In 2013, the Government published the Investment Management Strategy, which consisted of a package of measures to address the competitiveness of the UK asset management industry. The strategy focused in particular on enhancing the UK’s attractiveness as a center for fund domicile.
HM Treasury has now published The UK’s Investment Management Strategy II. The report sets out the Government’s long-term strategy, to be delivered in collaboration with the industry, for ensuring that the UK remains a globally competitive location for asset management. In developing the strategy, the Government is committed to delivering changes to enhance the asset management industry in the following areas:
- enhancing dialogue – the Government is committed to strengthening its communication and collaboration with the asset management industry and the regulator to meet shared goals, including through the new Asset Management Taskforce, chaired by the Economic Secretary to the Treasury;
- promoting the UK’s competitive and stable tax and regulatory environment – the Government recognises the importance of tax and regulation in generating an environment that facilitates innovation and growth, and intends to promote the competitiveness of the UK regime in this area;
- strengthening the domestic investment management skills pipeline – the Government sees the need to enhance the development of talent, enabling the industry to continue to recruit the brightest and the best from a diverse range of backgrounds from within the UK and around the world;
- advancing the development of asset management FinTech solutions – the Government is determined for the asset management sector to capitalise on the UK’s world-leading status in FinTech to develop innovative solutions to increase cost efficiencies and rapid response mechanisms that can respond to, for example, cyber threats;
- supporting UK asset managers to be global leaders in innovative investment strategies – the Government recognises the opportunity for the UK asset management industry to lead the way in mainstreaming innovative investment strategies to meet changing investor demands and will support the promotion of these initiatives to lay the foundations for long-term growth within the industry; and
- continuing a coordinated international engagement and trade promotion programme – the government is committed to ensuring that the UK maintains its global pre-eminence for asset management and will continue to work with industry to attract overseas firms to locate in the UK and promote UK firms overseas.
View HM Treasury report on renewed investment management strategy, 6 December 2017
