The implications of Brexit on UK asset managers
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- Elvin Armstrong
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1 The implications of Brexit on UK asset managers
2 3
3 Contents Page Executive summary... 1 Why asset management matters... 2 Brexit and asset management regulations... 3 Basic principles to guide negotiations... 4 Brexit can catalyse change... 5 Talent... 6 Calls to action
4 Executive summary Asset managers have a specific and vital mandate: to seek optimal returns, in markets across the globe, that best serve the long-term needs of their clients, whether they are large pension funds or individual savers planning their retirement. Given this responsibility, asset managers have good reason to be concerned about the consequences of the British vote last June to leave the European Union (EU). Not only could it impair economic growth in the UK, it is likely to make their ability to operate far more complicated and costly. Today, the asset management (AM) sector is a vital cog in the UK s financial services industry and it meaningfully contributes to the global reputation of London as a world-class financial capital. In 2015 alone, the UK AM industry earned around 17 billion in revenue, provided about 92,000 jobs and generated approximately 1% of UK Gross Domestic Product (GDP)1. Even nine months after the vote, many details of Brexit remain undetermined. Yet the impact of concluding a Brexit agreement is likely to generate added costs and create layers of legal complexity for the operations of the UK AM industry. As a result, the Government should take active measures to ensure London remains a vibrant hub for the industry, and a place where highly skilled talent can live and work. 1. The continued ability to delegate management of European funds to UK managers, so that London can continue to manage assets for clients and funds from across the EU 2. A clear timetable for the UK withdrawal, so that asset managers can plan effectively 3. Whether the UK Government maintains broad regulatory equivalence with its EU counterparts so that, whatever the ultimate shape of Brexit, investors on both sides can maintain confidence in the AM regime in the UK 4. The ability of asset managers to recruit and retain top talent from across the globe, helping to retain London s status as a global centre of excellence The analysis presented here reflects the attitude of nearly two dozen senior executives at UK insurance and asset management firms who were interviewed by Oxford Economics on behalf of EY. While many expressed uncertainty as to how Brexit would actually play out, all firms except those that serve only UK clients said they would have to re-examine their business practices and consider their business structure, depending on the final terms of the UK divorce from Europe. There are four key issues for asset managers in the upcoming negotiations over Brexit The implications of Brexit on UK asset managers
5 Why asset management matters In 2015 alone, the UK AM industry earned around 17 billion in revenue, provided about 90,000 jobs and generated about 1% of UK GDP The UK s AM industry is the second largest in the world, managing 6.9 trillion of assets. Today, UK asset managers supervise more than 1 trillion in funds for individual UK investors, and 3 trillion on behalf of UK pension funds and other institutional investors. The UK AM industry serves a global client base. More than 40% of the assets it manages are owned by international investors. In 2015 alone, the UK AM industry earned around 17 billion in revenue, provided about 92,000 jobs and generated about 1% of UK GDP. 2 For decades, London has represented the largest centre of financial expertise in Europe. As a result, the AM industry creates significant benefits for the UK: UK investors benefit from the economies of scale of a leading global industry. The UK economy benefits from highvalue jobs and taxes. The UK benefits from the concentration of industry-specific skills that boost competitive advantage. And asset managers don t just service the wealthy. Over three-quarters of UK households with occupational or personal pensions use the services of asset managers, including over nine million individuals setting aside funds for their retirement through defined contribution (DC) pension schemes and over 1.2 million savers currently saving in defined benefit (DB) pension schemes. There are also around 11 million savers with investment products such as stocks and shares Individual Savings Accounts (ISAs). These investors have chosen to put their monies at risk to generate greater returns than they can achieve through the low interest rates that cash savings now offer. Moreover, the AM industry across the UK plays a crucial role in handling the wealth of investors across Europe. It s estimated that the industry manages about 2.2 trillion on behalf of overseas clients, or nearly 40% of assets. The Investment Association estimates that 55% of those assets, or about 1.2 trillion, are connected directly to non-uk European clients. The industry s future ability to serve customers across Europe, as well as its ability to invest UK clients assets across the EU, could be impacted post-brexit. As a centre of employment, expertise and talent, many suggested that London should take affirmative measures to maintain its centrality as a global centre of AM expertise in a post-brexit world. The AM industry in London plays a crucial role in managing the wealth of investors across Europe 2 The implications of Brexit on UK asset managers 2
