British asset manager Ashmore has announced plans to open an office in Ireland in order to ensure uninterrupted access to European Union (EU) markets following UK’s departure from the bloc next year.

“The two-year period to determine the terms of the UK’s exit from the European Union ends in March 2019, however there remains substantial uncertainty regarding these terms and the implications for the financial services industry. In order to ensure continued access to EU-based institutional clients, subject to regulatory approval Ashmore is in the process of establishing an office in Ireland,” the asset manager said in a statement.

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However, Ashmore expects the impact of Brexit to be “manageable” and its financial impact “immaterial”.

Earlier this year, Scottish fund manager Baillie Gifford unveiled plans to set up an office in Dublin in preparation for Brexit, while Legal & General Investment Management received regulatory nod for its new management company in Dublin.

The latest announcement by Ashmore coincided with the announcement of the group’s results for the year ending 30 June 2018.

The firm’s assets under management totalled $73.9bn at the end of June 2018, a 26% surge from $58.7bn last year, including net inflows of $16.9bn.

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The firm’s annual pre-tax profit stood at £191.3m, while net revenue was £276.3m.

Ashmore Group CEO Mark Coombs said: “Ashmore has delivered a strong operating performance over the financial year, driven by continued investment outperformance, record inflows, an ongoing commitment to cost discipline and good cash generation.

“This performance reflects the effectiveness of Ashmore’s business model and the success of key strategic initiatives such as growing retail AuM and developing scale and diversity in the Group’s local asset management businesses.”