Brexit has made sovereign wealth funds less confident over the prospect of the UK as a long-term investment centre, according to a recent report from investment management firm Invesco.

The report surveyed 97 sovereign investors and found that the UK’s departure from the EU “poses a threat to the long-term attractiveness of the UK”. Its future as a European investment hub faces mounting doubt “given uncertainty over taxes on imports and market access”, according to the report. Germany, conversely, has increased in attractiveness.

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Increased geopolitical uncertainty is leading to a focus on perceived ‘safe haven’ international and home markets – namely the US, and Germany within the EU. India is growing in attractiveness among emerging markets, particularly because of its prospects for long-term economic growth.

“In developed markets, uncertainty over global interest rates is shifting focus to identifying markets to shelter assets, with Brexit and the US election cited as the factors of fastest growing importance to asset allocation,” wrote Invesco.