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Fund houses slow to unveil Brexit contingency plans

Just 22 of the 57 largest fund and wealth managers with significant UK operations have revealed plans to relocate staff or offices after Brexit, analysis from EY has found.

The Financial Times reports that European Union investment hubs, such as Dublin or Luxembourg are struggling to cope with demand from firms applying to for regulatory approval.

Reportedly, 13 of the 57 firms have announced plans to hire new staff in the UK or Europe as a result of the Brexit vote.

Grant Thornton partner David Morrey tells the Financial Times one reason fund houses have not announced plans is because some already have large EU operations and won’t need to make significant changes to their business.

In May, Legal and General Investment Management was given regulatory approval for a new business unit in Dublin as part of a plan to shift part of its operations ahead of Brexit.

Other fund houses, including Columbia Threadneedle and M&G, have made moves to shift EU customer assets from UK Oeic ranges to equivalent funds in Luxembourg Sicav ranges.

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  1. You can’t blame them for keeping some details to themselves. A vindictive Government could be a problem.

    Anyway they are likely to take much business away (as already evidenced by a good few). Any moves of course cost money and no doubt this expense can be written off against their Corporation Tax liability. (No doubt they may also get some financial assistance from the new host).

    So the UK gets less business and less tax as well as probably losing some talented people. Great result. Thanks Boris.

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