Fund groups resist 'knee-jerk' Brexit reaction despite M&G and Columbia Threadneedle early moves

Too early to take a stance

The majority of asset managers are taking a 'wait and see' approach before finalising their post-Brexit plans, although they acknowledge they may face requirements to bolster their presence in mainland Europe in the future.

Following the UK's decision to leave the EU in last week's referendum, Columbia Threadneedle said it has begun applying for regulatory permission to expand its asset management presence in Luxembourg, with plans to replicate UK-based OEICs on its SICAV platform and have some fund managers based there, following the EU referendum result last week. The group has joined M&G Investments in making plans to build up its operations within the European Union, as asset managers fear the detrimental effect Brexit will have on their distribution capabilities across the continent. Columbia Thread...