Representing a united front, representative bodies from the City of London Corporation, Paris Europlace and Frankfurt based BVI Bundesverband Investment und Asset Management, stated that the EU Commission’s proposal required significant revision so not to damage European pension funds, financial services and professional investors.
They claimed the directive will curtail alternative investment, despite asset managers needing to operate in a global setting to remain competitive.
Stuart Fraser, chair of the City of London’s policy committee, said: “Away from the political rhetoric and nationalist grandstanding, it has long been accepted that any measures adversely affecting the City of London will inevitably harm the EU as a whole. The same goes for Paris and Frankfurt.
“I am more than happy to compete with other financial centres both in Europe and across the world, so long as it is on a level playing field.” Arnaud de Bresson, the managing director of Paris Europlace said Europe has already learned from the mistakes of the financial crisis to create a “safe and competitive financial industry”.
City A.M. was the first newspaper to campaign against the directive.