The UK is likely to lose many of its European investment management professionals following Britain’s exit from the European Union, according to research from membership association CFA Society UK.
The survey of 1,100 CFA Society UK members found that only 42% of EU nationals polled said they plan to continue working in the country post-Brexit, while 16% plan to leave, and the remainder (42%) are undecided.
Brexit was also found to be dissuading EU nationals from encouraging others to accept positions in Britain. Only 15% said they would encourage non-UK citizens to come and work in the UK now. This compares to 48% of British nationals who would encourage non-UK citizens to emigrate.
EU nationals also appeared to have less faith in the competitiveness of the UK as a financial centre after Brexit, with 91% reporting it had deteriorated since the referendum result. This compared with 71% of British respondents.
Will Goodhart, chief executive of CFA Society UK, said he anticipates considerable change. “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 UK,” he said. “Many EU professionals working here intend to move to other markets once Britain has left the European Union, and we may see this increasing over the coming months.”
He warned that this could have a negative impact on the UK market. “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,” he said.
“Currently, an even greater number of EU professionals are unsure about the future. It will be vital to resolve the issues affecting the City post-Brexit quickly and favourably, in order to retain those that are undecided about their plans. If the City doesn't attract and retain the best talent from all regions its ability to serve clients and the end investor will be weakened.”