Alternative Firms Consider Leaving U.K. Following Brexit Vote

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According to a survey conducted by Preqin after Britain voted to leave the EU, 7% of alternative asset managers are thinking about moving their operations outside of the U.K...
United Kingdom Finance and Banking

According to a survey conducted by Preqin after Britain voted to leave the EU, 7% of alternative asset managers are thinking about moving their operations outside of the U.K. and another 17% are unsure whether to change where they are based. London has long been the base of choice in Europe for most private equity firms and hedge funds. But if the U.K. leaves the EU without striking a deal to participate in the single market, asset managers could find it much more difficult to sell funds to investors on the continent. Preqin also found that nearly one-fifth of fund managers planned to reduce their investments in the U.K. over the next 12 months as a result of the referendum. Investors in the alternative industry have taken an even more pessimistic view, with 41% saying they will invest less in the U.K. over the next 12 months, compared with just 9% who plan to invest more.

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