New York ahead of London in competition for top financial centre

By Nicole Miskelly | 25 November 2014

New York is leading as the world’s number one financial centre according to the recent 2015 Global Regulatory Outlook survey of 300 financial services professionals from around the world. The results showed that 59 per cent of those surveyed said that they considered New York to be the number one financial centre and 38 per cent said that it was London.

The survey was conducted by Kinetic Partners, a financial services advisory group that has a presence in London, Dublin, New York, Switzerland, Hong Kong and the Channel Islands. There has been on-going competition between London and New York for this title and New York’s positon rose last year when it knocked London off the top spot that it held for the last five years.

The Telegraph reports that the UK capital gained fewer votes in this survey than it did in 2013. Results show that in 2012, 65 per cent of those surveyed viewed London as the World’s leading financial centre and in 2013 this figure went down to 44 per cent. When asked whether London would be the top financial centre in five years’ time, only 28 per cent believe this will be the case.

Julian Korek, Chief Executive Officer of London-based Kinetic said, "This shift from just two years ago is a testament to the resilience of the New York market. New York has proven that it can draw and maintain institutions that believe it is the best place to grow their businesses."

Despite the recent flurry of financial activity and fintech start-ups flocking to set-up base in London, the results of this survey show that New York is still ahead. The survey also showed that the financial centre is gravitating towards China, with over half of the respondents saying that by 2019, they believe that Shanghai will be named as the leading emerging financial centre. Cities such as Shanghai and Shenzen were also said to be well positioned to take over Hong Kong as the leading financial centre in Asia.

 

By Nicole Miskelly, bobsguide Lead Journalist

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