Government plans to boost fund industry

LONDON (Reuters) - Britain has launched a campaign to attract more investment fund money to the country, with plans for tax breaks, cutting red tape and marketing campaigns in Asia and the Americas.

In speeches to fund management executives on Tuesday afternoon, Treasury ministers Sajid Javid and Greg Clark said they aim to reverse a weakening of the UK's dominance as a centre for the funds industry.

While London and Edinburgh are the locations for teams of fund managers at firms such as Schroders and Aberdeen Asset Management, more funds are domiciled in Dublin and Luxembourg.

According to Lipper, a Thomson Reuters company that tracks the funds industry, around $1.24 trillion (817.56 billion pounds) of mutual fund assets are domiciled in Dublin and $2.8 trillion in Luxembourg compared with around $1.1 trillion in the UK.

Clark said the government's strategy will focus on more efficient and transparent taxation, while new financial watchdog the FCA will seek to cut red tape around obtaining fund authorisation.

"We also promise to consult closely with industry to ensure that opportunities to minimise costs and maximise benefits are identified and implemented," Clark said.

He also said the government will seek to promote the UK as a fund management centre, running a marketing campaign targeting investors in Asia and the Americas.

The government first announced in March that it was targeting mutual fund money domiciled in Ireland and Luxembourg with tax sweeteners.

Earlier on Tuesday, Clark told delegates at an industry seminar in London the government plans a similar boost for Britain's insurance industry.

(Reporting by Chris Vellacott; Editing by Tommy Wilkes and Louise Heavens)

Source: http://news.yahoo.com/government-plans-boost-fund-industry-173157710.html

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