Brexit for Fund Managers


Brexit is certain to significantly impact fund managers and the asset management industry as a whole. If no agreement is reached in relation to the UK’s withdrawal from the EU, a “hard Brexit” may follow on November 1, 2019 with no specific terms in place for the UK financial services sector. The UK will then be treated by the remaining EU Member States (“EU27”) as a “third country.”  Alternatively, there may be a transition period, the details of which remain unclear.

The next few months will be crucial for firms to put in place their Brexit planning processes and consider how best to adapt, as politicians and regulators alike set out their views on how Brexit will be implemented.  

8th Annual Funds Congress: Video Highlights
Brexit Manoeuvres

Brexit Manoeuvres: Potential Implications of a "Hard Brexit" for Fund Managers: A UK Perspective

This guide looks at the practical implications of a “hard Brexit" as it relates to alternative investment fund managers, UCITS management companies and investment firms operating under a MiFID license.

Brexit for Fund Managers

We continue to closely monitor developments and are advising fund managers on the potential consequences of Brexit in light of their particular circumstances. We ensure our clients are in the strongest possible position post-Brexit by planning for different outcomes, defining clear priorities and translating this into an approach that best fits their needs.  


Asset management firms of all types and sizes will need to conduct a thorough analysis to understand Brexit’s potential impact on their business structure and how they will continue to provide services and market products into the EU27.  Brexit will require managers to identify and map out the areas of their business that have cross-border connections both in and outside of Europe, and set out in some level of detail the types of arrangements they currently have in place. To date, this has been something of a difficult task, not least due to uncertainty surrounding the future relationship between the UK and the EU in respect of the provision of financial services.


We ensure our clients are in the strongest possible position post-Brexit by planning for different outcomes, defining clear priorities and translating this into an approach that best fits their needs. 

How can Dechert help fund managers prepare?

Our global team of experts has experience advising fund managers on the effects of Brexit on their business, for example:


  • Advising a U.S.-headquartered global asset manager on the formation of a UCITS Manco with a branch network including U.K. and French branches.
  • Advising a large UK credit manager with Luxembourg, Irish and French AIFs on the formation of an Irish Manco.
  • Advising an international investment manager on their Brexit impact analysis and the potential effect of Brexit on the conduct and delegation of portfolio management, as well as sales and distribution activities.
  • Assisting an English private equity fund with transfer of staff from the branch of a UK Limited to the branch of a Luxembourg company and advising on related collective and individual employment issues.
  • Advising a diversified international asset manager on the formation of an Irish AIFM to manage a Chinese AIF strategy.

Brexit For Fund Managers Events and Webinars

Hedge Funds Nuts & Bolts: Brexit for Hedge Fund Managers - Four Months and Counting

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Luxembourg Investment Funds Conference: Disruption and Change in the Investment Funds Industry

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Brexit for Fund Managers – Portfolio Management and Delegation

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Brexit for Fund Managers – Attracting and Retaining Talent After Brexit

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From a tax perspective, what will Brexit mean for individual firms and what is the HM Treasury's position?

 

The Tax Angle – Impact on Managers and HM Treasury’s Position

 

Am I carrying out regulated activities when doing deals in Europe?
 

Regulated Activities

 

How will Brexit impact the structuring of trading arrangements?

 

Trading Arrangements

 

What should UK firms operating in Europe be thinking about ahead of Brexit?

 

UK firms operating in Europe