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Europe ’ s funds landscape
Brexit , the pandemic and regulation have had profound impacts on three fund domiciles in particular , making for a story of break-ups , new beginnings and deepening rivalries , adding a dramatic twist to Europe ’ s fund landscape story , writes Jonathan Watkins .
T here ’ s never a dull moment in the European funds space . From geopolitics to environmental issues and regulation , the past year has been one wrought with challenges and uncertainty , only amplified by a pandemic which sparked one of the most turbulent market environments in recent years . Accompanying fund managers in the eye of the storm have been three European locations : Ireland , Luxembourg and of course the UK , all of which have been significantly impacted , for better or worse . The UK ’ s place in this story goes without saying , it ’ s exit from the European Union ( EU ) has been a topic of debate and speculation for five years , with funds having to geographically position themselves accordingly before the official divorce at the end of 2020 . At the time of writing – and most likely at the time of your reading this – there were no concrete plans for the UK ’ s future without passporting rights for funds to market into the EU , or for efforts to attract funds in a future without a link to the single
34 Global Custodian Spring 2021