A €20bn German fund manager has signalled a vote of confidence in post-Brexit London, with its chief executive saying the UK capital is unavoidable for a company that wants to attract international money.

Gert Waltenbauer, chief executive of Munich-based KGAL, said his company is looking to add to its UK business. In January it received direct authorisation from the Financial Conduct Authority, the UK regulator, having previously run its London business under EU passporting rules.