An airplane is seen flying over Citibank’s building, Canary Wharf, London, 22 July 2012. Citibank was one of the financial companies cited on 1 March 2018 by Luxembourg for Finance as shifting some EU operations to the grand duchy. Photo credit: Duncan Rawlinson (CC BY-NC 2.0)
More than 20 major financial institutions started or signaled the start of new operations in the grand duchy last year, a state-backed promotion agency has reported.
“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.