Edinburgh-based global fund management giant Baillie Gifford, which manages £193 billion of assets, has confirmed reports that it is to set up a new EU subsidiary company domiciled in Dublin to service EU-based clients ahead of the UK’s planned exit from the EU.

Baillie Gifford joint senior partner Andrew Telfer was quoted as saying: “Baillie Gifford has decided to establish a European office in the form of a new EU subsidiary company domiciled in Dublin, subject to authorisation from the Central Bank of Ireland, with the relevant regulatory and business licences.”

Telfer added: “Baillie Gifford has seen growing demand from clients from across Europe …

“We are committed to servicing our existing EU-based clients, as well as expanding further.

“We have been exploring various options to allow us to continue this development ahead of the UK’s planned exit from the EU.”

In June, it was announced that Baillie Gifford is set to expand by taking all 60,000 sq ft of a new office space development at 20 West Register Street on St Andrew Square in Edinburgh — known as “The Mint Building.”

Baillie Gifford, headquartered at nearby Greenside Row, has signed a pre-let agreement with the Chris Stewart Group.