European Fund Managers May Flee U.K. After Brexit, Survey SaysBy
Just 42% of EU nationals plan to stay in U.K, CFA survey shows
Competitiveness of the U.K. financial center deteriorating
London’s asset managers could start to lose their investment talent to the continent and other markets once Britain leaves the European Union, according to a CFA Society UK survey.
Just 42 percent of EU nationals that were polled said they plan to continue working in the U.K. after Brexit, the survey published Wednesday showed. That compares with 16 percent who said they are already planning to leave, with the remainder undecided. The survey polled 1,109 investment professionals, about 330 of whom were EU nationals.
“While many of the outcomes of Brexit remain unclear, we can certainly expect a change in the profile of the investment management workforce in the U.K.,” said Will Goodhart, chief executive officer of CFA Society UK. “Many EU professionals working here intend to move to other markets once Britain has left. We may see this increasing over the coming months.”
Ninety one percent of EU respondents said the competitiveness of the U.K. as a financial center had deteriorated since last year’s referendum. That compares to 71 percent of British respondents who said the same. The survey was conducted between Aug. 17 and Aug. 25. The CFA Society UK represents a network of 11,600 investment professionals.