Banks, asset managers and insurers have moved assets of about £1tn ($1.3tn) from London to other EU financial centres in advance of Brexit, according to EY, which said 23 companies had announced transfers in the last quarter. Dublin was the most popular alternative location, said EY, with a total of up to 21 moves so far followed by Frankfurt, Luxembourg and Paris with 28 more firms each. Job moves, meanwhile, could rise above 7,000, said EY.
Banks, asset managers and insurers have moved assets of about £1tn ($1.3tn) from London to other EU financial centres in advance of Brexit, according to EY, which said 23 companies had announced transfers in the last quarter. Dublin was the most popular alternative location, said EY, with a total of 28 moves so far followed by Frankfurt, Luxembourg and Paris with up to 21 more firms each. Job moves, meanwhile, could rise above 7,000, said EY.