The impact of Brexit on the wealth management sector has been hotly debated ever since the referendum result. One key question has been whether firms will see the need to relocate.
According to the latest EY Brexit Tracker Wealth and Asset Management update, 39 percent (or 22 out of the 57 wealth and asset management firms covered by the tracker) have said publicly that they are “considering or have confirmed that they are moving some of their operations and/or staff out of the UK.”
A quarter, or 16 out of 57, have confirmed at least one location. Of these, 10 firms have confirmed Dublin and four have confirmed Luxembourg.
Slightly over a quarter, 28 percent “have made, or announced their intention to make, regulatory or structural changes to their products because of Brexit,” EY said. These changes include shifting client assets from the UK into European vehicles and launching new funds abroad/creating overseas fund ranges.
Finally the tracker says that 23 percent of firms have announced that they are hiring or have hired new staff since the Referendum, either in Europe or in the UK as a direct result of Brexit.
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