Legg Mason reassures clients on Brexit
The triggering of article 50, which will be the start point of negotiations for Britain’s withdrawal from the European Union, is likely to occur soon after British Prime Minister Theresa May has received the green light of the British Parliament on 13 March 2017.
Amid impacts for Britain’s financial sector, a Brexit would put at stake European fund passporting rights of asset managers operating in the European fund market from the UK.
In that context, Legg Mason has recalled it has fund ranges that serve both the EU and the UK.
“The firm has management companies in the UK and in Dublin that will allow us flexibility to serve clients, as needed. We are a global firm with offices across Europe and control and compliance functions in multiple global locations.
“To the extent we need to expand or modify any of those operations, depending on the requirements from Brexit, we can do so by building on our existing infrastructure,” said the firm in a statement.
Legg Mason explained it is monitoring events closely and that it is able to make adjustments if necessary to serve its clients.
“As the outline of Brexit becomes clearer, we are well positioned to respond as needed to ensure we are ready to serve our clients,” the firm concluded.
Legg Mason had some $710bn of assets under management as of 31 December 2016.