Asset manager Ashmore to open office in Ireland

Ashmore is one of a number of companies to beef up presence here ahead of Brexit

Ashmore has become the latest British asset management company to announce plans to establish an office in Ireland ahead of Brexit.

The company on Friday confirmed plans to set up a Dublin office, citing “substantial uncertainty” regarding the outcome of Brexit as the reason for the decision.

“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,” it said. “Therefore, notwithstanding the uncertainty, the operational impact of Brexit is expected to be manageable and the financial impact immaterial,” it told investors in a note included with its latest financial results.

Ashmore is an investment manager specialising in emerging markets. It offers asset management, equities, alternatives, property, funds, investment strategies, financial planning, and advisory services.

The company on Friday announced that broad-based assets under its management rose by 28 per cent in the 12 months to the end of June, to $73.9 billion.

Preferred destinations

A PwC survey published earlier this year found that most assets managers based in London have "advanced Brexit plans in place", he said, with Ireland and Luxembourg the preferred destinations for any Brexit-inspired relocations.

The consulting firm estimates that assets under management in the Republic are expected to grow to $8.2 trillion (€6.6 billion) by 2025.

Among the companies either establishing a presence in Ireland or expanding their existing operations are Baring Asset Management, the $300 billion US group, which is in the process of opening a Dublin office, and Morgan Stanley Investment Management, which is expanding its Irish business.

Others include Legal & General Investment Management, Legg Mason, Principal Global Investors, Standard Life Aberdeen and State Street Global Advisors.