Legal & General Investment Management (LGIM) has announced the completion of the authorisation of its new Dublin management company, as it prepares for business in the European Union (EU) post-Brexit.
LGIM announced earlier today that its Dublin management company, LGIM Managers (Europe) Limited (MEL), has been authorised by the Central Bank of Ireland (CBI), the Irish regulator.
LGIM announced in May 2017 its intention to set up a management company Ireland (ManCo) to manage its UCITS and Alternative Investment Funds (AIFs) located in the EU.
The company is the second largest institution to announce such a change in the last few days. LGIM said that the funds under its ManCo have a variety of investment strategies including index, active equity, bonds, multi-asset, LDI and money markets.
The new management company will ensure LGIM has “the necessary governance in place well ahead of the UK leaving the EU”, so that it can continue to service and grow its client base, irrespective of the outcome of any Brexit negotiations, LGIM said in its statement announcing the move.
Eve Finn, managing director for LGIM Ireland, said: that she was “delighted” delighted the ManCo in Dublin has been authorised by the CBI, pending the transfer of funds to LGIM MEL, which is still subject to SICAV board approval.
“This will allow us to manage all of our EU-domiciled funds within Europe after the UK leaves the EU,” she said. “Europe is a strategic focus for LGIM and we are committed to offering leading investment solutions to all our clients across the region. This is an exciting time for LGIM as we continue to expand our global footprint.”