Fund management
Bank of England official warns against Brexit-motivated 'delegation' changes
Deputy governor warns EU proposals on delegation could increase market fragmentation, costs
A Bank of England deputy governor has waded into the debate over fund managers' use of 'delegation', raising "concerns" about any changes to the model motivated by Brexit.
Sir Jon Cunliffe, deputy governor for financial stability, said at an asset management conference in California on Friday that EU proposals could increase market fragmentation, raise costs and reduce efficiency.
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