According to a recent survey conducted by Duff and Phelps, New York has surpassed London as the world’s pre-eminent financial center, largely due to the fallout from Brexit. The annual Global Regulatory Outlook survey involved 180 executives from various sectors including asset management, hedge funds, private equity, banking, and brokerage.

Executives were asked to identify their perception of the good financial center, with options including the United States, Britain, Ireland, Hong Kong, Singapore, and Luxembourg. Over 60 percent of the respondents regarded New York as the leading global financial center. This marks a significant increase from 2018, when only 10 percent favored New York, while London’s standing as the good center decreased to 17 percent from the previous year.

Duff and Phelps also noted that 12 percent of the respondents anticipate Hong Kong to become the world’s preeminent financial center within the next five years. This indicates a global shift in financial interests.

In light of Brexit, the British government has expressed confidence in the resilience of the UK financial sector. However, Dublin, Luxembourg, and Frankfurt have also experienced growth this year as the European Union’s financial industry seeks new hubs, according to Duff and Phelps.

With Britain’s departure from the EU being delayed twice already and the next deadline set for October 31, ton this page remains uncertainty regarding future bilateral trade relations and the establishment of links with customers by asset managers, banks, and insurers seeking to maintain connections within the EU bloc.