One third of big money managers are moving operations from Britain to Dublin or Luxembourg as part of their Brexit contingency plan.
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.”