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Ashmore working on Irish subsidiary in case of no-deal Brexit

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LONDON (Reuters) – Emerging markets-focused asset manager Ashmore <ASHM.L> said on Friday it was in the process of setting up an Irish subsidiary to ensure it could continue to serve clients after Britain leaves the European Union.

Many UK-based asset managers and other financial services firms are setting up offices elsewhere in the EU as part of preparing for Brexit, with Dublin vying with Luxembourg, Paris and Frankfurt for business.

“Our objective is to make sure that, in the worst-case scenario, if there is no deal, it has no impact on our operations,” Chief Financial Officer Tom Shippey said.

“We’re some way through the regulatory approval to get an entity approved by the regulator, established and operational early in 2019, ahead of the end of March.”

Ashmore was in the process of finding premises and the office would likely be staffed by a mix of local hires and, potentially, some secondees from London, he said, numbering between 5 and 10 employees.

Ashmore has around 250 staff globally, of which around 150 are based in Britain.

(Reporting by Simon Jessop; Editing by Mark Potter)

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