Addressing a conference in London last week, City minister Stephen Barclay said establishing such a taskforce was a response to a request from the industry.
He said the government was intent on preserving the industry’s right to delegate portfolio management despite the UK’s imminent exit from the European Union.
The taskforce would bring together chief executives from within the UK asset management industry and senior representatives from investor groups and the Financial Conduct Authority (FCA), Barclay said.
“It will be a forum to discuss how government, industry and the regulator can work collaboratively to stay competitive and deliver for investors,” he said. “After discussing the issues facing UK asset managers with CEOs across the industry, there is a clear need for a discussion forum like this.”
The taskforce is part of the government’s bid to ensure the UK remains “the best place in the world for asset management,” with Barclay in particular highlighting business opportunities in non-European countries such as Brazil, China and India.
”These are opportunities that we’re determined to realise, whether that’s attracting Brazilian pension funds to the UK or enabling UK firms to do more business in Brazil,” he said.
The UK’s trade body for the asset management industry welcomed the creation of the taskforce.
The UK’s upcoming departure from the European Union has raised many questions about the future of the country’s asset management industry, with much of this turning on delegation rules that allow asset managers registered in one country to run money in another.
Barclay said the government would seek “to strongly support the global delegation model for portfolio management, in partnership with other countries that share our views on this issue”.
Full news
© IPE International Publishers Ltd.
Key
Hover over the blue highlighted
text to view the acronym meaning
Hover
over these icons for more information
Comments:
No Comments for this Article