Brexit is creating more exits—of investor assets, according to deVere Group, a global independent financial advisory firm that says high-net-worth investors are fleeing British investment.

Sixty-nine percent of high-net-worth individuals surveyed by deVere say they will rebalance and diversify their portfolios to reduce their exposure to United Kingdom-based assets in the wake of the Brexit vote. Eighteen percent say they will not and 13 percent have not decided yet.

The survey included 770 people with investable assets of at least $1.3 million from countries across the globe, including the United States and Britain.

“It would appear these high-net-worth investors believe Brexit negotiations will be complex, and are likely to cause a flatter U.K. economy, and that other countries will achieve higher levels of growth in this period and, therefore, will produce higher returns,” says Nigel Green, deVere Group’s founder and CEO.

“The survey underscores that Brexit is becoming a catalyst for high-net-worth investors to widen the scope of diversification within their portfolios. This is something we champion,” he adds. “Irrespective of the Brexit vote, it is always recommended that investors think global in regards to their portfolio.
“While the trend is clear for people to consider a shift away from U.K.-based assets, U.K. property appears to remain immune from this, with deVere mortgages reporting a surge in inquiries since Brexit,” Green says.