Dublin’s reputation as global financial centre improves

The perception of Dublin as an international financial services centre continues to strengthen as the city shows further improvement in a global survey, advancing three spots in the rankings.

According to the Global Financial Centres Index 22, a ranking of the competitiveness of financial centres prepared by the Z/Yen Group , Dublin has inched up three places in the rankings of 92 global financial centres to 30, as its overall score rose from 663 to 672.

The city was also chosen, alongside Shanghai, Singapore and Frankfurt, as one of the 15 centres “likely to become more significant”.

Close competitor Luxembourg, meanwhile, jumped four places to 14th, but its rating actually disimproved, down from 708 to 695, while Zurich, which also advanced to two places to put it in the top 10 at nine, also saw its rating decline.

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From a European perspective the big mover is Frankfurt, which has catapulted itself forward by 12 places to 11th, just outside of the top 10. Paris has also improved its positioning, up three spots to 26.

All these centres are in the frame to win business from London post-Brexit, with Luxembourg recently asserting that it expects to see about 3,000 jobs being created as asset managers and insurers bulk up operations to avoid being cut off from EU customers.

So far, Morgan Stanley, Citigroup, Standard Chartered and Nomura have indicated a preference for Frankfurt, while HSBC is the biggest non-French bank so far to opt for Paris, and both Barclays and Bank of America have opted for Dublin. Insurers like AIG and CNA Hardy have plumped for Luxembourg.

The survey also shows little change at the top. London remains in the number one spot despite the Brexit negotiations and the uncertainty of what shape its financial services sector might take when the UK departs the European Union. Indeed London only fell two points, the smallest decline in the top 10 centres.

New York remains in second place, while Hong Kong has moved just ahead of Singapore into third – only two points ahead on a scale of 1,000. Tokyo remains in fifth.

Workforce

Meanwhile, US insurer Chubb has chosen Paris to host its post-Brexit EU headquarters in another blow to Britain’s financial services industry.

It is unclear whether the decision will require UK staff to relocate, and a spokeswoman for the insurer said no decision had yet been made on what the contingency plans would entail for its workforce.

The company did not confirm the size of the insurer’s UK operations, but said its European workforce totalled around 3,600 staff.

Chubb’s chief executive and chairman Evan G Greenberg said France was “a clear choice” for the firm.

“Paris is the principal office for our continental European operations, and we have a significant investment there in both financial and human resources, as well as a large portfolio of commercial and consumer insurance business throughout France.” – Additional reporting by PA