Schwarz Gehard, a London-based asset manager, has unveiled plans to shift the management of its private client services to its office in the Austrian capital of Vienna in response to Brexit.

Under the plan, the firm will merge its UK entity with its European institutional unit.

The merger will be effective before 29 March 2019, when UK is due to exit the European Union.

The move will result in the relocation of up to 60 staff.

The firm will retain its existing office in London, while focusing on expansion across Europe.

Schwarz Gehard London senior administration officer Kieran Blake said: “The relocation plans would now be put in motion as the absence of a workable Brexit deal at this late stage of negotiations will likely have significant operational effects as Schwarz Gehard seeks to expand and continue to serve clients throughout the European Union.”

Brexit has prompted several firms to relocate their operations.

Earlier this month, UBS received the go-ahead to move €32bn of its UK assets to Germany over Brexit concerns.

At the same time, Barclays secured the approval to shift €190bn of its UK assets to Dublin.

Last December, Wells Fargo Asset Management (Luxembourg) announced plans to launch Frankfurt and Paris branches as part of Brexit contingency planning.