Saturday, August 1, 2015
The industry lobby group, New City Initiative (not to be confused with the Portland 'help the homeless' initiative of the same name) has released its study, and recommendations, of the EU Asset Management industry - as it pertains to the City of London. Relevant excerpts follow:
An estimated 90,000 people were directly employed by asset management firms in Europe at the end of 2013, while a further 410,000 were employed in functions servicing the asset management industry.
The main EU regulations directly or indirectly impacting the UK asset management industry come with an estimated cost of around £2 billion a year.
We estimate that a UK-based fund manager marketing and distributing in all the other 27 EU member states plus Switzerland would face total initial costs of over €1.5 million. Total on-going maintenance costs – allowing for the continuation of cross-border marketing – could be near €1.4 million per year.
Sounds like an expanding market of high paying careers on the asset management side and on the compliance side of asset management, both for which lawyers are well suited (and with compliance, of course, essential).
Read the full report here.