Saturday 3 December 2016

Investment professionals tip Dublin to be a big winner from Brexit

Published 18/08/2016 | 12:59

Brexit. Stock photo: PA
Brexit. Stock photo: PA

Dublin as a hub for financial services is expected to be a big winner from Brexit, tipped only by Frankfurt , according to a survey of around 2,000 investment professionals from around the world.

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The survey by the CFA institute – the global association of investment professionals – found that 62pc believe Dublin will benefit from the UK’s exit from the EU. About 69pc said Frankfurt would be the big winner.

The vast majority of respondents –more than 80pc - said they believe that London as a financial centre will lose out as a result of Brexit.

“There is a lot of uncertainty about what is going to result from Brexit with a lot of potential negatives for Ireland and the Irish economy,” said Fran Carter, President of CFA Society Ireland, the Irish arm of the CFA Institute.

“But one positive from the survey by our parent institute is that Dublin’s attractiveness as an international financial centre will be significantly boosted by Brexit.”

Around 54pc of respondents believed Paris could be the big winner, followed by 45pc for Luxembourg and 41pc for Zurich.

Some 59pc of respondents said that fragmentation of the UK following Brexit is more likely than not, while almost half of respondents said that they thought Brexit would be the forerunner of further withdrawals from the EU.

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