Baillie Gifford, one of the UK’s most successful asset managers, is to establish a Dublin offshoot to avoid being cut off from its growing number of European clients after the UK leaves the EU.
The Edinburgh-based manager, with £193bn of assets under management, selected the Irish capital after a lengthy search. It had also considered the other main European fund hub of Luxembourg.
“Baillie Gifford has seen growing demand from clients from across Europe,” said Andrew Telfer, joint senior partner at the fund house. “We are committed to servicing our existing EU-based clients, as well as expanding further. We have been exploring various options to allow us to continue this development ahead of the UK’s planned exit from the EU.”
The move follows similar expansions in Dublin by the likes of Legal & General Investment Management, Standard Life Aberdeen and State Street Global Advisors. Fund managers have had to put their Brexit contingency plans into action in recent months as a hard break from the EU appears more likely.
Somerset Capital, the investment company part-owned by Brexit champion Jacob Rees-Mogg, has set up two Irish funds in response to requests from international clients. [...]
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