Food for thought for those thinking Brexit is the end gong for UK financial services and fintech.
Reuters reports that a thousand EU financial firms plan to open UK offices after Brexit.
These banks, asset managers, payments companies & insurers in the European Union plan to open offices in post-Brexit Britain so they can continue serving UK clients, regulatory consultancy Bovill said on Monday, 20 January.
“In practical terms, these figures mean that European firms will be buying office space, hiring staff and engaging legal and professional advisers in the UK,” Bovill said.
Firms from France, Cyprus and Germany have applied for 170, 165 and 149 temporary permissions respectively, the consultancy said.
EY said banks will now have to decide whether having multiple hubs in the euro zone and Britain after Brexit makes economic and strategic sense or if some should be closed.
Source: https://www.reuters.com/article/us-britain-eu-banks-idUSKBN1ZJ00D
This follows news that Michael Spencer, one of the City’s best-known entrepreneurs, has become the cornerstone investor for a new UK fintech fund that aims to raise up to £100m. Mr Spencer is to contribute at least £25m, via his IPGL vehicle, to a fund called Element Ventures, which will focus on investments in technologies that streamline working practices in financial markets.
Posted by Peter Oakes (www.peteroakes.com)
#FintechUK #UKFintech
See also www.UKFintech.com www.FintechIreland.com
Reuters reports that a thousand EU financial firms plan to open UK offices after Brexit.
These banks, asset managers, payments companies & insurers in the European Union plan to open offices in post-Brexit Britain so they can continue serving UK clients, regulatory consultancy Bovill said on Monday, 20 January.
“In practical terms, these figures mean that European firms will be buying office space, hiring staff and engaging legal and professional advisers in the UK,” Bovill said.
Firms from France, Cyprus and Germany have applied for 170, 165 and 149 temporary permissions respectively, the consultancy said.
EY said banks will now have to decide whether having multiple hubs in the euro zone and Britain after Brexit makes economic and strategic sense or if some should be closed.
Source: https://www.reuters.com/article/us-britain-eu-banks-idUSKBN1ZJ00D
This follows news that Michael Spencer, one of the City’s best-known entrepreneurs, has become the cornerstone investor for a new UK fintech fund that aims to raise up to £100m. Mr Spencer is to contribute at least £25m, via his IPGL vehicle, to a fund called Element Ventures, which will focus on investments in technologies that streamline working practices in financial markets.
Posted by Peter Oakes (www.peteroakes.com)
#FintechUK #UKFintech
See also www.UKFintech.com www.FintechIreland.com