Doomsday sayers have been calling an end to the U.K.’s status as the most favored nation among the world’s wealthy since the vote on Brexit three years ago. The reality may well be a different one, Julius Baer's country head David Durlacher says in an interview with finews.com.

Has the continued uncertainty around Brexit dimmed the U.K.’s appeal as a destination for the wealthy?

No, we haven't seen a trend towards ultra and high net worth clients leaving the U.K., nor being deterred from coming here. A recent survey by EY shows that investors still view the U.K. as highly attractive, and we also see levels of foreign direct investment unchanged from before the Brexit vote. The U.K. still attracts a tenth of all cross-border merger and acquisition deals globally.

What would a no-deal Brexit mean for your clients?

Domestic high-net-worth clients would likely feel the effects of a hard Brexit through both an impact on sterling as well as share prices of small to mid-cap companies. That said, very few of our clients are heavily invested in sterling assets in the U.K., and most would find that global diversification would reduce any impact.

Of course, the counterpart of this is that sterling-based assets would be relatively cheap for international clients and it is, therefore, possible that a hard Brexit could lead to more inward investment.

Julius Baer is one of few international wealth managers with a large onshore presence in the U.K. outside of London. Does the prospect of Brexit (under either scenario) threaten these investments?

No, our clients expect us to bring a global lens to investing and during these volatile time, this mindset has become more important than ever. Structurally, the Julius Baer business isn't dependent on passporting to support its U.K. business, and we are committed to the U.K. for the long term, regardless of what happens in October.

David Durlacher is the CEO of Julius Baer International in London, overseeing the business in the U.K. and Ireland. He joined the Swiss bank in 2013 as the head of relationship management after Julius Baer acquired the international wealth management business of U.S.-bank Merrill Lynch where Durlacher started his career in 1999. He studied at University of Edinburgh.