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Wednesday, May 22, 2013

Fundsters Face A British Invasion

News summary by MFWire's editors

The British are coming! U.K. asset managers have eyed U.S. investors and decided that they are a market worth having. Reuters reports that U.K. ministry officials are seeking ways to restore the luster of the British fund industry and steer assets back to firms such as Schroders and Aberdeen Asset Management.

Both of those firms have made forays into the U.S. product market. The plan revealed by Treasury ministers Sajid Javid and Greg Clark is to use the power of government to steer investors into British product and away from product managed in Dublin and Luxembourg.

As part of the effort, the UK government will kick-off a marketing campaign in the Americas and Asia. That includes the U.S.

Another idea is to eliminate red tape and create more efficient and transparent taxation and the FCA, a new regulator. London and Dublin each now claim roughly equal amounts of business. Luxembourg has business equal to both combined. The UK government first shared its plans to target Dublin through tax changes last March.

"We also promise to consult closely with industry to ensure that opportunities to minimise costs and maximise benefits are identified and implemented," Clark reportedly said. 

Edited by: Sean Hanna, Editor in Chief

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