The Treasury is launching a recent drive to bolster Britain’s asset administration sector throughout a interval of intense scrutiny of the federal government’s post-Brexit plans for the monetary companies trade.
Sky News has learnt that Andrew Griffith, the City minister, will maintain talks on Monday with fund administration bosses after deciding to revive a physique known as the Asset Management Taskforce.
Among these in attendance are anticipated to be Patrick Thomson, CEO of JP Morgan Asset Management and chair of the Investment Association; Peter Harrison, the Schroders CEO; and Anne Richards; the CEO of Fidelity International.
Representatives from the Financial Conduct Authority and different stakeholders are additionally anticipated to attend the assembly.
Sources mentioned Mr Griffith would launch a expertise working group inspecting methods to bolster the UK’s asset administration sector – one of many City’s most necessary drivers of financial exercise.
Michelle Scrimgeour, the chief government of Legal & General Investment Management, is predicted to chair the brand new working group.
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It will take a look at tendencies tokenisation, synthetic intelligence, distributed ledger expertise, and blockchain, and discover their potential deployment throughout the fund administration trade, the sources added.
Mr Griffith’s push will come because the chancellor’s so-called ‘Edinburgh Reforms’ goal an enchancment within the City’s post-Brexit competitiveness.
These embrace an overhaul of the regime which supervises senior executives within the banking sector, and changing the European Union’s Solvency II framework which regulates insurers’ steadiness sheets, which ministers imagine will unleash a wave of personal sector funding.
The Treasury declined to remark.
Content Source: information.sky.com