Over a fifth of the expatriate and international investors served by a global financial advice firm have asked for advice on moving UK assets out of Britain since the referendum on EU membership in 2016.
The claim comes from the deVere Group, which has over 80,000 clients across 100 countries. Nigel Green, founder and CEO of deVere Group, said: “More than 20% of our clients have sought advice on moving assets out of Britain since 2016. The pace of this trend picked up over the first quarter of 2019, as the Brexit chaos fell into a national crisis for the UK.” Green added: “It could be argued that many UK investors should be doing this anyway. There is a strong ‘home bias’ approach which tends to distort investors’ asset allocation, and that leads to a lack of geographical diversification. The Brexit chaos may be a good excuse to start that much-needed rebalancing in favour of global equities, bonds and perhaps property.”