Columbia Threadneedle to transfer $10bn of EU assets to Luxembourg range amid Brexit uncertainty

Launching 13 SICAV funds

Columbia Threadneedle Investments is set to transfer its European Union (EU) customer assets, some $9.7bn, from UK OEICs to equivalent funds in its Luxembourg range amid concerns around the UK leaving the EU.

Subject to shareholder approval, the firm said the move was done in the interests of European investors once the UK leaves the EU. Some 20 funds from the firm's OEIC range will transfer to the equivalent SICAVs, with the firm planning to launch 13 new funds on its SICAV platform. The group said the amount transferring is 2% of its global assets under management, which stands at $485bn. Impacted investors will be given further detail about the transfers between May and September while the Financial Conduct Authority and the Commission de Surveillance du Secteur Financier have been n...