A number of UK financial services firms have revealed they are also considering a move out of London in a bid to preserve EU passporting rights amid concerns of a hard Brexit.
Last month, London-headquartered asset manager M&G investments, the investment arm of UK insurer Prudential, announced that it plans to set up a management company in Luxembourg, ending months of speculation that it might establish part of its business in Dublin.
However, Steven Maijoor, chair of the European Securities and Markets Authority (Esma), recently warned financial centres across Europe against engaging in regulatory and supervisory arbitrage in a bid to attract UK-based firms post-Brexit.
