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As preparations begin for negotiating the UK’s exit from the EU, this year’s survey highlights the importance of continuing to grow the UK investment hub for the benefit of savers, businesses and the wider economy.
The UK’s investment management industry plays a vital role for consumers both domestically and across Europe. It now runs over £1.2 trillion on behalf of European clients, representing nearly 40% of total European assets which is more than the French, German and Italian industries combined.
As well as providing vital products and services for savers across the world, the industry plays a crucial role in funding businesses and the economy as a whole through tax revenues, job creation and economic stability and growth.
The investment industry has benefited from the free movement of people across the EU and continued access to talent globally is of utmost importance if the industry is going to continue to prosper.
Although London and Scotland remain the key centres of employment, the industry is ever more present across the UK with a number of firms having offices in locations including Bristol, Norwich, Peterborough, Leeds, York, Bournemouth, Cardiff, Oxford and Chester.
It remains unclear what the relationship between the EU and the UK will be like post-Brexit, but the decision to leave the EU may have ramifications for all industries. The report raises questions not only around whether Brexit will have a commercial impact on the industry and the regulatory environment, but also whether firms will need to relocate staff or establish a presence across the EU.