.

Bye-bye Britain? Six fund firms' drastic Brexit action

Wealth Manager sister site Citywire Selector showcases the asset managers moving to new territories as Brexit looms

Backing away from Brexit

The UK’s vote on its European Union membership was two years ago, but the topic is far from finished with. With huge questions still lingering over what shape a final deal will eventually take, asset managers have not been slow in assessing their options. Here we showcase six fund firms which have already strengthened their operations elsewhere, as uncertainty looms over the UK’s long-term potential as a home for cross-border asset managers.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.

Backing away from Brexit

The UK’s vote on its European Union membership was two years ago, but the topic is far from finished with. With huge questions still lingering over what shape a final deal will eventually take, asset managers have not been slow in assessing their options. Here we showcase six fund firms which have already strengthened their operations elsewhere, as uncertainty looms over the UK’s long-term potential as a home for cross-border asset managers.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.

Eleva Capital

European equity specialist Eric Bendahan moved his entire operation, Eleva Capital, from its London base to Paris last summer with Brexit cited as a key concern. The Citywire AA-rated manager moved the bulk of his 15-strong staff across The Channel to capture greater – and more certain – growth opportunities in the French market, it is understood.

 

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.

M&G

Having been one of the first firms to announce plans to bolster ex-UK operations, M&G Investments has not sat still over the past two years. The investment house has shifted huge swathes of assets from UK-domiciled OEICs into Sicav products, which are now run through its Luxembourg-domiciled operations.

 

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.

Columbia Threadneedle

As quick off the mark as M&G, Columbia Threadneedle was keen to assert its presence in Luxembourg in the immediate aftermath of the 2016 vote. In March of this year it moved around €7 billion worth of client assets out of its OEIC range and into its Luxembourg Sicav, in a move which impacted 20 funds.

 

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.

Morgan Stanley IM

Among the latest to look elsewhere, Morgan Stanley announced it would be relocating its European investment management arm to Dublin on 14 June. The move comes amid plans to move around 500 jobs away from London and into the broader European Union.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.

LGIM

Legal & General Investment Management was also among the firms to look to Ireland to further establish its European reach. The company formed a Ucits and Alternative Investment Funds business in May, which was part of plans to increase its cross-border funds capabilities.

 

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.

Aberdeen Standard Investments

While not moving as fast as M&G and Columbia Threadneedle, Aberdeen Standard Investments already had existing operations in Luxembourg but has bolstered its Irish units in a bid to further its footing among European investors. This team will interact directly with European clients and is designed to complement the Luxembourg offering.

 

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
2 Comments Play James Anderson: my great fear and hope for the next 10 years

James Anderson: my great fear and hope for the next 10 years

Co-manager of Scottish Mortgage Trust says the financial world has not changed since the banking crisis but predicts the next decade will bring unprecedented upheaval in all areas of the market.

1 Comment Play What wealth managers told clients the day Lehmans went bust

What wealth managers told clients the day Lehmans went bust

We asked wealth managers to go back in time at Citywire North as the 10-year anniversary of the Lehmans collapse approached.

Play Citywire North: video highlights

Citywire North: video highlights

We present the highlights from our annual wealth event at Rudding Park in Harrogate.

Read More
Your Business: Cover Star Club

Profile: UBS' new UK boss on her plans to win wealth

Profile: UBS' new UK boss on her plans to win wealth

UBS’s wealth arm might be the fourth biggest in the UK, but it still has only 4% of the market share, says incoming boss Eva Lindholm

Wealth Manager on Twitter