47 financial firms now public about Luxembourg Brexit plans

Luxembourg authorities granted 80 new licences for fund managers, banks and insurers last year, including firms that were relocating some activities from the UK due to Brexit.

In a flag-waving statement by Luxembourg for Finance, the promotional body said there had been 47 financial institutions that had made Brexit-related Luxembourg relocation plans public to date. Half of these were asset managers and the other half were a mix of banks, insurers and payment service providers.

Meanwhile, a number of firms have chosen to expand their existing Luxembourg operations without these plans having been made public, the organisation said.

Nicolas Mackel, the chief executive of Luxembourg for Finance, said Luxembourg’s role as a global fund centre is set to continue growing, in part because of the intention of 23 leading international asset managers and private equity firms to move or reinforce existing activities in Luxembourg after Brexit. These include Fidelity, M&G Investments, Aberdeen Standard Life, Columbia Threadneedle, Blackstone, T. Rowe Price and Wells Fargo.

Luxembourg’s fund industry has for €4.19 trillion in assets under management (AUM) at November 30, 2018. This was an increase of 1.37% from the year before.

©2019 funds europe

HAVE YOU READ?

THOUGHT LEADERSHIP

Innovative US companies are providing some of the solutions to the climate crisis and transition to a more sustainable economy. We see potential opportunities in areas including renewable energy and…
FIND OUT MORE
This white paper outlines key challenges impeding the growth of private markets and explores how technological innovation can provide solutions to unlock access to private market funds for a growing…
DOWNLOAD NOW

IRELAND SPOTLIGHT

Visit our dedicated Ireland channel for all the latest news and analysis on the country's investment industry.
READ MORE

PRIVATE MARKETS FUND ADMIN REPORT

Private_Markets_Fund_Admin_Report

LATEST PODCAST