Of course, the overall impact on asset management firms of the UK’s decision to leave the EU will depend upon the nature of the firm and the scope and scale of its activities. For example, UK domiciled fund managers who manage an EEA domiciled fund will need to comply with Third Country rules, or set up a new EEA entity to continue to provide services to EEA clients and funds.
Firms will need to consider their products, clients, counterparties, and regulatory obligations to understand the potential impacts of Brexit on their business. A checklist approach focused on evaluating existing fund structures and business operations, in addition to client and counterparty categorisations and domicile can be used to define the scope of Brexit on a firm and to then develop an appropriate Brexit action plan.
In addition, an effective Brexit project requires strong programme and project managers to develop an appropriate Brexit action plan.