Investment Association statement on Brexit analysis
Wednesday 5 October 2016
Responding to the report by Oliver Wyman and The City UK on the impact of Brexit on the financial sector, Chris Cummings, Chief Executive Officer at the Investment Association, commented:
“The Oliver Wyman analysis is an important reminder of the direct contribution of the financial sector, in terms of tax revenues and employment. But beyond the direct contribution, the financial sector plays a key role in helping millions of UK citizens save for the long term and in funding British businesses as they invest and grow.
“The asset management industry acts as the ‘engine’ for savings of millions of UK households, providing long-term investment so that people can aspire to a comfortable retirement, a new home or paying for higher education. 75% of all UK households have pensions that rely on asset managers to deliver investment returns.
“The industry finances 60% of all new capital raising by UK listed companies, providing the lifeblood capital needed for our businesses to grow and serve the wider economy.
“One in every three shares in UK companies is held in portfolios managed by our industry, and our industry’s more than 2,000 corporate governance experts make sure those companies are being managed in a long-term sustainable way.
“The UK has a unique global investment industry exporting services to clients throughout the world – whether within the harmonised framework of the EU single market or beyond it. This will continue, and we will work with government on a trade and investment strategy that will ensure that the UK remains the pre-eminent global centre for investment.”
-ENDS-
For further information please contact:
John Kenchington
Director of Communications
[email protected]
M 07834 089 332
Linsey White
Head of Media Relations
[email protected]
T 020 7269 4635
M 07508 724 022
Alex Hogan
Press and Digital Media Officer
[email protected]
T 020 7269 4620
M 07508 724 066
About the Investment Association:
- The Investment Association is the trade body that represents UK investment managers who manage over £5.7 trillion on behalf of clients.
- Our purpose is to ensure investment managers are in the best possible position to:
- Build people’s resilience to financial adversity
- Help people achieve their financial aspirations
- Enable people to maintain a decent standard of living as they grow older
- Contribute to economic growth through the efficient allocation of capital
- The money our members manage is in a wide variety of investment vehicles including authorised investment funds, pension funds and stocks and shares ISAs.
- The UK is the second largest investment management centre in the world, after the US and manages 37% of all assets managed in Europe.
For further information, please contact:
For media, to receive the full consultation document, please contact Helen Ayres
Helen Ayres, Communications Manager: [email protected]
T +44 (0)20 7269 4620; M +44 (0)7508 724 066
IA press office: [email protected]
About the Investment Association (IA):
- The IA champions UK asset management, supporting British savers, investors and businesses. Our 250 members manage £7.7 trillion of assets and the asset management industry supports 100,000 jobs across the UK.
- Our mission is to make investment better. Better for clients, so they achieve their financial goals. Better for companies, so they get the capital they need to grow. And better for the economy, so everyone prospers.
- Our purpose is to ensure investment managers are in the best possible position to:
- Build people’s resilience to financial adversity
- Help people achieve their financial aspirations
- Enable people to maintain a decent standard of living as they grow older
- Contribute to economic growth through the efficient allocation of capital.
- The money our members manage is in a wide variety of investment vehicles including authorised investment funds, pension funds and stocks and shares ISAs.
- The UK is the second largest investment management centre in the world, after the US and manages 35% of all assets managed in Europe.
