On Tuesday, according to a survey of financial executives by Duff & Phelps, it is seen that New York overtakes London to become the pre-eminent financial center in the world due to fallout from Brexit,
As per the consultants, their annual Global Regulatory Outlook survey contacted about 180 employees in private equity, banking, hedge funds, brokerage and asset management. They were questioned that according to them or what they think about the location of the financial center. So, over 60 percent replies were from the United States and Britain and the rest were generally from Singapore, Hong Kong, Luxembourg and Ireland.
As increased percent, 10% from 2018, just half of the respondents now see New York as the global best financial hub. About 36% see London as the world’s top financial hub, but the percentage as compare to last year down to 17%.
Duff & Phelps said, “In the previous year, Brexit cast a shadow of ambiguity over the economy of United Kingdom; now it has risen to a full blown crisis”.
“Looking further on, diffusion of globalization influence begins to be clear. 12% of respondents anticipate Hong Kong five years from now to be the most excellent financial center in all over the world.”
“UK monetary sector would emerge stronger from Brexit”, said by British government ministers last week.
According to Duff & Phelps Frankfurt, Luxembourg and Dublin also fared better this time since the financial industry of European Union searches for a new center.
The departure of Britain from the European Union has already been postponed two times with the next deadline set for 31st October. Hence, the ambiguity over upcoming bilateral trade relations has provoked asset managers, insurers as well as banks for setting up the operations in alliance so that the links with the patrons can be maintained in an efficient way.