Portugal seeks to attract UK asset managers as Brexit looms
Story by João Leitão | Photo by Visit Lisboa
LONDON, December 10 (Portugal IN) – Portugal held today an event in London for the asset management community on the competitiveness of its market, where it presented a guide for licensing collective investment management companies in the country.
In the event, the historical links between Portugal and the UK were highlighted as well as the characteristics that today make Portugal a competitive gateway to Europe for UK asset managers – high qualifications of its human resources, labour costs, quality of life, digital infrastructure, efficient arbitration procedure and friendly tax regime.
The Bank of Portugal and CMVM, the national supervision authorities for the banking and the security market segment, respectively, introduced to the audience the procedures for licensing collective investment management companies in the country.
Among its features, companies now deal with a single point of contact, applications are accepted in English and all equivalent documents approved by other EU regulators will be considered in the Portuguese regulators assessment. In addition, a welcome handbook to licencing in Portugal was made available. Either to submit applications or to request information to both authorities, a single email address can be used (email@example.com or firstname.lastname@example.org).
According to figures shown from the European Fund and Asset Management Association, Portugal still has a small asset management market with under 90 billion euros of fund assets last year, while the UK is the world’s second largest hub, with assets reaching 10 trillion euros, managed chiefly from London and Edinburgh.
The session was held in London at the Residence of the Ambassador of Portugal to the UK, Manuel Lobo Antunes, with over 100 attendees from the financial community, in a reception that facilitated business interactions among industry professionals.
It steams from the work carried out by a group set up by Portugal IN, a government task-force, with Bank of Portugal, CMVM and APFIPP (Portuguese Association of Investment Funds, Pension Funds and Asset Management), aiming to affirm Portugal as an attractive destination for asset managers. The event followed the public presentation held on September 17 in Lisbon, when the simplified process was launched publicly.
Agenda from this event, presentations, and photos can be found below.
19:00 Welcome remarks,
Manuel Lobo Antunes, Ambassador of Portugal to the U.K
19:05 Portugal: Top Choice for Foreign Investors,
Bernardo Trindade, CEO, Portugal IN
19:15 Asset Management: Competitiveness of the Portuguese Market,
José Veiga Sarmento, Chairman, APFIPP
19:30 Collective Investment Companies Framework: Guide to assist through the process for authorization and registration in Portugal,
Luis Costa Ferreira, Director of the Prudential Supervision Department, Bank of Portugal
Carla Rodrigues Mãe, Director of the Authorization and Registration Department, CMVM
19:45 Panel Discussion:
LingLin Wu, COO, Kylin Prime Group
Richard Atkinson, General Counsel London Office, StormHarbour
Paulo Câmara, Managing Partner, Sérvulo e Associados
Michael Gates, Representative in London, International Business Centre of Madeira
Moderator – Rui Boavista Marques, Director for U.K. & Ireland, AICEP