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Digital Subscriptions > The Hedge Fund Journal > Issue 113 - April | May 2016 > Brexit: Assessing The Impact On Asset Managers

Brexit: Assessing The Impact On Asset Managers

Brexit will have a significant impact on asset managers in the UK

On 23 June 2016, the UK will decide in a referendum whether to remain in or to leave the European Union. Should the UK vote in favour of leaving, so-called Brexit, the UK Government will initiate a procedure leading to the UK's withdrawal from the EU and, ultimately, to the establishment of a new relationship with its former EU partners.

Precisely what this will look like, and when it will come about, is uncertain and there is much debate on whether the consequences will ultimately be positive or negative for the UK. What is certain, however, is that Brexit will have a significant impact across a range of sectors - financial services, trade, employment, tax, competition and others. Asset managers, be they based in the UK, the EU or elsewhere, will be caught up in this, and will find themselves affected by Brexit, albeit to varying degrees.

One of the key consequences of Brexit is that on current rules UK firms would lose managing and marketing passporting rights into the EU. Passports have been used extensively to further the single market and have shaped the way many asset managers conduct their business, for example, enabling funds to concentrate in centres such as Dublin and Luxembourg, or non-EU managers, from the US or Switzerland for example, to establish a hub in London, from which they can 'passport' into other EU Member States.

Brexit would mean that UK firms would no longer qualify for a passport under existing EU legislation, which would have an impact on those asset managers who rely on a passport to conduct their business, for example if they rely on a passport to market and distribute their funds, or to provide managed account and investor advisory services on a cross-border basis.

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INFORMING THE HEDGE FUND COMMUNITY With access to some of the industry’s biggest names and an astute and talented group of writers and contributors, The Hedge Fund Journal has established itself as a trusted source of information on the hedge fund industry.

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