September 18, 2018 / 1:13 PM / in a month

First State to move EU client assets to Ireland, plans Dublin hub

LONDON (Reuters) - Australian asset manager First State Investments said it plans to move European clients’ money from Britain to Ireland as part of preparations for Britain’s exit from the European Union that also include forming a regulated entity in Dublin.

First State, which manages 122 billion pounds in assets globally, said it plans to move investors in the euro share class of 18 of its UK-domiciled funds to funds based in Ireland and compliant with EU rules.

If approved by shareholders, the assets will be moved during the first quarter of 2019, First State, part of Commonwealth Bank of Australia (CBA.AX), said in a statement.

First State said it was also seeking permission to set up a regulated entity in Dublin in 2019 to service and grow its EU client base “regardless of the Brexit outcome” and expects to base between 5 and 10 roles in the office, subject to approvals.

Reporting by Simon Jessop, editing by Maiya Keidan

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