Those surveyed also said they foresaw London’s influence declining further in coming years, with “only a quarter of banking, asset management and hedge funds leaders now think[ing] that London will still be a contender for the world’s pre-eminent global financial centre in five years’ time,” a summary of the survey’s findings said.
The survey for Kinetic Partners’ 2014 Global Regulatory Outlook report sees the proportion of executives who name London as the leading financial centre drop to 40%, down from 65% in the same survey last year.
Almost half, or 49%, now name New York instead, up from 31% a year ago.
Looking forward, 40% still expect New York to be top of the global financial world in 2018, but just 26% – and only 24% of the 132 chief executives questioned – think the same of London, down from 41% last year, the summary of the survey’s findings noted.
Chris Lombardy, a Kinetic Partners regulatory compliance executive based in New York, said that despite all the turbulence in global financial markets over the past five years, many institutions continued to make New York their base.
New regulations have been debated and in many cases enacted, he said, but these New York institutions have "largely adapted, and [their] confidence appears strong".
Kinetic Partners was established in 2005, and has offices in eight of the financial centres on its list: London, Dublin, New York, Grand Cayman, Switzerland, Hong Kong, Luxembourg and the Channel Islands.
Earlier today, International Adviser reported the UK had moved up the world rankings of countries with the most competitive tax regime. Click here to read the full story.
