Brexit helps New York take top finance spot from London: Survey , Latest Business News - The New Paper

Brexit helps New York take top finance spot from London: Survey

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LONDON Fallout from Brexit has helped New York overtake London to become the world's pre-eminent financial centre, a survey of financial executives by Duff & Phelps showed yesterday.

The consultants said their annual Global Regulatory Outlook survey contacted 180 executives in asset management, private equity, hedge fund, banking and brokerage. They were asked where they think the top financial centre is located.

Just more than half of respondents now see New York as the world's top financial centre, up 10 per cent from last year, while 36 per cent see London as the leader, down 17 per cent from last year.

"Last year, Brexit cast a shadow of uncertainty over the United Kingdom's economy; it has now escalated to a full-blown crisis," Duff & Phelps said.

"Looking ahead, however, globalisation's diffusion of influence begins to be apparent: 12 per cent of respondents expect Hong Kong to be the world's pre-eminent financial centre five years from now."

British ministers said last week the British financial sector would emerge stronger from Brexit.

Duff & Phelps said Dublin, Frankfurt and Luxembourg also fared better this year as the European Union's financial industry searches for a new hub.

Brexit has already been delayed twice, and uncertainty over future bilateral trade relations has prompted banks, asset managers and insurers to set up operations in the bloc to maintain links with customers. - REUTERS