Britain says will simplify foreign investment funds access to UK

FILE PHOTO: British Union Jack flag flies in front of the clock face of Big Ben in London, Britain August 29, 2019. REUTERS/Toby Melville

LONDON (Reuters) - Britain’s government will streamline how foreign funds can be sold to UK consumers after Brexit to help maintain its role as a major asset management center.

Setting out its new legislative agenda in the Queen’s Speech on Thursday, the government said it will simplify the process that allows overseas investment funds to be sold in the UK “to maintain our position as a center of asset management and provide more choice for UK consumers”.

Asset managers in Britain collectively manage over 7.7 trillion pounds ($10.1 trillion) for customers in Britain and around the world in centers including Dublin and Luxembourg.

UK-based portfolio managers account for about 36% of managers of Irish domiciled funds.

Reporting by Huw Jones; editing by John Stonestreet