European financial centers are not really benefiting from Brexit

Posted on Apr 9, 2021 at 6:16 amUpdated Apr 9, 2021, 7:07 AM

In its latest survey on the attractiveness of global financial centers, Kroll (new name of Duff & Phelps) draws up a worrying observation for the Old Continent. In the eyes of finance professionals, Europe is losing ground significantly. The survey was conducted among 250 bank executives, market intermediaries, hedge funds, asset managers and even investment funds.

As expected, after leaving the European Union, London saw its luster fade. Some 31% of those polled consider the City to be the world’s leading financial center in 2021, against 34% last year and above all, 53% three years ago. More than half (51%) of professionals believe that Brexit will weaken the UK’s position. Only 12% of them think that the London place will emerge strengthened. “Even among UK-based respondents, only a third believe London will be the dominant financial center within five years.”, emphasizes Kroll.

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