Only half of the European fund management industry would be aversely affected by a UK decision to leave the European Union, new research has claimed.

The research, conducted by PureGroup, estimated that 46% of European funds were expected to be negatively impacted, while around one-third – or 36% – of funds were expected to be “indifferent” towards the outcome.

“If the status quo prevails, a relief rally may result in a short-term decline in European volatility,” the company’s research adds.

“This could be beneficial in the short term to 30.4% funds that have negative sensitivities towards this factor.”

However, the research found that, regardless of the UK electorate’s decision at the referendum, European investors would still be faced with volatility as a “prevailing” feature.

“This is because of the incomplete integration of the euro-zone and the near-term concerns over conditions in periphery countries,” it says.

The research also cites the risk of higher interest rates leading to pressures across emerging markets and the risk of a slowdown in China as areas that could impact the investment climate in coming months.

“This situation,” it adds, “leaves investors uncertain of how to read the Brexit implications with respect to the investment funds they hold.”