Luxembourg set for lion's share of post-Brexit business

Managers fear uncertainty, loss of delegation rights

Luxembourg is in poll position to attract the most business from UK asset and wealth managers establishing EU entities as a result of Brexit uncertainty, according to EY.

In a survey 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 such entities - the number of which has risen from 35% in the 2016 survey - 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. Trailing Luxembourg, Ireland is set for 37% of post-Brexit EU entities, while Germany and F...