Carmignac outlines conditions to shift away from UK
In an interview to French daily business newspaper Les Echos, Edouard Carmignac (pictured), the founder and chairman of asset manager Carmignac, has outlined the conditions that would lead the firm to abandon its London offices.
When asked about the eventual impacts of Brexit on the company, Carmignac said that the manager will closely monitor ongoing talks on the matter.
“We are naturally concerned. Our headquarters are located in France and we distribute our funds to international clients from Luxembourg but part of our fund management teams, in particular equity fund managers, are based in the United Kingdom.
“British people follow a very dangerous path and they do not realise it. If they show themselves unreasonable and that we cannot manage funds from London with a European fund passport, we will consider a shift away from the United Kingdom,” Carmignac warned.
The founder of the French investment firm, which managed €60bn of assets as of end March 2017, added that Brexit creates major opportunities for Paris, “mostly because these are French people who keep the City running.”
“We have to convince this brainpower to come back home. To achieve this, we must cease to manage Paris like a sub-prefecture, and improve access to the city and infrastructure.”