[ M A R K E T
Price, Columbia Threadneedle
Investments, Fidelity International
and M&G Investments having con-
firmed plans to move certain funds
and operations out of the UK.
But not only is the buy-side
relocating, it is looking to hire
within the cities that are chosen for
relocation, according to research. A
poll of 250 asset managers carried
out by State Street found that 54%
are reshaping their distribution
strategy and anticipate a surge in
hiring in new locations within the
next five years.
“Asset managers must stay nim-
ble to thrive in this new market
environment,” Liz Nolan, State
Street’s CEO for EMEA, com-
mented. “The impact of Brexit is
complex, particularly given the
uncertainty surrounding negotia-
tions. Our findings highlight how
asset managers are proactively
tackling the challenges it presents,
and safeguarding their ability to
support clients, remain competitive
and access markets in a post-Brexit
world.”
Other Brexit strategies have been
slightly bolder. Pan-European
exchange giant Euronext acquired
the Irish Stock Exchange (ISE)
ahead of the UK’s departure from
the European Union. The ¤137
million deal was part of Euronext’s
post-Brexit strategy and the
addition of the ISE, since rebrand-
ed and now known as Euronext
Dublin, to the exchange group’s
federal model will certainly act as
an anchor for Brexit-driven oppor-
tunities in the future.
Even the London Stock Exchange
Group (LSEG), having reiterated
that its key objectives include
maintaining London’s position as
a global financial hub, is making
plans to establish a new base in
Europe as part of its Brexit contin-
gency plan for a ‘no-deal’ scenario.
The exchange operator has re-
portedly chosen to relocate certain
operations to Amsterdam and has
R E V I E W
|
B R E X I T ]
“Companies’ worst-
case scenarios appear
to be less drastic
than initially feared,
but words are now
becoming actions and
plans are becoming
reality.”
OMAR ALI, UK FINANCIAL
SERVICES LEAD, EY
Issue 57 // TheTradeNews.com // 39