Investment firms Vanguard and Merian Global Investors have secured the approval from the Irish financial regulator to open management companies in Dublin, Ireland as part of Brexit contingency planning.

The new office of Vanguard will be led by Richard Wane, who heads the company’s Singapore business. The office will house around 10 employees.

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Vanguard head of Europe Sean Hegarty said: “The opening of our Irish office is something we have been considering for a number of years, and should be understood as part of our wider, long-term commitment to lowering the cost and complexity of investing across continental Europe and the UK.”

Vanguard oversees around $5.3 trillion in assets across the globe. Merian Global Investors was launched earlier this year as part of a management buyout of Old Mutual Global Investors.

The Dublin entities of both the firms are expected to open next year.

“Europe is a core market for Merian Global Investors and will remain so post-Brexit. We are committed to servicing our existing European client base, which is primarily invested in our Ireland-domiciled fund range, and growing assets in the region,” a Merian spokesperson stated.

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Several investment managers are eyeing Dublin ahead of Brexit. This September, First State Investments announced plans to transfer up to £4.3bn of its client assets from the UK to Dublin.

In August 2018, Scottish fund manager Baillie Gifford announced plans to launch an office in Dublin.

Earlier this year, Legal & General Investment Management (LGIM) obtained regulatory nod for its new management company in Dublin.