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That’s according to a survey of “more than 40 large asset managers with significant operations in the UK,” conducted by FTFM, the Financial Times fund management news site, published on 16 June.

FTFM quoted Stuart Dunbar of the Edinburgh-based investment firm Baillie Gifford, which plans to open a management company in the EU by March, as saying:

“It is future-proofing. We have to look after our European-domiciled clients.”

According to the fund industry news site:

“The Commission de Surveillance du Secteur Financier, the Luxembourg financial regulator, and the Central Bank of Ireland have been swamped by applications, say market sources. Neither regulator would comment.”

The report cited the examples of Hermes Investment Management, Legg Mason and Morgan Stanley setting up Irish operations, and Columbia Threadneedle, M&G and T. Rowe Price expanding in the grand duchy.

However, BlackRock, Goldman Sachs and Man Group have not announced their plans. Franklin Templeton, HSBC, Northern Trust and Vanguard declined to participate in the FTFM survey.

Among those which indicated that they planned no major changes were Allianz, Amundi, Aviva, Axa, BNY Mellon, Fidelity, JP Morgan, Pictet and Pimco.