We believe it is of paramount importance to protect and develop the alternatives asset management industry in the UK following our exit from the EU 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 across alternatives asset classes by UK based managers.
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 EU) are actively trying to increase their competitiveness and attract aspects of alternatives business so, regardless of Brexit, the UK cannot afford to be complacent in terms of maintaining its market leading position.
Our recent paper puts forward a blueprint for a bright future for the UK's alternatives asset management sector, setting out a summary of the actions we believe should be taken, not only to maintain the UK's position in the alternatives asset management sector, but to enhance it.
Whilst the past four years of uncertainty have been unwelcome, Brexit creates a "once in a generation" opportunity to review the regulatory and tax framework of the UK asset management industry in order to create a regime that is additive to the world leading managers, advisers and infrastructure already located here, and which could ultimately be of benefit to all stakeholders in the sector and the wider economy. That said, change has to be sustainable. It must be clear, readily comprehensible, competitive and flexible whilst maintaining effective investor protections. It must also offer long-term certainty, as change bears a cost.
We would welcome any thoughts from our colleagues in the industry, commentators or politicians on our proposals set out in the paper.
If you would like to discuss any of the issues raised in the paper, or if you think Travers Smith could assist you in respect of any industry discussions, please do not hesitate to contact your usual contact or any of the partners named below.