UK private equity faces post-Brexit brain drain

Two thirds of EU nationals responding to PER's latest Brexit Impact Survey stated they had plans to leave the UK – with more than 50% aiming to do so within the next two years and 89% saying Brexit had influenced their decision.

The survey polled 1,144 finance professionals, with 31% working in PE and VC, and the remainder spread across various financial organisations and advisers. The sample is spread across seniority level, with 16% of the respondents at partner level, 31% at director level and the remainder at more junior levels. Slightly more than two thirds of respondents are EU nationals working in the UK, with a further 10% holding dual British/EU citizenship.

Even professionals with dual citizenship indicated a willingness to relocate – 49% are planning to leave the UK, and 59% of these would do so within two years.

Across all alternative asset classes, two thirds of EU-national respondents working at director or partner level are planning to leave the UK, with half aiming to do so within two years. Furthermore, PER identified that more than half of the candidate pool likely to feed future PE roles (mostly analysts and associates in investment banking, strategy consulting and commercial due diligence) was considering leaving the UK, irrespective of nationality. A majority (82%) said Brexit influenced their decision.

Continental Europe would have much to gain from a potential brain drain, according to the survey. Switzerland has emerged as a top destination, with nearly a third (32%) of those EU nationals planning to leave putting it as their preferred choice to relocate. France is also attractive for 25% of respondents, with Germany not far behind at 24%.

The full report by PER can be seen here.

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