Legal & General plans Dublin move in response to Brexit

Legal and General is the latest to expand services into Dublin
Legal and General is the latest to expand services into Dublin

Insurer Legal & General (L&G) has announced plans to shift some of its business to Dublin once Britain leaves the European Union.

The FTSE 100 firm will move part of its investment management operation to Ireland so it can continue to serve its customers.

It said there would be no impact on staff in other locations following the move, which is subject to regulatory approval.

Banks and insurance companies have been mulling plans to relocate parts of their business from London to rival financial centres if Britain loses passporting rights after Brexit.

In a statement, L&G said: “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 (EU), after the UK leaves the EU.

“There is no foreseeable impact on operations and staff in other LGIM locations.”

The move will be seen as a coup for the Irish Government in its efforts to allure firms to Dublin from the City of London.

It comes after it was revealed earlier this month that JP Morgan had snapped up an office building in the Irish capital with the capacity to house 1,000 staff.

The US banking giant - which said earlier this month it plans to move up to 1,000 London jobs to Dublin, Frankfurt and Luxembourg in a bid to secure its EU business after Brexit - has acquired the 200 Capital Dock building.

A growing list of financial services firms have confirmed relocation plans following the Brexit vote, with HSBC moving 1,000 staff to France, AIG set to shift a string of executives to Luxembourg and Lloyd’s of London opting for a subsidiary in Brussels.