Richard Clarke, UK Head of Investment Management at KPMG, said:
“The leave vote has resulted in uncertainty and we will inevitably see a period of market volatility in the short term. However, the U.K. Investment management industry has demonstrated before its ability, agility and resilience to ride these periods of volatility and emerge stronger.
“The critical issue is the medium and longer term implications as any changes to passporting arrangements become clearer and the impact on market structure and operating models is fully assessed. These will no doubt present challenges but also opportunities.
“The industry plays a key role in the UK economy – it underpins the pensions and savings industry and has an increasingly crucial role to play in capital markets. UK-based firms must be able to continue to provide global solutions to meet the needs of their institutions and retail clients. Equally, the ability for Europe to access London’s well developed Investment Management market is critical.”
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KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 12,000 partners and staff. The UK firm recorded a revenue of £1.96 billion in the year ended September 2015. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 174,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.