Ministers are concerned France will attempt to disrupt UK asset managers' access to EU funds domiciled in Dublin and Frankfurt once Britain officially leaves the European Union, according to reports.
According to the Financial Times, Paris is manoeuvring for a piece of the UK's £8trn asset management industry with concerns being raised in Downing Street and the Bank of England (BoE). UK officials believe President Emmanuel Macron is backing an increase in supervision on delegation decisions, which enables an asset manager to launch a fund in one country while outsourcing portfolio management in another. There is a fear on the continent that a large majority of assets regulated in the eurozone will be run from the UK, a non-EU country, with managers only having a small presence in ...
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