Financial firms move £800bn in assets to Europe on Brexit fears

Latest data from EY reveals City exodus

clock • 2 min read

Financial services companies have transferred around £800bn of assets from the UK to Europe since the 2016 referendum on EU membership while firms continue to move operations and staff to the continent, according to EY.

EY's financial services Brexit Tracker, which monitors public statements made by 222 of the largest financial services firms with significant operations in the UK, revealed that as of 30 November 2018, 22 companies announced a transfer of assets out of London to Europe. However, EY indicated that as not all firms have publicly declared the value of the assets being transferred, the total figure could be even higher. UK financial services leader at EY Omar Ali explained firms are continuing to move assets, staff and operations to the EU27 in efforts to ensure continuity for their clien...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Sector divided on Reeves' pullback on Cash ISA reform

Sector divided on Reeves' pullback on Cash ISA reform

‘A big win for defenders of a broken system’

Sorin Dojan
clock 11 July 2025 • 2 min read
FCA flags progress on internal DEI targets and urges action on Consumer Duty

FCA flags progress on internal DEI targets and urges action on Consumer Duty

According to the FCA report 2024-2025

Sahar Nazir
clock 11 July 2025 • 2 min read
FCA reviewing client categorisation rules to distinguish retail investors from the pack

FCA reviewing client categorisation rules to distinguish retail investors from the pack

Goal of 40 more initiatives to be completed by year end

Eve Maddock-Jones
clock 10 July 2025 • 2 min read