According to the latest report by the New Financial think tank, one of the most detailed yet on the impact of Brexit on financial services, nearly 300 UK financial firms are moving a combined $1.2 trillion (£925.4 billion) in assets and funds and thousands of staff from Britain to the European Union (EU) as they prepare for Brexit at a cost of up to $4 billion, Reuters reports.
“Dublin alone accounted for 100 relocations, ahead of Luxembourg with 60, Paris 41, Frankfurt 40, and Amsterdam 32.
Nearly 90 percent of all firms moving to Frankfurt are banks, while two-thirds of those going to Amsterdam are trading platforms or brokers. Paris is carving out a niche for markets and trading operations of banks and attracting a broad spread of firms.
New Financial identified 5,000 expected staff moves or local hires, a figure that is expected to rise in coming years.
A better measure of Brexit’s impact is the scale of assets and funds being transferred, it said.
Relocations have cost firms $3 billion to $4 billion, which will be passed on to customers and shareholders.
London will remain the dominant financial centre for the foreseeable future, but other European cities will chip away at London’s lead over time.”