Legal and General Investment Management has received regulatory approval for its new business unit in Dublin as it plans to shift part of its operations in preparation for Brexit.
In May 2017, the company, which manages nearly £1trn assets globally, announced it was planning to set up a company in Ireland to manage its Ucits and alternative investment funds domiciled in Europe.
The new operation, approved by the Central Bank of Ireland, will focus on different investment strategies including index, active equity, bonds, multi-asset, liability-driven investment strategies and money markets.
LGIM Ireland managing director Eve Finn says: “I am delighted that our [new operation] in Dublin has been authorised by the CBI. This will allow us to manage all of our EU-domiciled funds within Europe after the UK leaves the EU.
“Europe is a strategic focus for LGIM and we are committed to offering leading investment solutions to all our clients across the region. This is an exciting time for LGIM as we continue to expand our global footprint.”
Last week, Columbia Threadneedle Investments announced it is transferring EU customer assets from its UK Oeic range to equivalent funds in its Luxembourg Sicav range ahead of Brexit.
LGIM has recently outlined plans to boost the European offering with the launch of 20 ETFs.