Amid the political uncertainty that has dogged the Brexit process throughout 2019, asset and wealth managers (AWMs) have continued to prepare for the UK’s departure from the European Union. Having planned for Brexit on 29 March, many AWMs took advantage of the delay until 31 October to fine-tune their preparations, particularly as the chances of a “no-deal” Brexit began to rise.
However, AWMs are not focused solely on Day One after Brexit. They are conscious that in the absence of a final agreement on the future trading relationship between the UK and the EU — let alone a blueprint for what this will mean for their own industry — Brexit represents a starting point. There will be further changes to the operating model ahead, and in the longer term, Brexit is certain to have broader implications and unintended consequences for the AWM industry across Europe.
Our interviews suggest that Brexit represents a pivotal moment for Europe’s AWMs. While their preparations for Day One following the UK’s departure from the EU are largely complete, deal or no deal, this is only the beginning of the story. AWMs are now beginning to think hard about what comes next — above all, about how to best position their businesses for future growth and profitability.
Global Asset & Wealth Management Leader, Partner, PwC Ireland (Republic of)
Tel: +353 (0) 1 7928719
EMEA Asset & Wealth Management Leader, PwC Ireland
Tel: +353 1 792 6247
Financial Services, Partner, PwC United Kingdom
Tel: +44 (0)7753 928494
Asset Management Tax, Director, PwC United Kingdom
Asset and Wealth Management, Partner, PwC United Kingdom