Trillion pounds of assets leave London ahead of Brexit

LONDON: Assets worth around a trillion pounds (Dh4.84 trillion; $1.32 trillion) are moving from London to hubs in the European Union ahead of Brexit, with the parallel shift in jobs likely to top 7,000, consultants EY said on Wednesday.

Banks, asset managers and insurers in London are opening or expanding hubs in the EU to avoid disruption from Britain’s departure from the European Union.

Britain is legally due to leave next week, but the British government is asking Brussels for a delay.

In its latest Brexit Tracker, EY said that 23 companies have announced the transfer of about a trillion pounds in assets, up from 800 billion pounds in the last quarter.

Dublin remains the most popular destination for relocations, with 28 companies saying they have plans to set up shop there, but Frankfurt, Luxembourg and Paris are catching up, with between 21 and 18 firms.

“As 29 March draws nearer, companies are reconfirming or revising the statements they have made about the extent of staff and operational changes they are making, but we are not seeing many last-minute surprises — firms are executing their plans as expected,” EY said in a statement.

— Reuters