Aberdeen Standard Investments picks Dublin for new EU base
Britain's biggest fund manager is setting up a new EU base in Dublin to mitigate the fallout of Brexit.
Aberdeen Standard Investments is to establish an investment and distribution business in Ireland which will contract directly with European clients and oversee other EU branches.
The likes of Legal & General, JP Morgan, Barclays and Bank of America have all chosen Dublin for their new EU headquarters.
“The establishment of our business in Dublin is part of a global strategy of deepening our local footprint in the regions around the world in which we operate," said Aberdeen Standard Investments EMEA head Gary Marshall.
The Dublin base will complement Aberdeen's Luxembourg hub which manages funds across Europe, the asset manager said.
These two businesses, working together and with our German business based in Frankfurt will ensure that we continue to meet the needs of our customers and clients across Europe after the UK leaves the EU.
The setting up of a new legal entity remains subject to regulatory approval.
Today's announcement is connected to Standard Life Aberdeen selling its insurance arm for £3.2bn on Friday.
The sale to specialist aggregator Phoenix left Standard Life Aberdeen needing to set up an EU base as the Standard Life insurance operations – which it could have otherwise used – will no longer be part of the group.
Standard Life had signalled its intention to use its existing presence in Dublin as its new EU base last May. However, this was prior to Standard Life and Aberdeen completing their £11bn merger.
Read more: London and Dublin must work together