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Brexit

Asset transfers due to Brexit reach £1 trillion – EY survey

The amount of assets going to other European Union countries from the U.K. because of the Brexit referendum increased 25% to £1 trillion ($1.3 trillion) as of Feb. 28, up from £800 billion as of Nov. 30, according to a survey by Ernst & Young.

EY's latest Financial Services Brexit Tracker, which monitors public announcements also showed that, as of Feb. 28, the number of financial services companies that are moving or considering moving staff out of the U.K. to continental Europe jumped 30% to 39 firms from 30 on Nov. 30.

Since the referendum on the U.K.'s exit from the European Union on June 23, 2016, 63% of surveyed companies have announced a transfer of assets to continental Europe from the U.K.

Among all 222 financial services firms surveyed, Dublin, Paris, Luxembourg and Frankfurt have proved popular destinations for those transferred assets. Dublin remains the most popular location; however, in the last three months the gap narrowed for other European cities with 21 firms now opting for Frankfurt, 19 firms choosing Luxembourg and 18 firms selecting Paris, the survey found.

Across Europe more than 2,300 new jobs have been added or are in the process of being added by financial services firms in response to Brexit, just more than 500 of those positions being filled in London.

"As March 29 draws nearer, companies are reconfirming or revising the statements they have made about the extent of staff and operational changes they are making, but we are not seeing many last-minute surprises. Firms are executing their plans as expected," said Omar Ali, U.K. financial services leader, in a news release.

"The value of assets is creeping up, the number of jobs moving is relatively stable as a total, but we are seeing individual firms reduce the number of staff they are moving, whilst still ensuring they are in a position to serve their end customers," Mr. Ali added.