The chief executive of one of Europe’s largest fund managers is worried London faces a “brain drain” of the best young financial talent due to Brexit, and has urged the UK government to address the City’s concerns.

Andreas Utermann, head of €513bn fund manager Allianz Global Investors, which has a substantial presence in the City and runs its graduate recruitment programme from London, said he is “very worried” about the capital's ability to attract the best talent from across Europe in future.