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Brexit fears over third of EU assets managed in UK

European savers continue to entrust the UK’s asset managers with their investments.

According to Investment Association data, total assets managed in the UK on behalf of European clients jumped by nearly 30 per cent in 2016 to reach £1.8trn at the end of last year.

Europe makes up the biggest chunk of total overseas assets managed in the UK.

Overseeing 35 per cent of Europe’s AUM, the UK asset management industry remains the European leader, larger than the next three countries – Germany, France and Switzerland – combined.

In the wake of these findings, IA calls for an appropriate Brexit deal, which would take this into account.

IA chief executive Chris Cummings says: “The clear value the European market brings to the UK asset management industry underlines the urgent need for a Brexit deal to be completed by March 2019 which protects our industry, and more importantly, the savings of millions of people right across Europe.”

AUM in Europe reaches new record high, EFAMA report shows

Total overseas – European and non-European – assets managed by the UK managers grew as well – by almost a fifth to £3.1trn. IA members oversaw £7.7trn in AUM in total at the end of last year.

Cummings says: “Next year will be a year of change: the UK’s new relationship with the EU and a refreshed focus on building new links with the rest of the world, will reset the priorities and shape of some asset management businesses.”

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. New York has just overtaken London as the prime financial centre. But of course everything will be rosy and we will be prospering like never before – according to the Brexiteers.

    As has been said before: “Will the last one out please switch off the lights”

  2. Does this have anything to do with why Rees-Mogg’s firm are said to be moving offices to Europe? I’m not stating that as a fact, it’s just something I read, a couple of weeks ago. Just wondered in anyone else knows.

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