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Standard Life Hunts Brexit Chief As City Awaits Departure Terms

Standard Life (LSE: SL.L - news) is hiring an executive to help navigate it through the choppy waters of the UK's exit from the European Union (EU) as the City waits to discover the extent of its future access to the Continent's single market for financial services.

Sky News understands that the FTSE-100 asset management, insurance and pensions group has instructed headhunters to fill a new role responsible for all areas of post-referendum policy.

Reporting to Graeme McEwan, chief communications officer, the appointment will make Standard Life one of the largest companies to date to create a senior internal role focused purely on the implications of Brexit.

The Edinburgh-based group, which sponsors the Wimbledon and Olympic champion Andy Murray, has already felt the impact of the decision to leave the EU when it was among a number of asset managers forced to halt redemptions from a property fund after investors rushed for the exit.

It has also seen positive Brexit-related consequences, reporting in half-year results earlier this month that it had benefited from the weakening of sterling and a reduction in bond yields.

As a member of a high-powered taskforce comprising top City executives established last month, Sir Gerry Grimstone, Standard Life's chairman, is closely involved with the City's response to the referendum result.

Sir Gerry, who is also deputy chairman of Barclays (LSE: BARC.L - news) , is jointly leading the taskforce's work on international advocacy as the UK financial services industry seeks to cement closer ties with international trading partners.

The ultimate outcome of Brexit for the City will depend largely upon whether the UK continues to enjoy unfettered access to the EU single market, or whether so-called equivalent access delivers sufficient benefits to ensure London's continued status as the world's most important financial centre.