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As L&G and Aviva plan Irish offices...

Standard Life makes new move on Brexit plan

Standard Life
Standard Life:

Standard Life has appointed a head of Brexit strategy to help it prepare for Britain’s withdrawal from the EU.

Paul McGhee has joined from the Association for Financial Markets in Europe (AFME) trade body, where he was director of strategy, and will report to Graeme McEwan, Standard Life’s chief communications officer.

He was previously head of staff at the AFME, having served as head of infrastructure finance for the Scottish government.

The appointment follows confirmation from Standard Life chairman Gerry Grimstone last week that it will make Dublin its new hub inside the EU in order to service its 500,000 Austrian, German and Irish clients.

A Standard Life spokesperson said: “The head of Brexit strategy role was created as part of our planning for exiting from the European Union.

“In this role, Paul will have senior project management responsibilities, engaging with stakeholders and taking responsibility for coordinating our company wide preparations for Brexit.

“As you would expect, we are following Brexit developments closely and remain focused on providing continuity of service to all of our clients and customers. Paul will have a significant role to play in helping us do this.”

Legal & General and Aviva are expected to follow Standard Life and other insurers by opening offices in Dublin.

L&G said it will move part of its investment management business to Ireland to ensure it maintains unconditional access to the single market.

“The decision is part of LGIM’s strategy to ensure it can continue to serve its customers, both in Ireland and across the European Union, after the UK leaves the bloc,” it said in a statement.

L&G Investment Management is one of Europe’s largest investors, with just under £900bn of assets under management.

Aviva said it would turn its Irish life and general insurance branches into subsidiaries.

Legg Mason also said it would create a management company in Dublin, while M&G, which is owned by Prudential, plans to set up a fund management company in Luxembourg.

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