Post-Brexit UK will continue to offer opportunities, say asset and wealth managers

Global asset and wealth managers (AWMs) say they are ready for Brexit and believe the UK will continue to offer significant opportunities post-Brexit. That is a key finding of a new report from professional services firm PwC.

Titled Brexit and beyond: assessing the impact on Europe’s asset and wealth managers, the report outlines the key findings from qualitative interviews with senior executives at more than 20 global asset and wealth managers (AWMs) covering both the preparations for Brexit made by AWMs so far and their views of what the future holds for their businesses and the industry as a whole.

It found that as the political and economic climate around Brexit remains unsettled, many AWMs feel confident that they are prepared for the UK’s departure from the EU – deal or no deal. But for them, this is only the beginning of the story. AWMs are now beginning to think hard about what comes next – above all, about how to best position their businesses for future growth and profitability.

“We received a clear message that the UK will remain a very important part of Europe’s finance ecosystem beyond Brexit,” said Andy O’Callaghan, global asset and wealth management advisory leader. “To this end, and to prevent further fracture, uncertainty and costs for business and investors, there is a strong desire among our clients for close alignment based on regulatory equivalence between the UK and the EU27,”

The report details the position of AWMs on day one after Brexit, how they anticipate their operating models changing further in the months and years that follow, and how they see the long-term outlook for the industry as a whole.