Asset managers lead the way with Brexit prep

Financial services look to set up offices away from the UK

Although there is currently much conjecture on if and how the UK will leave the European Union on 29 March, financial services have been busy readying operations by moving or setting up offices away from the UK.

Shortly after the referendum in June 2016, Columbia Threadneedle Investments and M&G were among the first to announce plans to set up office and/or transfer assets into Luxembourg-listed vehicles. These were followed by a stream of asset managers who targeted a number of other eurozone cities, such as Dublin or Paris, in anticipation of new legislation as a result of Brexit. Fidelity announced the relocation of a number of staff to its Dublin office and Aberdeen Standard Investments, Legg Mason, Vanguard, First State Investments and L&G Investment Management also said they would be estab...