The London-based subsidiary of Compagnie Monegasque de Banque, a private bank in Monaco, has parked its plans for UK growth given the uncertain post-referendum environment.

CMB Wealth Management has put its plans for UK expansion on hold following the UK’s decision to leave the European Union.

CMB Wealth was launched last year, with former Coutts investment director Julian Soper as UK managing director overseeing the business’s growth. While the company will continue to operate in the UK, it has suspended its plans to build a fund selection team in the country.

“Inevitably some decisions will be delayed by uncertainty,” said Soper. “There was always the idea we could use our place in London to passport into France and Germany. We will probably lose that passporting right. However, it was not integral to the strategy.

“Our base is in Monaco, which is a microstate, which is not in the EU, so there is a lack of disruption there. Our plan was always to target resident non-doms. Will there be fewer resident non-doms? Possibly but we are not too concerned,” he added.