Duff & Phelps has today released its latest Global Regulatory Outlook (GRO) report which surveyed 183 senior financial services executives from across the globe including Ireland.
The report found that only 36% currently see London as the foremost global financial hub, a 17% decrease from last year. As the regulatory fall-out of Brexit on financial services firms across the UK and Europe remains unclear, 52% of financial services executives now view New York as the world’s financial services capital.
Looking ahead, there is little confidence that London will regain the title as 44% of respondents believe that New York will still hold its position in five years’ time. For the first time, Dublin (4%) has emerged as a potential future global hub, ranking as the highest EU location outside of London alongside Frankfurt (4%) and Luxembourg (3%).
Hong Kong (12%) and Shanghai (9%) have also rose in terms of considerations for either city to become the top global financial services hub, signaling a potential Age of Asia in terms of growth within the Asian financial services industry.
Commenting on the report, Managing Director and Head of Regulatory and Compliance Consulting Services at Duff & Phelps Ireland, Killian Buckley said, "Brexit has cast a shadow of uncertainty over the UK’s world-class financial sector and its ability to dominate other major financial hubs in the coming years. Since the UK referendum result, we have seen streams of financial services companies shift operations to Ireland, a trend that we expect to continue given Dublin’s potential as an alternative to London as a global financial service hub."