Hosted by ministers from the Treasury and the Department for Exiting the European Union (DExEU), discussions centered around topics including the Great Repeal Bill, the movement of skilled workers and opportunities to increase the sector’s global competitiveness in the future.

Baroness Neville-Rolf, commercial secretary to the Treasury, said: ‘UK-based firms manage more assets than those in France, Germany and Italy combined.

‘We are determined that the UK will continue to be a global financial hub and are focused on negotiating the best deal for financial services, including asset management, to ensure the sector continues to be one of Britain’s great success stories.’

Chris Cummings, chief executive, Investment Association said: ‘The Investment Association is calling for the UK and the EU to strike a bespoke post-Brexit agreement, which will allow UK based asset managers to continue to provide products and services to millions of savers across the EU and the world to the extent that they do today.

‘This kind of agreement could be part of an EU-UK free trade agreement or a similar type of treaty.’