Chancellor meets with asset management bosses on Brexit

Chancellor Phillip Hammond has met with asset management bosses to discuss industry competitiveness following the UK’s exit from the European Union.

Hammond described the UK asset management industry as “world leading” in a Tweet following the meeting on Thursday and said he spoke with chief executives about how to “harness talent and promote their services to global markets”.

The Chancellor outlined his approach to Brexit last month, stating the first priority would be establishing regulatory rules around cross-border business between the UK and the EU.

A spokeswoman from the Investment Association described the meeting as productive, but would not confirm if it was the first meeting of the industry and the chancellor following Brexit.

She says: “A number of issues were discussed relating to Brexit, including competitiveness and the need for government, the regulator and industry to work together to encourage savings and help people plan for their retirement.”

HM Treasury described the meeting as a roundtable, but would not name attendees.

The £5.7trn asset management industry has previously raised concerns that it has acted as a hub to provide access to the EU and runs £1.2trn for European clients.

The IA has also warned that 11 per cent of the industry are EU workers.