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Asset management companies employ around 37,000 staff directly in the UK, with a further 55,000 working in related back- and middle-office roles that investment companies often outsource, according to the Investment Association, the trade body.
UK fund managers think that 16 per cent of asset management jobs based in Britain could move to other financial centres by the end of 2020, according a survey of 300 managers and investors by MJ Hudson, a London-based consultancy.
Investors outside the UK are even more pessimistic. They expect close to a quarter (23 per cent) of the UK asset management industry’s headcount to move over the next three years. Job losses on this scale would result in a significant hit to UK tax revenues and have a knock-on impact on other sectors, a problem that has featured little in the Brexit debate so far.
Only one respondent in MJ Hudson’s survey expected to see headcount across the UK’s investment industry rise by 2020.
Full article on Financial Times (subscription required)