“Brexit” and the future of the fund management industry
Held on Wednesday, March 14, 6.30-8.00pm
In association with the London Institute of Banking & Finance and ICI Global
Patrice Berge-Vincent (ICI Global)
Sabine Dittrich (UBS)
Imogen Garner (Norton Rose Fulbright)
Alex Ollier (Columbia Threadneedle)
As “Brexit” looms, EU regulators are proposing new regulations to encourage supervisory convergence and to strengthen the powers of the European Supervisory Authorities – notably, ESMA. Maybe that’s good. Maybe it really will strengthen Europe’s capital markets – which is what it is ostensibly intended to do. But maybe what it will do is simply reinforce the idea of “Fortress Europe” – protecting incumbents and keeping competitors out.
Whatever, there are two key questions. In particular:
- What impact will the new rules have on global funds and their investors? and
- What will be the specific impact on the City and other financial centres outside the EU – in terms of cost of compliance, complexity and fragmentation – as they have to adapt to a post-“Brexit” world?
There is no institution that is better placed to offer an answer than the Investment Company Institute, which represents the global interests of funds with total assets of almost $29 trillion – and, within ICI Global, there is no one better to kick off the discussion than Patrice Berge-Vincent, MD of Europe. Formerly a partner with PwC France (where he led the asset management practice), he has also held senior positions at the AMF, where he chaired IOSCO’s Committee 5 and was the regulator’s representative to CESR/ESMA’s Investment Management Standing Committee. Like (almost) everyone else we know from France, he is (of course) an énarque.
But (I hope) he won’t have things all his own way. Offering a slightly different point of view, we have:
- Sabine Dittrich, global head of regulatory intelligence at UBS here in London. Dr. Dittrich runs a team assessing global regulatory impact on the asset management industry. She is also UBS’s representative on EFAMA’s “Brexit” taskforce.
- Imogen Garner, financial services partner at Norton Rose Fulbright. She specialises in advising asset and wealth managers, and heads Norton Rose Fulbright’s buy-side regulatory practice. She also co-leads the firm’s FinTech regulatory practice.
- Alex Ollier, co-head of legal for EMEA at Columbia Threadneedle. Alex has almost two decade’s worth of experience advising on funds and investment products, across asset management, retail banking and private practice.
This is an important issue – one that will have a profound impact on the City both in the run-up to “Brexit” and beyond. If you (or a colleague) would like to join us, and perhaps share your own thoughts, please register online here or call the CSFI on 020 7621 1056. Thanks to the generosity of LIBF and ICI Global, there will be tea and coffee beforehand, and drinks afterwards.