PricewaterhouseCoopers polled 644 professionals from 400 asset management companies at a London conference last month.

More than two-thirds of investment professionals fear UK-based asset managers will see their right to sell funds freely across Europe blocked by Britain's divorce from the European Union, according to a poll conducted by PricewaterhouseCoopers for the Financial Times.

The Big Four firm polled 644 professionals from 400 asset management companies at a conference in London last month. The results showed widespread concern about the impact of Brexit on UK-based investment companies, which manage £7 trillion ($8.9 trillion) of assets collectively and employ some 50,000 people. After the US, the UK is the second-largest investment management hub in the world, and manages 37 per cent of all European assets, according to the Investment Association. 

Once the UK exits the EU, asset managers are unlikely to retain full “passporting” privileges that allow UK financial institutions to access the EU single market without limitations, according to 70 per cent of the respondents.

According to PwC's poll, 85 per cent of respondents said they believe it would be necessary to relocate some UK-based investment staff to mainland Europe as a result of Brexit.

So far, only one investment company – US-based asset manager Columbia Threadneedle – has confirmed it will transfer staff to mainland Europe in response to the UK's decision, according to the Financial Times.

However, 7 per cent said their companies have already begun relocating investment staff following the referendum earlier this year, while nearly a quarter said their companies plan to transfer staff in the future.