Just 22 of the 57 largest fund and wealth managers with significant UK operations have revealed plans to relocate staff or offices after Brexit, analysis from EY has found.
The Financial Times reports that European Union investment hubs, such as Dublin or Luxembourg are struggling to cope with demand from firms applying to for regulatory approval.
Reportedly, 13 of the 57 firms have announced plans to hire new staff in the UK or Europe as a result of the Brexit vote.
Grant Thornton partner David Morrey tells the Financial Times one reason fund houses have not announced plans is because some already have large EU operations and won’t need to make significant changes to their business.
In May, Legal and General Investment Management was given regulatory approval for a new business unit in Dublin as part of a plan to shift part of its operations ahead of Brexit.