London tops global financial centres index despite Brexit looming

London is still ranked as the world’s number one global financial centre index despite Brexit looming and a number of key asset management firms exiting the UK’s capital.

Research undertaken by the Z/Yen Global Financial Centres Index (GFCI) found that London was still ranked at the top of global for competitiveness of financial centres.

Last week, as reported, Columbia Threadneedle was the latest big name asset manager to make changes to its product range and staffing levels based in London, as it prepares for the impending changes that an uncertain Brexit brings to European financial services.

The research (GFCI 23), based on a number of existing indices in combination with a regular survey of senior industry figures from around the world, is conducted twice a year. London remains top for now (see below) with New York second and Asian giants Hong Kong, Singapore and Tokyo in third, fourth and fifth places respectively.

Brexit impact

Z/Yen is predicting a possible change once GFCI 24 will be published in September 2018 saying that it “should be fascinating as the continuing impact of Brexit and the outcome of a number of elections on our respondents’ perceptions will be known”.

The top twenty in the latest index (GFCI 23) are:

CentreGFCI 22GFCI 21Change inRegion
RankRatingRankRatingRankRating
London179417800▲14Western Europe
New York279327560▲37North America
Hong Kong378137440▲37Asia/Pacific
Singapore476547420▲23Asia/Pacific
Tokyo574957250▲24Asia/Pacific
Shanghai674167110▲30Asia/Pacific
Toronto772877100▲18North America
San Francisco872617693▲9▲33North America
Sydney97248707▼1▲17Asia/Pacific
Boston1072219690▲9▲32North America
Beijing1172110703▼1▲18Asia/Pacific
Melbourne1272013696▼1▲24Asia/Pacific
Montreal1371912697▼1▲22North America
Chicago1471824683▲10▲35North America
Vancouver1571718692▲3▲25North America
Zurich167139704▼7▲9Western Europe
Los Angeles1771223683▲ 6▲29North America
Shenzhen1871020689▲2▲21Asia/Pacific
Dubai1970918691▼1▲18Middle East & Africa
Frankfurt2070811701▼9▲7Western Europe

Full Details of GFCI 23 are available here.

ABOUT THE AUTHOR
Gary Robinson
Head of Video and Ezines at Open Door Media Publishing. An experienced journalist and filmmaker with more than 20 years' financial services experience, both as journalist and originally as a fully qualified IFA, Gary works across both International Investment and InvestmentEurope titles. Previous video production credits include projects on BBC, C4 and SKY.

Read more from Gary Robinson

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