Insight prepared for Brexit under the assumption that it would occur at the end of March 2019 and as such we believe that we are now well positioned should the UK leave the EU on 31 October 2019.
For UK pooled fund investors, we intend to continue to domicile our pooled fund in Ireland. Our Irish entity, Insight Investment Management (Europe) Limited (Insight Europe) was originally incorporated in April 2016, although Insight has been providing investment services from Ireland since 2002. Insight Europe was responsible for €108.9bn of assets as at 31 December 2018 and is the third largest asset management company in Ireland. Insight Europe has all the necessary regulatory authorisations in place for the management of collective investment schemes. We do not expect any impact on our pooled fund structures from Brexit and they will be freely available to EU-domiciled clients.
We continue to monitor developments closely and have in place Working Groups comprising key individuals from across the business to ensure that any impacts are identified and scoped appropriately. Following considerable research and meetings with key counterparties and third party vendors, we do not anticipate any significant issues stemming from Brexit at this stage.
For UK clients we have registered our EEA-domiciled pooled fund range under the Financial Conduct Authority (FCA) Temporary Permissions Regime which allows these funds to be marketed in the UK for an initial period of up to three years.
The issue of delegation from EU-domiciled funds to UK investment managers has effectively been resolved as the European Securities and Markets Authority (ESMA) and European securities regulators have agreed to implement Memoranda of Understanding with the Financial Conduct Authority (FCA). Further details are available here.
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We advise that you seek your own external legal advice on issues created by Brexit and the impact they may have on you.