Brexit Helps New York Take Top Finance Spot

According to a survey conducted by Duff and Phelps showed on Tuesday, In Router’s London, the fallout from Brexit has helped New York overtake London to become the world’s pre-eminent financial center. Their yearly Global Regulatory Outlook survey contacted 180 executives in asset management, hedge funds, private equity, banking, and brokerage according to the consultants.

The question that was asked to them is where do they think the top financial center is located. Their responses were from the United States and Britain and the rest is from Ireland, Hongkong, Singapore, and Luxembourg. More than 60 percent responded that. Mainly half of their responses now said that New York as the world’s top financial center. In 2018, it is up to 10 percent while others said that London as the leading center down to 17 percent from last year.

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According to Duff and Phelps, “If you look ahead, 12 percent of respondents expect Hong Kong to be the world’s preeminent financial center five years from now.” Global diffusion of interest begins to be apparent.

Last week, according to the British government, the UK financial sector would emerge stronger from Brexit. Dublin, Luxembourg, and Frankfurt also fared better this year as the European Union’s financial industry searches for a new hub according to Duff and Phelps.

Departure from the EU of Britain has already been delayed twice and the next deadline set for Oct 31, there will be uncertainty over future bilateral trade relations in the bloc to maintain links with customers to be set up by asset managers, promoted banks and insurers.

Cover Photo Credit: Trendz.Az