Just a few hours after the official results confirming the Brexit, Prime Ministre Xavier Bettel reacted in front of the press: "We have to respect the choice of the people from the UK even if we can regret their decision. This divorce is the desire of the United Kingdom and it is now up to the remaining members of the UE to discuss their future".

 

In a statement released on its website, Luxembourg for Finance officials have admitted that they were "disappointed about this outcome". The decision will create challenges for both the UK and the EU. We can also read: "The EU’s financial services sector is strong and the development of the single market in financial services will continue unimpeded despite this decision. As one of the leading financial centres in the EU, Luxembourg will continue to play a central role in the strengthening of Europe’s financial services sector to ensure that it delivers capital and investment to companies to stimulate growth and job creation. At the same time Luxembourg’s financial sector is determined to pursue, within this new context, its strong working relationship with its partners in the United Kingdom and the City of London in particular, which has delivered many mutual benefits in recent years".

 

The ALFI also commented on the decision of the UK to leave the EU: "We must all now work to create practical solutions to implement this. For asset managers, whilst Brexit is a business issue and depends on each manager’s business model and strategy, ALFI will be working on practical solutions for the industry". On the relation between the Luxembourg funds industry and the UK financial services industry, the association added: "Luxembourg-domiciled investment funds originating from UK asset managers represented 16.5% of the total assets under management in Luxembourg at the end of March 2016 – the 2nd largest group after US asset managers. Several large UK asset managers have made Luxembourg an important part of their strategy for the global distribution of investment funds and have established important UCITS (and AIFMD) management companies in Luxembourg. We will work to continue these good relations".

 

Xavier Bettel also added that the European project is a project of peace, with the need to work even more on the social dimension and common values. The ABBL backed the Prime Minister: "everything needs to be done in order to maintain the proper functioning of the European single market. Clients and companies can be reassured: banking operations will keep going smoothly and the sector will continue focusing of European cross-border cooperation".

 

Source: Gouvernement.lu, ALFI, Luxembourg for Finance, ABBL


Publié le 24 juin 2016