Dublin top for finance firms relocating after Brexit

DUBLIN and Frankfurt have emerged as top destinations for financial services looking to shift operations out of the UK after Brexit, beating rival hubs such as Luxembourg and Paris.

EY’s Brexit Tracker shows that 59 of the 222 companies monitored are either reviewing their primary locations or have started moving parts of their business out of the UK, up from 23 companies in March.

While “several” companies have cited more than one possible hub for those operations, the survey found that most firms have chosen Germany or Ireland as their new EU home.

The survey highlighted that 19 firms have already publicly stated that they will be moving staff or operations to Dublin or other parts of Ireland, while 18 have mentioned Frankfurt or Germany in their post-Brexit contingency plans.

Insurer Legal & General said in May that it plans to relocate parts of its business to Dublin and Barclays is reportedly planning to bulk up its Irish offices.

Japanese banks including Daiwa and Sumitomo Mitsui Financial Group (SMFG) have announced plans for subsidiaries in Frankfurt, while Standard Chartered confirmed in May that it had contacted the local regulator about setting up its own subsidiary in the German city, where it already has a presence.

The report said that 11 firms have turned to Luxembourg, which has already attracted a number of insurers including RSA, AIG and Hiscox, including six wealth and asset management firms.