News has emerged of yet another UK asset management firm eyeing up Luxembourg to make up for the loss of delegation rights after Brexit.
Jupiter Asset Management this week confirmed it is in the planning stages of expanding its presence in Luxembourg.
“We’re seeking the necessary regulatory approvals,” a Jupiter spokesperson told Delano on Wednesday, adding that the firm was also looking for premises. The spokesperson would not confirm how many staff would be hired to work at the subsidiary but said Jupiter was “recruiting for some senior posts in Luxembourg.”
The firm is one of several to expand on or set up a Luxembourg subsidiary to get around the loss of delegation rights, which allow funds domiciled in Europe to be overseen by portfolio managers in London.
In the winter edition, Delano examined the growing trend among banks, insurance firms and investment companies to create substance in Luxembourg in light of Brexit. While CEO for state-backed promotion company Luxembourg for Finance Nicolas Mackel suggested the shift would generate up to 3,000 jobs in Luxembourg, finance minister Pierre Gramegna put the figure close to a few hundred overall.