Bosses of Schroders, Investec and BlackRock were among wealth management firms that met with the Government over Brexit negotiations with the EU.

The Investment Association, which also attended the meeting with Treasury officials and Ministers, called for a bespoke post-Brexit agreement.

M&G, Pictet Asset Management, Vanguard and Allianz Global Investors chiefs were also at the discussions.

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, according to officials.

Chris Cummings, chief executive of the 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.”

DExEU Minister Robin Walker said: “The financial services sector is a vital part of the UK economy. We have been clear that we want the best deal for the UK. One that allows British companies the maximum freedom to trade with and operate within European markets – and let European businesses do the same in Britain.

“Investment and the management of investments are a crucial part of the UK’s success in global financial markets and will be key to the success of a Global Britain. Hearing directly from the sector about the potential impacts and opportunities for them is hugely valuable – providing us with the information we need as we prepare to enter the negotiations.”

Government officials said Ministers underlined their commitment to maintaining London’s position as a global financial hub.

Baroness Neville-Rolfe, Commercial Secretary to the Treasury, said: “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.”