T. Rowe splits European business ahead of Brexit

Luxembourg to become head office for EU business

T. Rowe Price has begun the process of splitting its UK and Luxembourg operations with the latter set to become the head office for the firm's European business in time for the UK leaving the EU.

The move comes as investment firms action their Brexit contingency plans with a lack of clarity surrounding the UK fund management industry's Brexit transition putting the UK in a weak spot. Earlier this month the European Commission warned UK-based fund groups could have their permissions to sell products into the EU revoked from April next year. Two weeks ago T. Rowe Price applied to Luxembourg's financial regulator, the Commission De Surveillance Du Secteur Financier, to separate its UK and Luxembourg operations, the Financial Times reports. Although the UK arm will continue to ope...