Our position on Brexit

Following the outcome of the UK General Election which has given the Conservative Party a large majority, the new Government will bring forward and seek parliamentary approval for the Withdrawal Agreement Bill. We therefore anticipate the UK will leave the EU by 31 January 2020 under the terms negotiated by the Prime Minister prior to the election.

This will lead into an implementation period during which current trading arrangements will be largely unchanged while the UK negotiates a new trade relationship with the EU. This implementation period will last until the end of 2020, by which time the Government is committed to having a new trade agreement in place. The Prime Minister has previously stated he does not intend to seek any extension to this timeframe.

As part of our Brexit planning we have considered a number of different exit scenarios, including the possibility of the UK leaving the EU without an agreed deal, and put in place arrangements to mitigate any potential disruption for our customers, clients and operations. We will continue to follow the political process and review the arrangements we have put in place in the light of any major developments. As a global investment manager we have extensive experience of adapting to regulatory change and working across borders.

Our priority is to ensure we are in the best possible position to provide our customers and clients with continuity of service, regardless of the circumstances in which the UK leaves the EU and the terms of any trade agreement which exists between the UK and the EU once the implementation period comes to an end.

As at Friday 13 December 2019

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