More than 80% of fund managers have or are planning to hire staff in new “cross-border” locations thanks to Brexit, according to a survey of their intentions from custodian bank State Street.

The survey, made up of 250 asset managers globally, found 54% saying they would expect to “hire staff in a new location” within the next five years. 7% have already done so, while a further 21% are in the process of doing so.