180 executives participating in the annual Global Regulatory Outlook survey working in asset management, private equity, hedge funds, banking and brokerage houses placed New York above London as the world’s top financial center.
On Tuesday, as per the results of a survey by Duff & Phelps of financial executives showed that New York has overtaken London to become the world’s top financial centre.
The consultants said their annual Global Regulatory Outlook survey contacted 180 executives in asset management, private equity, hedge funds, banking and brokerage.
Respondents were asked where they think the top financial center is located.
More than 60% of the respondents were from Britain and the U.S., while the remaining 40% were from Singapore, Hong Kong, Luxembourg, and Ireland.
A little more than 50% of the respondents voted New York to be the world’s top financial center, up by 10% from 2018, while 36% see London as the leader, down by 17% from a year earlier.
“Last year, Brexit cast a shadow of uncertainty over the United Kingdom’s economy; it has now escalated to a full-blown crisis,” said Duff & Phelps. “Looking ahead, however, globalization’s diffusion of influence begins to be apparent: 12% of respondents expect Hong Kong to be the world’s preeminent financial center five years from now.”
Last week, ministers from the British government opined that the UK financial sector would emerge stronger after Brexit.
In yet another Brexit effect, Duff & Phelps stated Dublin, Frankfurt and Luxembourg fared much better this year as the European Union’s financial industry searches for a new hub.
Britain’s departure from the EU has been delayed already twice this year. The next deadline is on October 31.
Growing uncertainty over future bilateral trade relations has prompted asset managers, banks, and insurers to set up operations in the EU so as to continue to serve existing customers.
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