Portugal has launched a determined bid, taking full advantage of the UK’s exit from the European Union, to lure asset management companies from London.
One bold claim is that Portugal’s regulators will simplify the process for asset management companies to register here.
The downside to this positive announcement is that the Bank of Portugal is involved. However, the Stock Market Regulator also wants to see specialist financial management companies come to Portugal and both say that they “are determined to make Portugal an appealing option” for investment managers.
The two regulators claim that applications will be approved ‘more quickly,’ incoming companies would deal only with one point of contact and support will be offered to asset managers in English.
‘More quickly’ in this context means a painfully slow six months. According to Helder Rosalino from the central bank, “the objective is to create the necessary conditions for firms that want to move to Portugal, within the context of the United Kingdom’s departure from the EU, so that they have clear and easy information to do so.”
Britain has the world’s second largest groups of asset management companies looking after over £9.0 trillion, managed mainly from London and Edinburgh.
The reality is that the Bank of Portugal and the government is way behind other of the EU's recognised financial centres, including Frankfurt and Paris, in attracting financial services companies that are leaving the UK to maintain the benefits of operating in a EU country.
Comments
Try saying something encouraging to the workers of Portugal and something to the Socialists within the government to rectify this terrible situation that is preventing worker's from having bisic information on their pay slip regarding rate of pay and the hour's they have to work, this is a very basic requirement.
Do i need to say more !
bureaucracy soon puts them in their place
The global nature of the sources of these trillions means that national jurisdictions do not stand a chance of controlling them. And dear old UK does not even want to try.
That will be an attraction for the asset management vultures. The lack of effective regulation in the UK is why it remains as one of the two the main international centres of financial corruption. Remember all those crashed UK banks that had to be bailed out? The Tory vision post Brexit is to deregulate further to become the number one secrecy jurisdiction in the world - the place to hide your trillions.
With the down turn in the economy, young Portugese people left here for a better life elsewhere and they are the key to a better future for the economy of this country.
They have been educated to a high standard and now have the experience that has been gained from their present employment in their chosen country and the government will have a job on their hands to entice them to return to a country that does not have good employment rights.
For instance, teachers have 23 teachers union's, how on earth will this profession ever progress with this little consortium working for their own aims and not for rights of the workforce. There will never be worker's rights when 23 groups of union officials have nice little cosy jobs.
They will never upset the status quo as this would jeopardize their lovely little set up of "I'm in pull up the ladder".
The Socialist Party which are in government have the power to change this nonsense and pave the way for empowering the new Portugal and encourage their people to return to a country that will protect their employment rights and wages.