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UK asset management to see post-Brexit flight of EU nationals

The UK investment management industry is likely to lose many of its European professionals following Brexit, according to a new survey by the CFA Society.

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The survey of more than 1,100 investment professionals working in the UK analysed the impact of Brexit on their future plans.

One key finding from the survey is that only 42% of EU nationals polled said that they plan to continue working in the country post-Brexit, while 16% plan to leave and the remainder are undecided.

Will Goodhart, CFA Society UK chief executive, said while many of the outcomes of Brexit remain unclear, change can be expected in the profile of the UK investment management workforce.

“The resulting fall in the representation of EU nationals will be a huge loss for the UK market and it is crucial to minimise this as much as possible,” Goodhart said.

“Currently, an even greater number of EU professionals are unsure about the future,” he said.

Further key findings of the survey included that 91% of EU nationals think the competitiveness of the UK as a financial centre has deteriorated, compared to 71% of British respondents.

Rating the extent to which Brexit has had a direct negative impact on their perception of working in the UK, EU nationals also awarded an average score of seven out of 10.

High number still favour UK

In contrast to the EU national results, a high proportion of investment professionals from non-EU countries still envisage a future working in the UK.

Out of the British investment management professionals polled, 81% indicated that they plan to continue working in the country following Britain’s departure from the EU, and 69% of those holding non-EU international passports indicated the same.

The majority of non- EU international professionals polled were nationals of Asian and North American countries.

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