Morgan Stanley to shift $120b to Germany

Morgan Stanley is planning to shift around €100 billion ($121 billion) in assets to Frankfurt from Britain next year as a consequence of Brexit, a person with knowledge of the matter said on Thursday.

Frankfurt’s banking scene has been one of the primary beneficiaries of Britain’s exit from the European Union as many big global banks chose Germany’s financial capital to house staff and assets. Dozens of financial institutions have applied for licenses in Germany.

The person, who spoke on condition of anonymity to discuss internal planning, said that the volume of assets slated for transfer was a rough estimate and would likely be moved in the first quarter of next year.

Britain and the EU are currently in discussions to hammer out a post-Brexit trade deal. Banks that have increased their presence in Frankfurt include Citigroup , JPMorgan, Standard Chartered and Goldman Sachs.

Published in The Express Tribune, December 11^th, 2020.

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