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Bailey McCann, Opalesque New York:

Law firm Laven Partners released a new survey today examining how financial firms expect Brexit to play out. The survey includes 76 responses, spread across out the UK (42% of respondents), Ireland (8%), Hong Kong (7%) and the US (12%) and a few more. The variety of firms that participated spans from regulatory advisory firms to investment advisers and fund managers.

"Respondents revealed a strong preference to relocating to Ireland (64%) showing that in near a decade Ireland is deemed to have recovered well from the financial crisis and avoided some of the business complexities that have hurt Luxembourg. Other jurisdictions such as Switzerland seem to have also fallen out of favour," report authors write.

Surprisingly 61% of respondents expect to see new opportunities arise out of Brexit and only moderate regulatory changes. 34% of investors expect to pause new allocations while they await regulatory guidance on the future of investing in the UK. Some respondents suggested that it may make sense to view the UK as a third country alongside the US and the EU when considering allocation decisions.

"UK-based fund managers may find it difficult to serve European clients if they are to lose their passporting rights, which currently allow them to market across 30 EEA countries under the EU’s UCITS and AIFM directives. Although moving the manager or activity to another EEA base would be a costly process, it may be deemed a necessary......................

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