• Aug. 17, 2017, 3:05 am

UK fund trade body says EU membership ‘vital’ to industry

LONDON (Reuters) – UK fund management trade body the Investment Association (IA) said on Monday it would lobby Britain’s government to stay in the European Union (EU), as the newly elected Conservative party gears up for a 2017 referendum on membership.

Calling membership “vital” to the fund industry, the IA said while some European legislation had been a “source of frustration”, it would make the case for staying with the EU and remaining a “voice supporting a positive agenda within it”.

“Access to the EU single market is a cornerstone of the ability of our industry to serve its clients successfully,” said IA Chief Executive Daniel Godfrey.

“More generally, we benefit from being an open center that is able to attract talented staff from other countries and restrictions on being able to hire from abroad will be harmful.”

Six trillion pounds ($9.30 trillion) of investments are managed by investment managers in the UK, the IA’s website showed. Five trillion pounds of that is managed by IA members, of which 40 percent is on behalf of overseas investors.

($1 = 0.6455 pounds)

(This version of the story was corrected to read trillion, not million in paragraph five.)

(Reporting by Simon Jessop; Editing by Nishant Kumar)

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