The biggest private equity house on the London stock market is considering turning its outpost in Luxembourg into a fully-licensed hub so that it is protected from a hard Brexit, its boss has said.

3i chief executive Simon Burrows said the FTSE 100 group has an administrative office in Luxembourg which is "where we'd have our formal regulatory approval for Europe" if the UK lost its passporting rights.

"We may or may not have to ensure we have a mirror of our approvals in continental Europe," he said.

With a decision yet to be made, the group appears to be chewing over its options with less urgency than others in the sector, with a wave of financial institutions - including Lloyds of London, JP Morgan and Hiscox - already unveiling plans to expand in Europe post-Brexit.

Most are acting on the assumption that it will be a hard exit from the EU, meaning firms would lose the ability to service clients in the EU once the UK leaves, with Luxembourg emerging as a popular choice.