Among the various types of financial and investment services
in the UK, alternative investment fund (AIF) managers are not
set to be the biggest losers in the absence of a passport
For Europe-facing and Ucits [Undertakings for the collective
investment in transferable securities] it’s
obviously a different story, as the latter can only be
established in an EU country and must be managed on a
"It’s just not true that London will go to the
dogs without a passport, at least in the alternatives world,"
said Tim Andrews, director of development for Ipes, a European
fund administrator. "The vast majority of UK-domiciled managers
are internationally focused with an international investor
base, often working with US dollars."