This paper analyses the implications of the United Kingdom’s decision to exit the European Union—“Brexit”—for the investment management industry. It serves as a guide for investment professionals.
The Brexit process began when the UK government exercised Article 50 of the Treaty on European Union on 29 March 2017. Under the provisions of Article 50, the exit process must be completed within two years. The outcome of these negotiations, and the future UK–EU trade relationship, will likely have significant implications for the shape of the investment management industry in Europe.
Brexit will alter the terms of trade between the UK and the rest of the EU, as it is expected to lead to the departure of the UK from the EU single market. Consequently, investment firms in the UK may have different or reduced access to the single market, which will impact their ability to establish branches and provide financial services freely throughout EU countries on the basis of a single regulatory authorisation in the firms’ home member states.
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