The City from Canary Wharf, 12 April 2015. Photo: Davide D’Amico (CC BY-SA 2.0)
The vast majority of EU citizens working in the UK investment management sector think that Brexit has damaged The City’s competitiveness, and more than half are not sure that they will remain in Britain after the country leaves the bloc.
That’s according to a survey conducted by one of the industry’s main training and certification bodies.
“Only 42% of EU nationals polled said that they plan to continue working in the country post-Brexit, whilst 16% plan to leave and the remainder are undecided. These results are a clear sign of the uncertainty and disillusionment in the profession surrounding the expected repercussions of the Referendum result for the UK market. An overwhelming 91% of EU respondents indicated that they consider the competitiveness of the UK as a financial centre to have deteriorated, compared to 71% of British respondents.”
At the same time, the country remained attractive to other nationals, the CFA Society UK found. Eight out of ten British citizens, and seven out of ten non-EU passport-holders, planned to continue working in the UK’s investment management industry following Brexit.
Will Goodhart, the organisation’s CEO, stated in the announcement:
“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. 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 survey was fielded in August; 1,109 CFA Society UK members participated, about 10% of its total membership.