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Ashmore to open Irish office as part of Brexit plans

The fund manager said there is still ‘substantial uncertainty’ regarding the terms of the UK’s departure.

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Ashmore is one of a number of firms setting up shop in the EU (Stefan Rousseau/PA)

Fund manager Ashmore is set to open an office in Ireland as part of Brexit contingency plans as it seeks to ensure access to EU clients following Britain’s divorce.

The company said on Friday that there remains “substantial uncertainty” regarding the terms of the UK’s departure and the resultant implications for the financial services industry.

“In order to ensure continued access to EU-based institutional clients, subject to regulatory approval Ashmore is in the process of establishing an office in Ireland,” Ashmore added.

It is expected that a small number of staff will man the Irish office, although Ashmore refused to disclose if jobs from London will be lost or transferred as a result.

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City-based firms have been ramping up Brexit contingency planning and relocation plans to the EU over the past few months as the Government argues with itself over what kind of Brexit is desirable.

The movement of thousands of high earners from the Square Mile is set to dent Treasury coffers.

However, Ashmore insisted: “Notwithstanding the uncertainty, the operational impact of Brexit is expected to be manageable and the financial impact immaterial.”

The Irish announcement came alongside full-year results, which saw the emerging markets focused firm book a 7% fall in pre-tax profits to £191.3 million.

This was in spite of net revenue growth of 7% to £276.3 million from £257.6 million, as well as assets under management seeing a double-digit rise of 26% to £73.9 billion.

Chief executive Mark Coombs said: “The combination of attractive emerging markets valuations with Ashmore’s strong investment track record and underweight investor allocations means that the outlook remains positive.”

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Ashmore is one of a number of firms setting up shop in the EU (Stefan Rousseau/PA)