Many if not most British hedge fund managers cheered on Brexit and its more obviously ridiculous fantasies with all of their might (and money). Now, if they wish to remain hedge fund managers, they may have to begin planning their own Brexits.

The consultation document asks if the bloc should go further, for example by setting “quantitative” limits on delegation or establishing a list of “core or critical functions” that should be performed in the EU.

“What is concerning is that the EU is using Brexit as an excuse for changing international norms,” said one UK fund management executive. The person added that the push to tighten the delegation rules was a politically motivated manoeuvre aimed at forcing investment groups to shift portfolio manager jobs — the sector’s most “high-profile, profitable functions” — to continental Europe.

It’s OK, guys: We’re sure you’ll love Frankfurt. And, really, what exactly did you expect? Those trade negotiations may be back on, but it’s been pretty clear from the start that your concerns were taking a backseat even to the fish. Auf Wiedersehen.

EU explores tougher curbs on City hedge fund managers [FT]

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