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.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy 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.