'Uncertainty remains the word of the moment' as asset managers prepare for no-deal Brexit

Industry reaction to government's technical notices

Industry figures have warned asset managers must prepare for a no-deal Brexit, despite little certainty as to the ramifications of such an outcome, as the government urged EU authorities to reciprocate its efforts in damage limitation.

Yesterday (23 August), the government promised it was taking "unilateral action" to prevent UK firms being cut off from the European Economic Area, but said this could be fruitless "unless the EU acts to maintain continuity". UK investors believe 'government does not have their back' on Brexit The government also assured asset managers it is doing everything in its power to ensure UK-based firms will be able to continue managing funds domiciled within the EU post Brexit. Commenting on the govnernment's position, Chris Cummings, chief executive of the Investment Association,...