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Survey on Brexit by SGG: The Findings
At the start of this year, SGG surveyed UK fund managers to ‘take the temperature’ of the fund management industry on Brexit. This has provided us with insights on the firms’ perspectives on 2018 and has given us a sense of the challenges that firms can expect in a post-Brexit world.
We found that while 72% of fund managers will not consider re-domiciling as a direct consequence of Brexit, those who choose to move out of the UK are most likely to pick Luxembourg as their location of choice.
Moreover, while 56% of the fund managers’ businesses were not negatively affected by Brexit, 44% of them stated that the political climate has already started to have an effect, with 76% of respondents expressing concerns that it will be harder to attract LPs to the UK in a post-Brexit world.
Justin Partington, Group Fund Solutions Leader at SGG Group, commented: “How Brexit will affect the UK fund management industry still largely remains unclear. However, it is positive to see that the industry especially small to medium fund managers plan to remain rooted in London. Options are available to them in both a deal or no-deal scenario. It is interesting to see that those who do want to move will opt for Luxembourg which already houses a growing fund manager community and has the right ecosystem in place to onboard the influx of fund managers.”
Published in InFinance.