Private equity firms eye Luxembourg for fund distribution

Brexit, UK, European Union, EUPrivate equity groups are seeking to market and distribute funds in Luxembourg following Theresa May’s comments that the UK “cannot possibly” remain in the European single market.

The Financial Times reports that US private equity firms Blackstone and Carlyle are spearheading the campaign to obtain passporting rights to allow them to continue to market their products in the European Union following Brexit.

According to the FT, Blackstone is hiring six people in finance, accounting, risk and compliance in Luxembourg to market and distribute funds in Europe.

In November Michael Collins, head of private equity trade association Invest Europe, said a “good number” of private equity groups were looking at moving operations outside the UK.