Wells Fargo Asset Management (Luxembourg) has announced plans to establish branches in Frankfurt and Paris as part of its Brexit plans.

The company has received a new licence for its existing funds business from Luxembourg’s financial regulator to provide discretionary portfolio management and investment advisory services to European institutional investors.

The licence will also allow the company to maintain its services across its existing markets amidst the uncertainty around Brexit.

WFAM International distribution head Deirdre Flood said: “By strengthening the capabilities of WFAM in Luxembourg, along with dedicated WFAM branches in Frankfurt and Paris, we are well positioned to deepen relationships with our European client base, as well as with investors based in other international markets.

“With the prevailing uncertainty around Brexit, this small but meaningful change to our current structure will ensure continued service for all of our existing European Union clients and will facilitate the future development of WFAM in this key market.”

WFAM will serve its customers in the UK and other international clients from its office in London.

Additionally, WFAM Credit Europe and WFAM Global Fixed Income, its two London-based portfolio management teams, will continue to maintain its operations in the city.

WFAM is the trade name for certain investment advisory and management firms operated by Wells Fargo & Company.

Headquartered in San Francisco, Wells Fargo & Company offers varied financial services company and boasts nearly $1.9 trillion in assets.