US-based asset manager Legg Mason has launched an office in Dublin as part of its Brexit contingency planning, ahead of Britain’s departure from the EU  next year.

The new office will house six employees, led by Penny Kyle, from January 2019.

The team will focus on investments, finance as well as risk. Plans are on to hire more staff for the Dublin location next year.

Besides, the firm will transfer the management and European distribution of its Irish fund range from one of its UK entity to Legg Mason Investments (Ireland).

However, portfolio management for the vehicles will remain delegated to Legg Mason affiliates.

Legg Mason already domiciles around 80 funds in Dublin, managing nearly $30bn in assets.

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By GlobalData

Commenting on the new office launch, Kyle said: “Ireland is a key strategic domicile for investment funds and is a committed member of the EU, providing full access to that market.

“Not only that, it also shares a clear cultural fit and strong regulatory regime, and does a great job at attracting business, as well as providing timely approvals for new products and other operational advantages.”

Dublin has emerged as a popular choice of investment firms for their post-Brexit EU hubs.

Earlier this month, Vanguard and Merian Global Investors obtained the regulatory approval to set up management companies in Dublin.