The Global Regulatory Outlook survey, conducted among 245 executives from asset management, banking and other financial institutions around the world, found that New York has extended its leadership over London.
The results indicate that 56% of those consulted consider the financial capital of the United States as the most important center of market operations in the world, an increase of 33 percentage points compared to two years ago.
Only 33% of those surveyed see London as the leading global financial center, down more than 20 percentage points from two years ago.
“It’s hard to avoid the suspicion of three years of uncertainty and ultimately the Brexit vote contributed to the downfall of London,” said Monique Melis, managing director of Duff & Phelps.
Both New York and London are poised to lose ground in the next five years as the emerging hubs of Hong Kong, Singapore and Shanghai are expected to post faster growth, according to the survey.
Just 22% expect London to remain a major financial center in the next five years, according to the survey. Few respondents believe that Paris, Frankfurt or any other European city would come close in popularity among investors to replace New York or London.
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