The company, which is listed on the London Stock Exchange, said it believed the operational impact of Brexit on its business would be manageable and the financial impact, including foreign exchange exposure, would be immaterial.Since the UK electorate voted to leave the European Union, most fund managers operating across both jurisdictions have announced plans to open a subsidiary elsewhere.Dublin, which for decades has been an operational centre for UK and international fund managers, has been a beneficiary of this move. Due to uncertainty around the passporting of products from outside the European Union and the imposition of third country status on the UK, many fund managers have moved significant operational and investment-focused teams from London and other UK fund centres. Luxembourg, a large international fund hub, has also been the choice for several fund managers.Asset managers’ Brexit preparations accelerateBaillie Gifford to open Dublin office to safeguard EU businessLegal & General sets up Irish base for post-Brexit businessFirst State to transfer up to £4.3bn to Ireland as part of Brexit prep Sustainable investment specialist Impax Asset Management has become the latest fund manager to reveal plans to open an office in Ireland to service international clients after Brexit.In its 2018 year-end report, published today, Impax said that, “to prepare for the Brexit scenarios that appear plausible at the time of writing, we are in advanced discussions with the Central Bank of Ireland to establish a locally-regulated, Irish subsidiary through which some of our EU business may be routed”.It became the third fund manager this week to unveil plans to open an Irish outpost. US giant Vanguard and equities specialist Merian Global Investors announced similar plans on Tuesday, according to the Financial Times.Impax said: “Post-Brexit we estimate that less than 10% of our assets under management would be recontracted through this subsidiary.” Kempen to close Edinburgh office, relocate small cap fundsSeparately, Kempen Capital Management has decided to centralise the management of its small cap investment management strategies in Amsterdam.As a result, its European small-cap funds and mandates would be transferred from the UK to the Netherlands, Kempen said, and its office in Edinburgh would close.According to Kempen, by bringing together the Dutch, European and global small-cap teams, it would be able to share existing knowledge and investment processes more effectively.Lars Dijkstra, Kempen’s chief investment officer, said that “augmenting our proven capabilities at a single location at Kempen will enhance team collaboration, investment decisions and performance for our clients”.Kempen manages €240m and €221m in its European small-cap fund and its European sustainable small-cap fund, respectively, as well as €329m in global small-caps.Combined assets of its 13 Netherlands-based small-cap funds amount to €1.2bn.Kempen said that the relocation would be implemented in December.
He added: “It’s flattering, but I don’t really look too much into it. I don’t get the newspapers or read too many reports, so I don’t really know how much hype there is. Obviously my friends tell me things, but I just treat every day as normal and focus on my job. “I don’t model my game on Ronaldo’s. I have my own way of playing and it’s not exactly the same but we do have similar attributes. I just like watching the best players: seeing Messi and Ronaldo. I’ve watched Ronaldo in the past and you do take things from other people’s games to try to improve as a player, which I have – hopefully.” Bale grabbed the world’s attention in 2010 when he scored a thrilling hat-trick against Inter Milan in the San Siro and then went on to embarrass Maicon with a breathtaking display in the reverse fixture. Some doubted whether Bale could improve much more following those two games, but his game has come on immeasurably since. The former Southampton player now operates in just as devastating fashion down the centre as he does out wide and he has almost doubled his tally from the 2010-11 season with at least 13 games remaining. Bale says Spurs boss Andre Villas-Boas has played a significant part in his development, improving his tactical awareness since the days of the previous manager Harry Redknapp. “Harry was more ‘go out there and play how you feel and express yourself’. With Andre, there’s a certain shape and a style we play,” Bale said. “I think Harry was more free and let you do what you want. Andre does that too, but there’s a lot more tactical work. I think it’s something that’s good to learn. We’ve done well this year and I think that’s down to our defending as well as attacking.” Tottenham star Gareth Bale admits he is flattered at being described as one of the best players in the world after a series of scinitilating displays for club and country. The 23-year-old has scored 23 goals in total this term, leading to speculation that Real Madrid have made him their number one transfer target for the summer. Bale’s powerful cutting runs, and his ability to bamboozle goalkeepers with logic-defying free-kicks have led to him being compared with the biggest superstar currently on the books at the Bernabeu – Cristiano Ronaldo. Tottenham’s talisman says he is honoured to be mentioned in the same breath as Ronaldo and Barcelona ace Lionel Messi, although he claims to be unaware of just how much of a stir his superb performances have caused this season. Bale said in an interview with Sport magazine: “I think anybody would love to be mentioned alongside the best in the world.” Press Association
Stage 17 is the first of this year’s Alpine stages, with the main rivals to yellow jersey holder Chris Froome running out of stages to try and reduce his lead of over three minutes.Today’s stage will feature five categorised climbs, as well as a potentially decisive descent before the final climb to Pra Loup.