Consulting firm EY is reporting that increased uncertainty around Brexit is driving financial services companies to move almost $1 billion of assets to Europe. The survey cites a number of observations from EY’s team of Brexit watchers including the following:
- As of November 30, 2018, 80 out of 222 of the companies monitored in EY’s Financial Services Brexit Tracker had publicly confirmed, or stated their intentions, to move some of their operations and/or staff from the UK to Europe – up from 31% over the last twelve months. For universal and investment banks, wealth and asset managers and the insurance sector, that number jumps to 48% of firms (68 out of 143).
- 27 out of 48 of the universal banks, investment banks and brokerages monitored by EY have said they are considering or have confirmed that they are moving some of their operations and/or staff. This compares to 44% (25 out of 57) of wealth and asset managers.
- 27 companies confirmed they are moving or adding some staff and/or operations to Dublin, up from 21 last quarter, EY reported. Fifteen companies confirmed they are moving or adding some staff and/or operations to Paris, up from 10 last quarter. EY also noted an increase in the number of companies that confirmed plans to move or add some staff and/or operations to both Frankfurt and Luxembourg.