Daily Management Review

New York Emerges As The New Global Finance Centre In Survey


Brexit’s shadow of uncertainty has grown into “a full-blown crisis”, reveals annual survey.

Duff & Phelps’ conducted a survey which involved the financial executive, whereby it revealed that Brexit fallout has been highlighted New York as the “pre-eminent financial centre” of the world whereby leaving London behind.
The “Global Regulatory Outlook survey” is an annual affair, while the consultants involved in it informed that the process reached out to “180 executives in asset management, private equity, hedge funds, banking and brokerage”.
All of them had to answer which place they considered as the “top financial centre” in the world. Over sixty percent of the responses came from Britain and the U.S., while the rest came from “Hong Kong, Ireland, Singapore and Luxembourg”. Over fifty percent of these respondent consider “New York as the world’s top financial centre”, while only ten percent had shared the same opinion in 2018.
According to Duff & Phelps:
“Last year, Brexit cast a shadow of uncertainty over the United Kingdom’s economy; it has now escalated to a full-blown crisis”.
“Looking ahead, however, globalisation’s diffusion of influence begins to be apparent: 12% of respondents expect Hong Kong to be the world’s preeminent financial centre five years from now.”
However, as per the British minister, Brexit would in turn strengthen the financial sector of the U.K. while Duff & Phelps noted that “Dublin, Frankfurt and Luxembourg” also showed an improvement as EU’s search for a new financial hub is on. Furthermore, Reuters added:
“Britain’s departure from the EU has already been delayed twice, with the next deadline set for Oct. 31, 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”.