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Morgan Stanley (MS) Might Shift Assets to Frankfurt Due to Brexit
Morgan Stanley (MS - Free Report) is mulling to move assets worth about €100 billion ($121 billion) to Frankfurt from Britain in the first quarter of 2021 on account of the U.K’s exit from the European Union, scheduled on Feb 1. The news was first reported by Bloomberg.
The shift is likely to be made post the exit. Also, the article said that the employees will work from the office of Morgan Stanley Europe SE in Frankfurt.
Previously, Morgan Stanley had shifted employees from London to various EU locations, including Madrid and Milan, while also starting a trading venue in Paris in 2018. The bank, which has more than 5,000 staff in London, currently employs about 350 people in Frankfurt.
With little time left for the transition period, other financial institutions have also started implementing Brexit contingency plans and relocating staff to Frankfurt, Dublin, as well as other financial hubs in the continent.
In September, Bloomberg reported that JPMorgan Chase (JPM - Free Report) is planning to move €200 billion assets from the U.K. to Frankfurt by 2020 end. Furthermore, Goldman Sachs (GS - Free Report) is shifting as much as $60 billion of assets and housing them in the Frankfurt-based subsidiary, Goldman Sachs Europe.Bottom of Form
In 2019, UBS Group AG (UBS - Free Report) received a clear signal from the London court to move assets worth up to €32 billion from Britain to Germany.
Shares of Morgan Stanley have gained 33.6% over the past six months compared with the industry’s growth of 28.9%.
Currently, the stock carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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