The U.K. government unveiled its proposal Wednesday aimed at strengthening Britain as a financial technology and money management hub after its exit from the European Union.
The government seeks to introduce asset management centers of excellence in the country in an effort to nurture investment management talent and support U.K. money managers in developing investment strategies that meet ever-changing investor needs.
The U.K. government also said in the announcement Wednesday that in the spring of 2018, it will consider consulting on changing short-term business visit immigration rules.
"The asset management industry plays a pivotal role in the U.K. economy, fueling productivity and growth by linking long-term savings to firms in need of finance. It generates approximately 1% of the U.K.'s gross domestic product and employs over 38,000 people across the nation," said Stephen Barclay, member of Parliament and economic secretary to the U.K. treasury, in a news release.
Chris Cummings, CEO of the U.K. Investment Association added in the news release: "This strategy will give asset management firms, who collectively manage the pensions of millions of British households and hold the U.K.'s biggest listed companies to account, a road map to success through Brexit and beyond."
Mr. Cummings added: "Domestic excellence will help to boost the industry's export and trade contribution as the U.K. looks to a new place in the world."