M&G, Columbia Threadneedle, Legg Mason, Fidelity International, and T Rowe Price have all indicated intentions to either move staff out of London, add staff in EU offices, or set up fund ranges in neighbouring EU countries, to ensure they have a base to sell funds to continental retail investors and won't be locked out of European fundraising. The chief executive of a large UK-based asset manager said: “London has a lot to lose and although it is too early to properly assess what damage the Out vote might have on the City, it is clear people have started making plans to do business elsewhere. The UK is also looking at the possibility of setting up an EU-wide capital markets regulator that would allow it to regulate both domestic and foreign markets.
M&G, Columbia Threadneedle, Legg Mason, Fidelity International, and T Rowe Price have all indicated intentions to either move staff out of London, add staff in EU offices, or set up fund ranges in neighbouring EU countries, to ensure they have a base to sell funds to continental retail investors and won't be locked out of European fundraising. The UK is also looking at the possibility of setting up an EU-wide capital markets regulator that would allow it to regulate both domestic and foreign markets.