Legal & General Investment Management has confirmed its LGIM Managers (Europe) Limited (“MEL”) has been authorised by the Central Bank of Ireland, as the responsible Irish regulator, which takes the UK parent another step towards firming up management company operations of its Ucits and Alternative Investment Funds within the EU after Brexit.
LGIM first announced its intention to set up a Dublin Manco in May 2017. Funds offered through this organisation include index, active equity, bond, multi-asset, LDI and money market products. It is intended to ensure that the manager has “all 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 negotiations”.
Doing business in the EU after Brexit is a strategic imperative, LGIM confirmed, as it seeks to build its business footprint globally out of its historical home market the UK.
Recently, the manager announced the takeover of a European ETF platform.