Britain’s pending EU exit has put wind in the sails for many of the moves, according to the Reuters news agency.

“During 2017, five banks--Northern Trust, Citibank, JP Morgan, Julius Baer and China Everbright Bank--decided to establish or expand their presence in Luxembourg,” Luxembourg for Finance said in a news statement on 1 March.

The agency also said:

“More than a dozen leading global asset managers, including Blackstone, Carlyle, EQT Partners, Henderson Global, MJ Hudson and T Rowe Price, have also announced their decision to locate or consolidate their activities in Luxembourg.”

Luxembourg for Finance additionally counted ten insurance firms that said they would set up EU hubs in the grand duchy: AIG, Aioi Nissay Dowa Insurance, Britannia, CNA Hardy, FM Global, Hiscox, Liberty Mutual, RSA, Sompo and Tokyo Marine.

“Luxembourg is expecting further announcements from businesses over the coming months, whether in the insurance, fund management, banking or fintech sectors,” the promotion body stated.

Many financial firms are relocating parts of their business from the UK to another EU country in order to guarantee their access to the single European market after Brexit. Other companies are setting up entirely new operations.

France, Germany and Ireland have seen similar inflows.