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T Rowe Price, the $1tn US asset manager, has begun pivoting its European business away from London and towards Luxembourg, as investment companies start to put their Brexit contingency plans into action.

Robert Higginbotham, head of global investment services at T Rowe Price explained: “We took this decision last year that we needed to get started on this now if we were going to be ready in time”.

He also added: “all this is based on what we know about Brexit at the moment – which will probably be about 25 per cent of what we know in a year’s time. We have been working on this for a year and will have to get it complete by the end of the year”.

Two weeks ago T Rowe Price applied to the Commission De Surveillance Du Secteur Financier, Luxembourg’s financial regulator, to separate its UK and Luxembourg operations. The UK entity will continue to serve the domestic market, but the Luxembourg company will become the new head office for its EU business.

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