Ahead of Brexit, the French firm wants to reach out to UK-based clients.

Paris-based Comgest, the independent asset manager, has opened its first UK representative office in Mayfair, London.

It is planning to target UK-based clients before Britain leaves the European Union, focusing on increasing the accessibility of its equity funds in the UK wholesale market. Representing approximately seven per cent of its assets under management (£1.8 billion ($2.41 billion) out of £25.1 billion), UK-based clients have been an important segment of the firm’s client base.

“Comgest has always taken a long-term view,” said Arnaud Cosserat, chief executive. “Establishing a local presence in the UK market, despite Brexit, reflects our enduring commitment to servicing our British investors.”

Despite most firms thinking about escaping from the UK before Brexit, Comgest has seen an opportunity for business. In recent weeks and months, firms such as Legal & General Investment Management, Goldman Sachs and Bank of America Merrill Lynch have prepared to shift their EU headquarters outside the UK to places such as Dublin and Frankfurt.

Hire
The firm has hired Iain MacPherson to join the UK operation in its investor relations team. MacPherson joins from Aberdeen Standard Investments, where he worked for nearly nine years as an investment director responsible for London intermediary sales.

Working with Comgest’s country head, Jane Russell, he will focus on developing Comgest’s presence across the UK wholesale market, notably amongst discretionary wealth managers, private banks, multi-managers and other intermediaries.

“Comgest is delighted to welcome Iain on board. His depth of experience within the UK wholesale market is a great addition to the team and his partnership approach to relationships with investors reflects very much the values of our firm,” Cosserat added.