UK firms beef up European operations
Brexit has spurred UK asset managers to bolster their operations on the continent as concerns build that the industry risks being cut off from European investors.
According to a survey from EY of over 55 wealth and asset management firms, representing more than €25trn in AUM, 51% said they were working to establish European entities, 41% of which are targeting Luxembourg as their domicile of choice.
Of those firms planning to establish entities, 42% said the regulatory environment was the key factor in their decision, while just 9% cited talent and local infrastructure as priorities when choosing locations.
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