Brexit: 85% of industry expects asset managers to move staff to Europe

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Eighty-five per cent of asset management professionals expect their company to move staff to Europe following the UK’s vote to leave the European Union, according to a new survey.

Seven per cent say their companies have already started to relocate investment staff and 25 per cent say planning is underway to do so, according to the PwC/FTfm survey.

644 professionals from 400 asset management firms were polled.

The survey also found that 70 per cent of industry professionals expect asset management to lose passporting.

M&G has already announced it is planning a Irish funds business amid concerns Brexit could dent its business.

Columbia Threadneedle has said it plans to expand its Luxembourg business.