The survey from TheCityUK, a finance trade body, found that 37 per cent of the £8.1tn in assets under management in the UK belongs to clients from outside Britain. In 2015, asset managers oversaw £2.2tn for overseas clients.
Anjalika Bardalai, chief economist and head of research at TheCityUK, said the UK fund industry was a world leader at managing overseas assets, but Brexit could put its position at risk.
“To maintain London and the UK as a global centre for asset management, it is vital that an ambitious and pragmatic Brexit deal is secured,” she warned.
“Of the overseas funds managed in the UK, roughly half come from EEA countries, with the rest predominantly from the US and Asia,” she said. “A low-access Brexit could risk undermining the competitive offering that has made the UK the world’s — and especially Europe’s — leading international fund management centre.”
The survey found that the UK dominates the European asset management industry, growing at a faster pace than the sector globally. But there are widespread concerns about the impact of Brexit on asset management, with fears that the sector might be the most exposed part of the City after Brexit. [...]
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