Uncertainty continues to stalk the UK Investment industry as seen by the IA's Annual survey. Passporting and other regulatory issues are yet to be determined. And clients remain cautious about domicile. In our experience, though, clients are just as worried about their citizenship rights of their UK based employees. After all, this is a people business.
UK asset managers have listed numerous concerns surrounding the UK's upcoming split from the European Union including staffing, delegation and passporting issues, as revealed in the Investment Association's first annual Asset Management Survey since the EU referendum in 2016. In the survey, which collated responses from 74 member firms managing £5.9trn of UK assets, respondents said European staff in the UK asset management industry are concerned about their career prospects over the next two years as Brexit negotiations loom, while asset managers also aired concerns that when recruiting new staff there is potential for Brexit to "reduce the attractiveness of the UK to European nationals". In addition, some individuals have felt "less welcome in the UK than would have been the case before the vote".