6 Brexit and asset management regulations Most significant details of the UK s planned exit from the EU are yet to come into focus, and this overview is not intended to consider all the potential consequences. Four main areas of the AM business could be affected: Portfolio management: At its core, the AM industry offers portfolio management services to a wide range of EU and UK investors. Both individual and institutional investors delegate the management of their portfolios to UK-based experts. Post-Brexit, however, the UK Government and the Financial Conduct Authority (FCA) may need to consider new cooperative agreements with EU-based regulators to maintain smooth functioning of these delegation arrangements. Management of fund vehicles: Funds established to comply with European regulations such as Undertakings for Collective Investment in Transferable Securities (UCITS) are required to have their management companies established in an EU Member State. While the terms of Brexit are not yet clear, many expect that UK-based management company entities will no longer be considered part of the EU and, therefore, UK AM firms will need to create new, EU-based entities to comply with EU regulations to serve their EU investors. Alternatively, Brexit negotiations could develop bespoke mutual recognition agreements, which would allow UK entities to continue fulfilling their UCITS roles. In addition, some firms have been using UK-based UCITS funds for international distribution. Should these funds cease to qualify as UCITS, they may lose some of their attractiveness to international investors. This would erode future investment flows into such funds and some existing investors might redeem their holdings. Distribution: To comply with EU regulations such as Markets in Financial Instruments Directive (MiFID), UK firms have created legal entities to fulfill their regulatory role as distributors. Post- Brexit, UK-based firms may be obliged to create new entities based in the EU to fulfil the required distributor roles to serve existing and new investors. In recent years, EU-based regulators have taken steps to ensure that regulated entities develop real operations in their jurisdiction and are not simply operated on a brass plate basis. Reliance on capital markets: The UK AM industry relies on the wholesale banking and capital markets industry for a variety of services, including custody, clearing, FX collateralisation and back-office services. Post-Brexit, AM firms may need to consider establishing new operating models and legal agreements to maintain their services, a potentially expensive and complex endeavour. In an uncertain world, asset managers are planning today for various potential Brexit contingencies 3 The implications of Brexit on UK asset managers
7 In an uncertain world, asset managers are planning today for various potential Brexit contingencies. The potential impact of the EU regulators rumoured shift in attitude around delegation to the UK could further create a consequential need for AM firms to strengthen their EU based management teams for when the UK is outside of the EU. The need to build up an EU presence could lead to AM resources and expertise moving to the EU. UK regulators are already aware of these contingencies and the complexities the industry faces. Robust regulation should remain a differentiator for the UK financial sector. A number of AM firms are already developing scenarios on the basis of the various forms of Brexit that may materialise. Basic principles to guide negotiations Throughout the Brexit negotiations we should recognise that London is today the pre-eminent centre for AM within Europe, serving pension funds and individual investors across both the EU and the UK. In organising the UK s departure from the EU, both sides should ensure that AM clients or customers will not be adversely affected. An agreement on regulatory coherence or mutual recognition would be one way to allow UK investors to maintain their participation in EU funds, while EU investors can continue to invest with UK asset managers. Directive (AIFMD), principally set up to cover alternative investments such as hedge funds, real estate funds and private equity. UK UCITS funds are principally targeted at retail investors. But most AIFMD-regulated funds cannot be sold to individual investors, and that would create uncertainty for many asset managers. Should UK funds lose their UCITS status, however, the UK Government may want to consider creating a new fund vehicle that is attractive to global investors. If UK UCITS funds are not granted access to EU investors, they are likely to have to be classified as alternatives by the EU and governed by another regulatory regime, the Alternative Investment Fund Managers The implications of Brexit on UK asset managers 4
8 Brexit can catalyse change An industry that traditionally has moved relatively slowly is now facing an environment on the cusp of rapidly accelerating change. Brexit can serve as a useful, catalysing moment that helps the UK AM industry engage in both focused conversations and innovative investments The uncertainties that Brexit creates for AM firms mean asset managers have gone back to their drawing boards to develop tactical programmes that address a variety of possible contingencies including which cities in the EU they should transfer certain resources to. However, the very exigencies Brexit generates should also be used by savvy firms to inspire broader strategic conversations about how to respond to the longer-term structural challenges the industry now faces. The rise of passive fund management, robo-advisers, the collection and use of big data analytics, the power of mobile applications to engage clients and other disruptive FinTech technologies all signal that the AM business generally must rethink its business models. The challenges are manifest: artificial intelligence and machine learning are likely to