Brexit – end of the transition period

The UK left the EU on 31 January 2020. At this point the UK entered into a transition period which meant that EU law continued to apply to the UK. The transition period ended on 31 December 2020.

As one of the UK’s largest investment managers, we would like to re-assure our clients that we are well prepared to maintain continuity of services when the transition period ends. As part of our preparations, we are considering the implications of a range of scenarios, including the possibility that the EU does not make any equivalence determinations or conclude a free trade agreement with the UK before the end of the transition period.

We would also like to assure our clients that we have contingency plans in place to deal with issues such as liquidity on the days immediately prior to - and after - the end of the transition period. We are in the process of updating our documentation (including our marketing content) to reflect changes that we have made to our operating model, but please note that documents and other content issued before the end of the transition period may not be updated to reflect these changes.

We do not consider that clients who are resident in the UK or outside the EEA will need to take any action. We have contacted our EEA resident clients who may be affected by the end of the transition period and would suggest that these clients refer to the communication they have received to consider what action may be required.