The UK government has unveiled plans to set up Asset Management Centres of Excellence in a bid to maintain the competitiveness of the nation’s £8.1 trillion asset management industry even after Brexit.

The plan is one of the proposals highlighted in the government’s Investment Management Strategy II. The asset management centres will be established at UK universities across the country which will serve as research centres, offer professional development of the asset management workforce, as well as help develop fintech capabilities.

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Other areas of focus include plans to develop fintech including the creation of a fully digital fund, and supporting green finance and social impact investing strategies.

At the same time, the Investment Association is working to create the Asset Management Cyber Security Strategy that will involve development of a threat intelligence network.

The government also revealed plans to enhance government-industry dialogue through the newly launched Asset Management Taskforce, collaborate with international partners abroad to attract overseas firms to the UK and vice versa, as well as consider overhauling its short-term business visitors rules.

Investment Association CEO Chris Cummings said: “This strategy will give asset management firms, who collectively manage the pensions of millions of British households and hold the UK’s biggest listed companies to account, a roadmap to success through Brexit and beyond.

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“Together with the Asset Management Taskforce, this comprehensive strategy provides the opportunity for partnership between Government, industry and regulators to ensure the UK remains the leading European asset management centre.”

Treasury economic secretary Stephen Barclay added: The UK is a world leader in asset management, and it is vital that we keep it that way. The new Strategy for the sector outlines how we will do this, and I look forward to working closely with the industry to fully realise it’s potential.”