Asset management
EU meddling threatens fund success, JP Morgan, Axa, Aberdeen say
The Commission wants ESMA to play bigger role when firms plan to “outsource, delegate or transfer risks” to non-EU countries
Moves that could force investment firms to transfer hundreds of UK jobs to the European Union after Brexit are being described by asset managers as a threat to one of the continent’s biggest success stories.
The investment-management arms of JP Morgan, Axa and Standard Life Aberdeen are among firms criticising a possible clampdown on mutual funds known as UCITS that are officially EU-based but often managed from elsewhere under a system known as delegation. Such funds oversee about €9.1 trillion.
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