City, London, Canary WharfJohn Sibley, Reuters
LONDON — Fewer than half of investment managers born in the EU say they’re “confident” they will keep living in the UK after Brexit, a survey from the CFA Institute released on Wednesday says.
The CFA Institute — which represents investment professionals around the world — said that just 42% of investment managers it surveyed were clear that they will stay in the UK once Britain leaves the EU.
Sixteen percent said they are definitely planning to leave, while 42% remain undecided on their post-exit futures.
The findings, which stem from a survey of around 1,100 investment managers based in London, represent “a clear sign of the uncertainty and disillusionment in the profession surrounding the expected repercussions of the referendum result for the UK market,” the CFA Institute said.
EU nationals were also largely negative about encouraging other non-Brits to come to work in the UK, with only 15% saying they’d encourage other EU nationals to move to the UK for a finance job.
“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,” Will Goodhart, the CFA Society’s UK chief executive said in a statement.
“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.”
“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.”
Financial sector jobs moving from the UK — and London in particular — are a big concern for the country’s financial lobbyists and institutions.
Britain is expected to lose financial passporting rights, which allow banks with a base in the UK to sell products and services to customers and financial markets across the EU, after Brexit. Most lenders from Japan and the USA currently have their European bases in London, but are expected to shift those jobs to continental Europe to maintain an EU presence after Brexit.
Cities including Dublin, Paris, and Frankfurt are battling to win business from London as a result of Brexit.
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