Funds prefer offshore locations to UK

A report produced by KPMG and commissioned by the Investment Management Association reveals in the last two years net sales of non-UK funds have grown from 1% to 20% of the UK market while the sales of UK funds abroad remain very low. The IMA says the research of 26 investment management groups and 4 administration companies which manage more than 60% of UK authorised funds reveals many investment managers blame the move abroad on the UK’s unfavourable tax regime. In the 58-page report, KPMG says although the UK is considered a “vibrant and leading centre for investment management” it i...