Strategy
LGIM Gets Green Light For Post-Brexit Base

The move confirms plans first announced around this time last year.
Legal & General Investment Management (LGIM) is pressing
ahead with plans to make Dublin its post-Brexit base, joining a
number of institutions flocking to other European financial
hubs ahead of the split.
The Central Bank of Ireland (CBI) gave LGIM’s Dublin arm the
green light to set up shop in the city, confirming plans
announced in May 2017 to establish a management company in the
Republic of Ireland to manage its EU-domiciled UCITS and
Alternative Investment Funds.
The firm is seeking to sidestep any potential impact the UK’s
divorce from the European Union could have on its operations,
amid escalating fears about the future of current “passporting”
rules, which allow companies to freely offer their products and
services across other member states.
Eve Finn, managing director for LGIM Ireland, said: "I am
delighted that our Super Manco in Dublin has been authorised by
the CBI. This will allow us to manage all of our EU-domiciled
funds within Europe after the UK leaves the EU.”
While Brexit will undoubtedly rattle the UK’s financial services
sector, a recent survey showed that the number of finance jobs to
be shifted out of the country by the March 2019 Brexit deadline
had dropped by half compared to earlier forecasts to 5,000
roles.
A Reuters survey of 119 firms in March, following up on
a survey published in September 2017, also found that Paris had
overtaken Frankfurt as the most popular destination for the new
roles.
Some banks lowered the estimates for jobs they needed to move as
they considered more carefully how much of their operations they
would need in the EU if Britain loses access to the bloc’s single
market, the survey found.