ARTICLE
12 July 2016

Implications Of Brexit For Asset Managers And Investment Funds

M
Matheson

Contributor

Established in 1825 in Dublin, Ireland and with offices in Cork, London, New York, Palo Alto and San Francisco, more than 700 people work across Matheson’s six offices, including 96 partners and tax principals and over 470 legal and tax professionals. Matheson services the legal needs of internationally focused companies and financial institutions doing business in and from Ireland. Our clients include over half of the world’s 50 largest banks, 6 of the world’s 10 largest asset managers, 7 of the top 10 global technology brands and we have advised the majority of the Fortune 100.
Ireland remains committed to its membership of the EU and retains its important position as an English speaking gateway to one of the world's largest markets.
Ireland Finance and Banking

On 23 June 2016, the UK voted to leave the European Union (“EU”). There will be much conjecture and debate about what the consequences of this decision will be for the UK, for the EU and for Ireland, and much will depend upon the terms of the withdrawal agreement that will be negotiated between the UK and the EU. Ireland remains committed to its membership of the EU and retains its important position as an English speaking gateway to one of the world’s largest markets. We have prepared a table outlining the potential impact the withdrawal of the UK from the EU may have on Irish domiciled investment funds, depending on the structure of the fund, its level of engagement with UK service providers and its marketing strategy.

It seems unlikely at this stage that any withdrawal agreement would allow for the unaltered continuation of UK asset managers' / UK funds' current passporting rights under EU legislation. Relocation of fund service providers and funds themselves to EU member states such as Ireland may therefore need to be considered to ensure ongoing access to the European market. We would be happy to discuss with you any queries you may have arising from the UK vote to leave the EU.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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