Amid the political uncertainty that has dogged the Brexit process throughout 2019, asset and wealth managers (AWMs) have continued to prepare for the UK's departure from the European Union. Having planned for Brexit on 29 March, many AWMs took advantage of the delay until 31 October to fine-tune their preparations, particularly as the chances of a no-deal Brexit began to rise. With an extension until 31 January 2020, AWMs will need to continue to renew their preparation against the latest developments.
However, AWMs are not focused solely on Day One after Brexit. They are conscious that in the absence of a final agreement on the future trading relationship between the UK and the EU—let alone a blueprint for what this will mean for their own industry—Brexit represents a starting point.
Brexit is certain to have broader implications and unintended consequences for the AWM industry across Europe. This report outlines the preparations for Brexit made by AWMs so far and their views of what the future now holds for their businesses and the industry as a whole.