Insurers, banks to move $1 trillion of assets from UK

1/8/2019 4:46:00 AM

Source Business Insurance

A survey by U.S.-based professional services provider Ernst & Young L.L.P. found that insurers, banks and money managers are planning to move around £800 billion ($1 trillion) of assets from the United Kingdom to the rest of Europe amid Brexit uncertainty, Bloomberg reported. Ernst & Young’s estimate is based on statements from 20 companies that have announced a transfer of assets out of London. Additionally, the professional services firm expects more than 7,000 jobs to relocate from London.