Last week, EU leaders rejected Theresa May’s Brexit proposals, increasing the chance for a no-deal Brexit. For both UK and global asset managers who see the longer-term potential opportunity, now is their chance to make a change.
Since inception, the EU sought to not only harmonise financial services among member states, but also create a legal architecture to promote cross-border selling, investing, and oversight through rules for delegation and financial transactions. Throughout the Brexit debate, focus has remained on retention and continuation of seamless EU access to the best extent possible.
But as delays continue, the probability of a no-deal Brexit increases. Last week in Salzburg, EU leaders rejected Theresa May’s Chequers proposal. Friday, she spoke out referencing an ongoing “impasse” strongly indicating the UK and EU stand on the verge of a no-deal Brexit. The two sides are trying to reach a deal by November’s summit and time is quickly winding down.
In our most recent paper “Brexit: Where We Are,” we explore possible scenarios for the transition period and what the asset management industry looks like in a post-Brexit world.