Luxembourg and Dublin have emerged as favorites among firms who are shifting their European operations from Britain following Brexit.
According to sources familiar with the matter at hand, Goldman Sachs has picked Dublin as a location for its administrative staff in its asset management business following Brexit.
The subsidiary of Goldman Sachs Asset Management will employ around 20 people, said the source.
The bulk of the European operations of Wall Street banks are located in Britain and employs 6,000 people.
Following uncertainties surrounding Brexit, asset managers, banks and insurers have established subsidiaries in the EU. Goldman Sachs has also been one of them, with the firm leasing office space at a new building in Frankfurt, for up to 1,000 staff.
Luxembourg and Dublin have emerged as favorite destinations for the asset management business.
While Prudential’s M&G has selected Luxembourg for its European operations, Legal & General Investment Management has picked Dublin.