Scottish fund manager Baillie Gifford is set to establish an office in Dublin to prepare for Britain’s departure from the European Union (EU).

The Edinburgh-based firm, which oversees around £193bn in assets, did not specify the number of employees to be stationed at the new office.

The firm currently has a workforce of 1,047, who are mainly housed in Edinburgh. Its offices are located in London, New York and Hong Kong.

Baillie Gifford

Baillie Gifford joint senior partner Andrew Telfer said: “Baillie Gifford has decided to establish a European office in the form of a new EU subsidiary company domiciled in Dublin, subject to authorisation from the Central Bank of Ireland, with the relevant regulatory and business licences.”

The business has been exploring various options to serve its European clients after Brexit before zeroing in on the Irish capital.

“In recent years, Baillie Gifford has seen growing demand from clients from across Europe. We are committed to servicing our existing EU-based clients, as well as expanding further. We have been exploring various options to allow us to continue this development ahead of the UK’s planned exit from the EU,” Telfer noted.

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Earlier this year, Aberdeen Standard Investments and Legal & General Investment Management also announced plans to set up EU base in Dublin.