Legal and General IM  

Legal & General braces for Brexit with Dublin base

Legal & General braces for Brexit with Dublin base

Legal & General Investment Management has become the latest firm to seek to protect investors from the impact of Brexit.

The company has confirmed it has opened an office in Dublin, and that European clients of the firms UK funds will have their investments managed from there.

The change means funds will be administered within the European Union after the UK exits.

This change applies only to clients within the EU and UK-based investors are not affected.

Legal & General are the second firm to do this, with Columbia Threadneedle having previously announced it would domicile funds in Luxembourg for its European clients. The clients remain invested in the same fund strategies as previously.

As FTAdviser previously reported, advisers and industry experts believe many more firms will take this action ahead of the UK's exit from the EU.  

JP Morgan Asset Management said it is already the case that its European clients are in European-based funds.

Legal & General confirmed this morning that its new structure has been approved by the Central Bank of Ireland, which is the regulator for financial services in Ireland.

Eve Finn, managing director of Legal & General Investment Management in Ireland, said: "This will allow us to manage all of our EU-domiciled funds within Europe after the UK leaves the EU.

"Europe is a strategic focus for LGIM and we are committed to offering leading investment solutions to all our clients across the region. This is an exciting time for LGIM as we continue to expand our global footprint."