London and New York are in danger of
being superseded as private banking hubs by other financial
centres, according to Michael Mainelli, director of consultancy
Z/Yen Group.
“Banking centres do not die so much as fade
away, which is what has been happening to London since 2007 and
also to New York,” Mainelli said.
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“There are a greater variety of private
banking centres than there are for other areas of financial
services, so the options for relocation are increased,” he
added, citing Hong Kong and Singapore as examples of competitive
financial centres.
Mainelli said that the issue is not so much
that private banks are moving out of London – but, rather, that
they no longer see it as somewhere they have to be.
London losing its edge?
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By GlobalDataMainelli made the comments ahead of a
PBI’s
upcoming roundtable Is London losing its Edge? to be held
in London on 28 June.
Z/Yen Group, which publishes its biannual
Global Financial Centres Index, ranked London as the world’s top wealth management
spot earlier this year.
Hong Kong came in fourth, followed closely by
Singapore, with both cities making an entrance for the first time
in Z/Yen’s Top 10 ranking.
PBI is running an online poll asking
where the world’s most important private banking centre will be in
five years time (see below).
Poll results will be published at the end of
June.
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