The election result has re-kindled debate over access to the Single Market, and sharpened the focus on achieving a Brexit outcome which is in the best interests of the United Kingdom economy.
The asset management industry is of vital importance to the UK economy, in terms of UK employment and tax revenues as well as the social, economic and business needs that fund strategies fill. Further, a number of private and listed fund strategies drive investment in other sectors of the economy – from equity investment in trading companies to lending to small businesses to development of infrastructure. We have a world-leading constituency of managers, professional advisers and service providers and UK domiciled investors provide significant amounts of capital to a wide variety of investment strategies.
We believe it is of paramount importance to protect and develop the asset management industry in the City of London and the rest of the UK in order to maintain the UK's status as a world leader in the sector and to ensure that the wider economy continues to benefit from the deployment of global capital in investment opportunities in the UK. It is vital that the sector is not only seen as open for business but in fact growing. A number of jurisdictions (both within and outside the European Union) are actively trying to increase their competiveness in terms of attracting the alternative investments asset management sector so with or without Brexit, the UK cannot afford to be complacent in terms of maintaining its market leading position.
With the aim of motivating discussion on how the UK can do this, we have published a paper setting out the actions we believe should be taken (most of which are entirely within the control of a UK government, either in the lead up to or post Brexit) to not only maintain the United Kingdom's position in the asset management sector but to enhance it.
To read our paper, please click here.