The Investment Association’s Jorge Morley-Smith has warned the industry to prepare for “the biggest single change that our industry has ever faced” as Brexit plans get under way.
Morley-Smith, director of business support and promotion, points out that the UK’s asset management industry is larger than Europe’s next three biggest centres of Germany, France and Italy combined, while almost 40 per cent of the IA’s business conducted on behalf of overseas clients.
Morley-Smith does not think the political or regulatory landscape will be disrupted in the immediate aftermath of Brexit, but adds: “Brexit will undoubtedly result in change – whether you see this as either an opportunity or a threat.
“International trade is not just a hallmark of British financial services, it is woven into the fabric of the nation and our industry has a key role to play in future trade deals… The UK’s asset management industry is a global powerhouse and Brexit should not distract us from this.”
Morley-Smith is calling for the investment industry to remain focused on establishing “global leadership in new and growth investment markets”, warning that the future of the industry will be defined by it.
He adds: “Our focus is on articulating the purpose and value of the investment industry, and providing a vision for its future global outlook.”