Chris Cummings, chief executive of the Investment Association (IA), a leading industry group of British fund owners, said Monday that the threat of UK fund managers having to relocate to the European Union after leaving Europe to manage European investment funds is fading.
"I expect some growth in other European financial centres, which is an integral part of the rebalancing after the UK's exit, but I think the UK is still a good place to manage portfolios," Cummings told Reuters.
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The recent statement by the European Securities and market administration (ESMA) may be "reassuring" for the industry. ESMA is responsible for managing the regulation of EU financial securities.
ESMA Chairman Mayor said last week that EU and UK regulators would sign cooperation agreements or memorandums of understanding to oversee cross-border financial activities, which the IA believes will help to continue commissioning after Britain's exit from Europe.
The delegation here refers to funds listed in another country managed by managers in one country, which is used by the global fund industry, not just in Europe.

<>British fund managers may not have to move to EU countries after they return to

 

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