Asset management firms queue up for Irish access
Over 100 financial services firms have applied to set-up or extend operations in Ireland in order to access the EU post-Brexit, according to Governor Philip R Lane of the Central Bank of Ireland, and at least half of these are asset management and investment firms.
In a speech made at the end of last week, Governor Lane said: “Brexit is driving an expansion in both the size and complexity of the internationally-oriented section of the Irish financial services sector: even under ‘soft’ Brexit scenarios, the UK and EU27 will constitute separate financial systems.”
The applicants include new legal entities and existing entities seeking to extend their current authorisation. The applicants intend to sell directly to Irish customers or sell from Ireland into the European Union.
Governor Lane confirmed the potential activities range from banks, investment firms, trading venues and electronic money institutions to commercial and retail insurance.