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Ashmore to set up Irish office ahead of Brexit

U.K.-based asset manager Ashmore Group PLC unveiled plans to set up an office in Ireland as part of its preparations for Britain's departure from the European Union.

Ashmore said the move is aimed at ensuring that it has continued access to its EU-based institutional clients post-Brexit. The group added that it expects the operational impact of Brexit to be manageable and its financial impact to be immaterial.

The establishment of the Irish office is subject to regulatory approval.

The announcement comes as the asset manager reported profit attributable to equity holders of the parent of £151.4 million for the year ended June 30, down from £167.6 million a year ago. EPS for the period was 21.30 pence, compared to the year-ago 23.71 pence.