London — Britain laid out plans on Wednesday to protect and grow its asset management industry as it looks to fight off Brexit-fuelled competition from rival European centres for the valuable business. Britain is Europe’s largest fund management centre, with £8.1-trillion in assets under management, but countries such as Ireland, Luxembourg and France hope to lure businesses that are concerned about the effects of Britain’s vote to leave the EU. In its UK Investment Management Strategy II, the government said it was updating its original 2013 document to "strengthen the UK’s brand for asset management, enabling firms to respond effectively to the UK’s withdrawal from the EU and capitalise upon future trading opportunities". Amid concern that Brexit could hamper the industry’s ability to access top global investment talent, the government said it would support "Asset Management Centres of Excellence" at UK universities across the country, including apprenticeships, but did not give a...
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