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More British hedge funds say may have to move after Brexit - Preqin
December 8, 2016 / 5:31 PM / 10 months ago

More British hedge funds say may have to move after Brexit - Preqin

FILE PHOTO: Storm clouds are seen above the Canary Wharf financial district in London, Britain, August 3, 2010. REUTERS/Greg Bos/File Photo

LONDON (Reuters) - Over thirty percent of British hedge funds say they are uncertain about remaining in the UK following Britain’s vote to leave the European Union according to an industry survey, a larger proportion than immediately after the referendum.

Of 276 hedge fund managers surveyed by industry tracker Preqin in November, 24 percent said they were now uncertain about staying in the UK, up from 17 percent in July. Another 6 percent said they were actively considering moving, compared with 3 percent previously.

Seventy percent of firms said they would likely remain in Britain, down from 80 percent five months ago.

Of the 944 European Union-based hedge fund managers Preqin tracks, 590 are headquartered in the UK, running a combined $500 billion (£393.76 billion) in assets, compared with $140 billion elsewhere in Europe.

“Given that the UK government has yet to trigger Article 50, it is unsurprising that uncertainty still prevails about the wider impact of Brexit on the hedge fund sector,” Amy Bensted, head of hedge fund products, said.

“Until these effects become clearer, the majority of hedge fund managers and investors are conducting their business as before.”

Reporting by Simon Jessop

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