The UK’s impending departure from the European Union (EU) is set to spark the departure of 23% of EU-born investment professionals living in the UK, who are already planning their next move, CFA UK research suggests.
Responding to the professional body's latest survey on attitudes towards Brexit, just 65% committed themselves to continue working in the UK, which represents a sharp cut from the 86% expecting to stay before the 2016 referendum.
Meanwhile, 26% of both UK-native and non-UK-native respondents said their future in the country was uncertain, up from 20% in 2018.
The pessimism is reflected in the number of respondents now expecting a 'hard' Brexit, growing to 31% from 20% last year.
As a result, 76% of investment professionals believe that Brexit has weakened the UK's competitiveness. EU respondents were the most pessimistic in this respect, with the figure rising to 88% for that group.
Chief executive of CFA UK, Will Goodhart, warned that the investment industry "must do more to minimise… [potential] talent loss, or risk affecting the high calibre of our profession".
However, perceptions of job security have improved in the last 12 months, with 21% of respondents believing their jobs were secure despite Brexit compared to 24% last year. EU respondents were even more confident, with 47% now saying that they feel their jobs are secure, up from 39% last year.
Goodhart added: "Brexit continues to impact investment professionals' view of the UK's ability to compete with other financial centres, and a relatively high proportion of EU nationals in particular are still intending to leave the UK later this year."