Continental fund chiefs ‘looking at British offices’

BREXIT could spark a flurry of activity among continental fund managers keen to establish a foothold in the UK.

Many non-uk asset managers are considering opening offices in Britain for the first time, according to industry research.

About one in three in the sector believe Brexit will lead to an increase in merger and acquisition activity, with almost a quarter expecting more European-based operators to open an office in Britain. The survey, by financial services giant State Street, found Britain’s investment trust structures continue to be popular, with almost half (44pc) of foreign fund managers looking to expand operations using such vehicles.

Brian Allis of State Street said that despite Brexit headwinds “the UK is still a hub for a tremendous amount of investment management expertise, and an attractive centre for fund management activity in Europe”.