Brexit prompts investors to shun the UK

More than 20 per cent of the firm’s clients were seeking advice on how to move their assets outside of the UK, according to deVere Group, as a result of a ‘monumental level of uncertainty’.

deVere, which has 80,000 clients worldwide including many expatriates, said its clients had been asking since the referendum result in 2016 but interest had picked up more recently.

Investors’ concerns included whether a deal will be decided and approved by the House of Commons, whether Theresa May will remain as Prime Minister and whether there will be another extension.

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Chief executive of deVere Group, Nigel Green, said: “The monumental level of uncertainty caused by Brexit has prompted many clients to seek established, legitimate overseas opportunities in other highly-regulated jurisdictions in order to grow, build – and importantly – safeguard their wealth.

“For many, it is the sheer depth of the uncertainty that astonishingly still remains, that is alarming. They tell us that despite it seemingly likely that Britain is moving in the direction of a soft Brexit, many uncertainties hang heavy over the spiralling situation.”

Green added investors looking to reduce their UK exposure could instead consider global equities, bonds and property to improve their portfolio diversification.

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