Bank of England governer says risk of no deal Brexit "uncomfortably high".
Photo: Bank of England
Deal or no deal, asset managers are on the move in anticipation of Brexit and Luxembourg continues to be their domicile of choice.
Switzerland’s second biggest bank, Credit Suisse has selected its post-Brexit hubs as Luxembourg, Madrid and Frankfurt, it was reported on Reuters on 2 August 2018.
The article states that, according to sources, Credit Suisse is likely to, “move around 50 investment bankers to Germany, 50 to Madrid, and up to 150 to other European Union hubs including Luxembourg in the event of a hard Brexit.”
A previous news brief on the same site also revealed that Jupiter Asset Management has hired five senior staff to bolster its presence in Luxembourg.
So, as previously reported on Delano (please see our articles below), asset managers are on the move, not waiting for the outcome of negotiations and regardless of a hard or soft-boiled result. This is probably a good thing as, again on Reuters, the governor of the Bank of England, Mark Carney was quoted as saying that there is an “uncomfortably high” of the UK leaving the EU with no deal at all.