Financial firms move £800bn in assets to Europe on Brexit fears

Latest data from EY reveals City exodus

clock • 2 min read

Financial services companies have transferred around £800bn of assets from the UK to Europe since the 2016 referendum on EU membership while firms continue to move operations and staff to the continent, according to EY.

EY's financial services Brexit Tracker, which monitors public statements made by 222 of the largest financial services firms with significant operations in the UK, revealed that as of 30 November 2018, 22 companies announced a transfer of assets out of London to Europe. However, EY indicated that as not all firms have publicly declared the value of the assets being transferred, the total figure could be even higher. UK financial services leader at EY Omar Ali explained firms are continuing to move assets, staff and operations to the EU27 in efforts to ensure continuity for their clien...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

SimplyBiz CEO warns of advice sector 'polarisation'

SimplyBiz CEO warns of advice sector 'polarisation'

Important to continue supporting smaller firms, Tom Hegarty tells PA

Isabel Baxter
clock 24 July 2025 • 5 min read
PFS invests £1m in future talent

PFS invests £1m in future talent

Key that financial planning tackles 'mistrust' and knowledge gaps

Sahar Nazir
clock 23 July 2025 • 2 min read
Women in Financial Advice Awards 2025: Shortlists revealed!

Women in Financial Advice Awards 2025: Shortlists revealed!

All the winners will be announced at a celebratory gala dinner on 12 November

Professional Adviser
clock 23 July 2025 • 9 min read