3i is expected to select the grand duchy as the hub for its EU operations, the Financial Times reported on Friday.

Luxembourg will probably be selected over Amsterdam, Frankfurt and Paris because 3i already has fund administration activity in the grand duchy.

“The company already has staff working in Luxembourg and it is familiar with the way of doing business there”, a source told the FT.

The official decision is meant to take place “by the end of the year”, the FT’s sources said. 3i declined to comment for the newspaper’s article.

Dozens of investment firms are relocating from London to Luxembourg, and other continental financial centres, to keep their “passport”, or ability to serve several EU markets from a single location.