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Report: UK fund managers initiate contingency plans amid hard Brexit 'panic'

Several U.K.-based fund managers, including Artemis, First State and Newton Investment Management, are implementing contingency plans amid what one market observer called "panic" over a possible no-deal Brexit, Financial News London reported Aug. 13.

"Panic has set in quite heavily within the City in the last few weeks," a former EU diplomat advising asset managers told the newswire, adding that the number of concerned clients calling in has increased significantly as the mood has become more pessimistic.

Artemis, Newton and First State are looking for approval from regulators or shifting operations to Luxembourg and Dublin to make sure existing European clients can carry on investing with them.

Meanwhile, Allianz Global Investors is trying to figure out a strategy where it can continue to operate in the U.K. if there is no transitional Brexit arrangement in place.

"I never thought it would come to this," CEO Andreas Utermann told Financial News London.