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Portrait of Anne Richards, chief executive of M&G Investments, provided by the company. The firm will hire new staff when it moves 4 funds from London to Luxembourg. 

M&G Investments asked shareholders on 10 January to approve the transfer of four of its new funds. “All four funds are distributed exclusively to customers outside the UK,” the company said in a press release.

Relocating the funds “will ensure that our clients outside the UK retain access to our investment strategies regardless of the final agreement between the UK and the rest of Europe,” M&G’s chief executive, Anne Richards, said in the press release.

Funds Europe reported on 11 January that:

“The London-based firm said it would not move staff from London and that about 30 jobs would be created”.

Last year M&G announced that it would set up an EU hub in Luxembourg ahead of Brexit, letting 700 square metres on boulevard Royal.

According to Funds Europe:

“M&G’s move is a ‘precautionary move’ ahead of the UK leaving the EU and the company also said that its ‘working assumption’ was that funds domiciled in continental Europe will be able to continue, post-Brexit, to delegate the portfolio management to personnel in the UK.”

Luxembourg’s financial regulator, the CSSF, has already approved the transfer, M&G stated.