US-headquartered Capital group is Brexit-proofing its operations as the deadline for the UK to leave the EU looms.
The Spanish office that has been operating so far under a British license will now fall under the Luxembourg umbrella in a bid to avoid market constraints in the event of a no-deal exit.
The move mainly involves some legal adjustments rather than substantial changes in the day-to-day manager's operations, as its team will remain as it is structured now and its funds will continue being Luxembourg-domiciled, as they have been since 1969.
Other companies have chosen Ireland for EU sales operations, a country that alongside Luxembourg, is the one that benefiting the most from UK moves.
Earlier this month UK asset manager Hermes Investment Management set up an Irish subsidiary preparing also for the worst Brexit's outcome of a no-deal withdrawal.
The announcement followed investment firm Pantheon's decision to establish a five-strong team in Dublin. Other well-known City names to make the leap to Dublin include Legal & General Investment Management, Barings and Ashmore.
Columbia Threadneedle Investments announced last May it would be transferring assets from UK-domiciled funds to its Luxembourg range ahead of the UK's exit.