British Investment manager Ashmore is to open a Dublin office as part of its Brexit contingency plan.
The London-headquartered company said that “substantial uncertainty” remains over the implications for the financial services industry ahead of Britain’s exit from the European Union next March.
“In order to ensure continued access to EU-based institutional clients, Ashmore is in the process of establishing an office in Ireland,” it said.
The group expects the operational impact of Brexit to be manageable, and the financial impact “immaterial”. It is expected that a small number will staff the Irish office, although Ashmore refused to disclose if jobs from London will be lost or transferred.
City-based firms have been ramping up Brexit contingency and relocation plans to the EU over the past few months as the UK government argues with itself over what kind of Brexit is desirable.
The announcement came as part of Ashmore’s annual results for the year ended June 30. Profit before tax at the group fell 7.2pc to £191.3m (€213m) during the 12-month period. Net revenue grew 7pc to £276.3m. Assets under management rose 26pc to £73.9bn.
The company, which focuses on emerging markets, said it is well-positioned to continue to deliver “significant growth and value” to clients and shareholders.