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Brexit raid on asset management industry

  • Ireland
  • General

29-01-2018

It was reported on 4 January that the British Government is preparing for heavy losses in its asset management industry as a result of Brexit. Some sources claimed that there would be a bigger impact on asset management than on investment banks. It was reported that French officials may be pushing changes to the rules on “delegation”, to prevent a large proportion of assets regulated in the bloc being run from a non-EU country, with asset managers having only a token presence in an EU country.
 
In other asset management news, it was reported on 27 December 2017 that Goldman Sachs has picked Dublin as the post-Brexit home for its European asset management business and will move about 20 people to the city. Goldman Sachs has already indicated that it intends to create hubs for its investment bank in Frankfurt and Paris once the UK leaves the EU.

Sean Ryan, Partner

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