Financial services firms line up £800bn in post-Brexit asset shift to EU

By Justin Cash

Thumb mm 228 485x302
Jan 10, 2019
0
1

Banks and other leading financial institutions like asset managers have lined up plans to shift around £800bn of assets to Europe from the UK after Brexit, according to research from consultancy EY.

The consultancy looked at 20 public statements already made by companies looking to move assets overseas, some of which did not disclose an exact value of assets, so EY says its estimate may be on the low side.

However, it is clear Frankfurt could be a leading beneficiary of any post-Brexit asset flight, with £715bn potential moving to the German city alone.

In terms of jobs that could go overseas from London, EY puts the figure at around 7,000 – though moving staff can be costly so EY notes some companies are trying to make local hires to avoid large relocation bills.

Financial firms are adding around 2,000 new roles across major European cities like Paris, Frankfurt, and Dublin, EY’s report says.

Medium mm 228 485x302

Money Marketing

Money Marketing, Centaur

The leading magazine and website for IFAs and professional financial advisers. Pensions, investment, mortgages, protection, platforms and regulation news.

1 Comments

Thumb index
John 26 days ago