Brexit fallout on UK finance intensifies: Think tank

LONDON: More than 275 financial firms are moving a combined US$1.2 trillion in assets and funds and thousands of staff from Britain to the European Union in readiness for Brexit at a cost of up to US$4 billion, a report from a think tank said on Monday.

Nearly 90 percent of all firms moving to Frankfurt are banks, while two-thirds of those going to Amsterdam are trading platforms or brokers. Paris is carving out a niche for markets and trading operations of banks and attracting a broad spread of firms. William Wright, founder and managing director of New Financial, said the hit to London was bigger than expected and would get worse.

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