Columbia Threadneedle is planning to expand its Luxembourg business following Britain’s decision to quit the European Union.

The group plans to replicate some funds from its UK-based OEIC range into its SICAV range as part of its plans.

A Columbia Threadneedle spokesperson confirmed: "We have a well-established European business and have focused significant product development on our Luxembourg-based SICAV over the past several years. We are therefore well placed to continue to serve our European clients.

"We have begun the process of applying to expand the scope of our Luxembourg-based management company to enable us to establish an asset management presence in the EU. This would involve us having some fund managers based in Europe before the UK leaves the EU. We currently have investors in 12 locations globally, so we would expect this to be a smooth transition."

However, the company said that it has no plans to move its head office out of London or relocate the vast majority of its staff.

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