Brexit: France is not the bad guy. 

Voices from players of the French asset management industry have raised to contest controversial memo leaked last July in a British newspaper. Also a number of London-based managers could relocate to Paris by the end of the year. InvestmentEurope reports.

“They are crystal clear about their underlying objective: the weakening of Britain, the ongoing degradation of the City of London.”

The Brexit story has taken a vaudeville air last 16 July when British newspaper The Mail on Sunday leaked a memo of the City’s Brexit envoy Jeremy Browne about a trip he made to France in June to discuss the matter.

In the memo, Browne reported that the French Central Bank is “in favour of the hardest Brexit” and wants disruption. “We should nevertheless have our eyes open that France sees Britain and the City of London as adversaries, not partners,” he wrote.

By a timely coincidence, InvestmentEurope has caught up in Paris on 17 July – the day following the leak of the memo – with Xavier Parain, head of Asset Management Directorate at the French financial market regulator and Eric Pinon, the chairman of the French asset management representative body AFG.
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