Brexit: One step closer to the next British Prime Minister; asset managers retreat London

Sure we all are thrilled about everything that happens around Brexit. There’s been lots of drama since David Cameron announced he was resigning shortly after the referendum. All news about the new British Prime Minister are almost as exciting as the referendum itself. Unfortunately we won’t know who will take Cameron’s place until September 9.

Until then we could just walk through all the candidates, which are:

  • Theresa May
  • Andrea Leadsom
  • Michael Gove
  • Stephen Crabb
  • Liam Fox

Former London Mayor Boris Johnson was primed to be one of the favourites but, as we already mentioned, he suddenly stepped out of the list and had the GBP plunge more than 200 pips.

Although Johnson left the race, he publicly favored Andrea Leadsom to become Britain’s next Prime Minister. Here’s what he said on Facebook:

Meanwhile asset managers have begun their slow detachment from London following Brexit. Companies finalize plans to reduce their reliance in the City.

M&G, Legg Mason, T Rowe Price, Fidelity International are just few of the names planning to either move or set up fund ranges in other EU countries. All this in fear of being locked out of European fundraising.

No asset manager has yet confirmed whether the companies will move or not.

The Investment Association shared its opinion:

Our aim remains for asset managers to play a positive role within the UK economy as a source of funding for companies, a major contributor to export earnings and as a centre of investment excellence that serves both domestic and overseas clients.”



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