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Hedge fund groups to detail Brexit wishes

Hedge fund trade groups are set to outline their wishes for Brexit negotiations in the week of Dec. 19, the Financial Times reported.

The Alternative Investment Management Association, the Managed Funds Association and the Alternative Credit Council will call for so-called passporting rights, and the rights to hire EU workers, to be maintained, according to a draft document seen by the newspaper.

The U.K. voted to leave the EU in June, raising concern over what would happen to U.K.-based financial firms that have the right to offer services freely across the bloc.

The groups argue that the government should try to maximize access to EU investors with agreements that would allow for reciprocal access.