British insurer Legal & General has announced plans to move some of its investment-management operations to Ireland, according to a Reuters report. L&G is making the move to ensure it can continue to serve its customers after Brexit.
Legal & General Investment Management (LGIM) will move operations to Dublin, subject to legal and regulatory approval, Reuters reported.
LGIM is one of the largest investors in Europe, with almost £900 billion in assets under management at the end of last year. It’s also one of the biggest investors in the UK stock market.
“This is yet another very important signal to the market that financial services companies can come to Ireland quickly and service their European customers, with minimum disruption to their business,” said Martin Shanahan, the head of IDA Ireland, a government agency that courts foreign investment.
IDA Ireland said on Tuesday that several insurers, asset managers and banks would be setting up operations in Ireland, and that official announcements were expected starting in June.
L&G isn’t the only insurer making changes to deal with a post-Brexit world. Aviva is currently converting its Irish life and general insurance branches to regulated subsidiaries so it can continue to serve its Irish customers after Brexit, according to Reuters. Fund manager M&G, a subsidiary of Prudential, is setting up operations in Luxembourg. And Lloyd’s of London is preparing a financial hub in Brussels.
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