John Glen MP, the UK City Minister, reassured London’s hedge fund industry that British financial services would remain a government priority during the Brexit negotiations.
Glen, the third keynote speaker of the EuroHedge Summit, said it was not in the interest of the UK or European Union to exclude financial services from the final Brexit settlement.
“Let me reassure you that we are very much aware of the need to provide your industry with progress and detail as soon as we can,” he said.
“London remains one of the global centres for alternative investing.”
He warned EU negotiators that New York, Singapore and Hong Kong would be the winners if Brexit resulted in reduced market access in financial services between the UK and EU — not Paris, Luxembourg or Frankfurt.
Financial services will remain a priority “whatever the outcome of the Brexit negotiations,” he said as he paid tribute to London’s world-leading hedge fund industry.
“Your industry is living proof that markets never disappoint. They always grow and they always innovate.”
In a wide-ranging speech, Glen also commented on the rise of crypto-currencies and ESG (environment, social and governance) investing.
His speech opened the second day of the summit, following keynote appearances by Sir Michael Hintze and Dame Amelia Fawcett on the first.
About 400 of Europe’s leading hedge fund managers, investors and market participants have gathered for the two-day event at the Royal Lancaster by Hyde Park. It is taking place in London after 14 years in Paris.
Follow the hashtag #EuroHedgeSummit on Twitter for updates from the summit and read the June issue for full coverage