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04 July 2016
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| Brexit(The Total Investment & Insurance Solutions) |
Asset managers have started their detachment from London
following Britain’s historic vote to leave the European Union (EU), with fund
companies finalising plans to reduce their reliance on the capital city.
The Total Investment & Insurance Solutions
M&G, Columbia Threadneedle, Legg Mason, Fidelity
International and T Rowe Price have all outlined intentions to move staff out
of London or set up fund ranges in neighbouring EU countries in fear of being
locked out of European fundraising, the Financial Times reported on Sunday.
The Total Investment & Insurance Solutions
No asset manager has yet announced it will shift its
headquarters away from the city but the retreat has prompted the Investment
Association, the London-based trade body for Britain-based asset managers, to
hold a special meeting with its members on Tuesday to tackle the fallout from
the vote.
The Total Investment & Insurance Solutions
Investment companies based in the UK manage 5.5 trillion
pounds of assets and employ 35,000 people. Another 25,000 staff work for
related entities.
Fidelity International, which opened its office in London
in 1973 and manages 190 billion pounds of assets, has announced it will move
100 staff to Ireland but said the shift was planned before the UK referendum
result. It already employs 65 staff in Dublin.
“London has a lot to lose and although it is too early to
properly assess what damage the Out vote might have on the city, it is clear
people have started making plans to do business elsewhere. Rival centres are on
high alert,” the chief executive of a large UK-based asset manager said.
The Total Investment & Insurance Solutions
On June 24, Britain voted to exit the EU in a historic
referendum after being a member of the bloc since 1973.
It is the first nation to exit the now 27-member bloc.
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