Tuesday 6 December 2016

Insurer mulls Dublin shift following UK vote

Published 11/08/2016 | 02:30

Prudential could move funds from its asset management wing to Dublin
Prudential could move funds from its asset management wing to Dublin

Insurer Prudential has confirmed it is considering shifting funds from its asset management wing to Dublin and Luxembourg as it moves to deal with the fallout from the UK vote to pull out of the European Union.

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The boss of Prudential's M&G fund arm, Anne Richards, said the company could boost the number of funds it already has based in the two cities, depending on the outcome of the Brexit negotiations.

"What we are trying to do is...give ourselves options so we are in a position to react and adapt," she said.

She said Dublin and Luxembourg were potential options for the company.

One of the potential upsides from the Brexit vote on June 23 is the possibility that Dublin could benefit from firms, particularly fintech and the funds industry, seeking to relocate assets to a location with free access to the EU and Eurozone.

But concerns have been expressed about whether Dublin can meet an increase in demand, with infrastructural problems such as housing as well as high personal income taxes serving as a potential deterrent.

In the wake of the vote on June 23, Reuters reported that the fund arm of Prudential was looking at expanding its operations in Dublin.

Reuters said at the time that around 10pc of M&G's £246bn in assets is sold from Britain to non-UK customers, including to continental European clients as well as those based in Asia.

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