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Europeans in UK fund management fear for jobs on Brexit

Europeans in UK fund management fear for jobs on Brexit

Barely more than two fifths of European nationals working in British investment management believe their jobs are secure following Brexit (43%), versus 60% of UK nationals, according to a survey.

The poll, for the CFA Society UK, revealed widespread concern among employees from EU nations about their future prospects. Just 42% of those polled said they were confident they would remain in the UK post Brexit, with 16% deciding to leave and the balance unsure of their future.

They also overwhelmingly reported feeling that the UK was less competitive post-Brexit, with 91% saying its relative attractions had declined, versus 71% of UK nationals.

In contrast, non-EU international passport holders among the 1,100 respondents were comparatively upbeat, with 69% saying that they intended to remain in the UK long-term.

CFA Society UK chief executive Will Goodhart said: ‘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.

Speaking in early October, deputy Bank of England governor Sam Woods cautioned that a last minute deal on the future terms of trade with the EU could still cause extensive damage.

‘Diminishing marginal returns’ would begin to set in from early 2018, he predicted. ‘Firms would start discounting the likelihood of a transition in the central case of their planning.’

Talks between the UK government and the EU’s chief negotiator Michael Barnier appear to have reached an impasse this week, with the European Commission saying there had been too little progress on the terms of the divorce to move on to second stage discussions of trade terms.  

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