transform fund management, as well as customer acquisition and engagement. Millennials are seeking digital investing alternatives, and incumbent firms haven t always been proactive in developing the options this new generation of investors seeks. The AM industry may not have liked the vote, but Brexit can serve as a useful, catalysing moment that creates the right context for asset managers to engage and re-evaluate long-term strategies. This is a situation that need not be wasted. An industry that traditionally has moved relatively slowly is now facing an environment on the cusp of rapidly accelerating change. In a lower for longer interest rate environment, innovative new models must align with customer expectations and still deliver a fair return. Crowdsourcing and the use of nudge strategies to induce more savings are already showing some promise in a world where citizens in most developed economies are living longer. Asset managers need to consider investing in certain longer-duration and higheryielding asset classes infrastructure and private equity positions to name just two examples to help meet longer-term investment objectives. In addition, the strategic conversation that firms will need to lead can also be used to drive discussions about the following, more tactical questions: The structure of the firm post-brexit: where are subsidiaries and branches, and will they make sense in a post- Brexit world? If we want to continue to serve EU clients, what sort of capabilities must we transfer to Europe and where? How do we develop efficiencies to deal with new markets and potential competitors? Have we established an optimal capital position? Have we created sophisticated and leading-edge technology, both as a means to attract and engage new customers, and as a vehicle to enhance investment opportunities? 5 The implications of Brexit on UK asset managers
9 Talent A pressing concern for UK asset managers will be whether their ability to retain and recruit talent will be jeopardised after Britain leaves the EU. It is not uncommon today for 30% to 40% of an AM firm s staff in London to be comprised of individuals who are not UK citizens. Indeed, because it has served as a magnet for top talent from across Europe, London has been able to maintain its status as the hub of AM expertise for all of Europe. Yet, a number of firms already report that their non-uk employees are expressing concern that after Brexit is implemented, their ability to live and work in the UK might be jeopardised. The implications of Brexit on UK asset managers So, as the Government attempts to consider new means of controlling the flow of people into the UK, it should keep the doors open for the highly skilled talent the industry will continue to demand. Making it easy for the best and brightest to join the financial industry in London will support London s ongoing role as a global financial centre. 6
10 Calls to action In the face of uncertainties, the AM sector cannot stand still. It needs to acknowledge that change, perhaps dramatic transformation, is likely to be forthcoming, and that an imaginative, proactive response can help make sure the UK maintains its position as a global leader in fund management. The industry should consider taking the following steps: Invest in innovation: The AM industry is facing epochal changes in the near future. London can help lead this revolution if it invests in new technologies, entrepreneurship and experimentation to help guide and narrate the future. Act cooperatively: Asset managers will continue to compete for clients and returns. But by acknowledging that the financial world is on the cusp of disruptive changes, they can start beta testing cooperative projects with new technologies such as block-chain to understand better their potential for improved decision-making or reduced costs. Think hard about new frontiers for alternative forms of investments: Advisors know that their clients are living longer and that conventional portfolios currently offer historically modest returns. But, investments in infrastructure or developing markets, for example, can help boost returns without pushing risk to unacceptable levels. Look beyond the EU for markets that can offer major growth in products and services: Both Latin America and Asia are ripe for investment and for the expertise London-based asset managers can offer. Create your own innovation hub: While the FCA has signaled that it wants to help accommodate more innovation, private firms should do their own part to launch experiments or develop new technologies to engage millennial investors. Those who don t disrupt are likely to find themselves disrupted, so those who tinker and experiment are likely to be rewarded. In addition, some form of public or private task force might be useful to help establish priorities, develop common technical standards and find real-world opportunities to test new technologies or evaluate customer reactions to new innovations. Contacts This report is based on nearly two dozen interviews with senior industry executives conducted by Oxford Economics on behalf of EY. The report was written by OE in collaboration with: Gillian Lofts Partner, Wealth and Asset Management leader in the UK T: E: glofts@uk.ey.com Paul Stratford Executive Director, Wealth and Asset Management in the UK T: E: pstratford@uk.ey.com Other EY contacts: Alex Birkin Partner, EMEIA Wealth and Asset Management leader T: E: abirkin@uk.ey.com Valerie Nott Partner, Wealth and Asset Management in the UK T: E: vnott@uk.ey.com Simon Turner Partner, Wealth and Asset Management Risk and Regulation leader in the UK T: E: sturner@uk.ey.com Andrew Pilgrim Director in the UK T: E: apilgrim@uk.ey.com 7
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