Hermes Investment Management, one of the City’s high-profile fund managers, is the latest to set up an Ireland-domiciled subsidiary “in response to the risks posed by Brexit”.

The £36bn fund manager has recruited Carol Mahon, a former chief executive of Fidelity International’s Irish subsidiary, to head the new operation, the company announced on January 14. The Dublin office was authorised to run Ucits funds — European mutual funds — in December.