The British have decided to leave the EU. But the German fund industry is remaining calm. One reason for this is that only a few fund companies outsource their portfolio management to London, namely only seven percent of special fund assets and three percent of mutual fund assets. In addition, BVI has successfully worked towards cooperation between the EU27 authorities and the UK Financial Supervisory Authority.
In the competition for relocations, BVI would nevertheless like to see a clear political commitment to Frankfurt as a financial centre. Frankfurt is the main location of the fund industry in Germany. Luxembourg is only one step ahead as an issuing location; Frankfurt is the centre for product development, fund management and sales. BVI is also advocating the relocation of euro clearing to Frankfurt.