New York has topped London as the world’s leading financial centre, according to research commissioned by Kinetic Partners. Its annual survey, which draws on the perspectives provided by around 300 respondents across the financial services and regulatory world, reveals that 59 per cent see New York as top dog, compared to 38 per cent who believe it to be London, down from last year's 44 per cent. Only 28 per cent believe that the latter will take the number one spot in five years’ time.

Concerning the future of the industry, 46 per cent of total respondents – and 53 per cent of c-suite respondents – expect New York to lead the way in 2019. As for the top emerging financial centre in 2019, 53 per cent cited Shanghai (up from 48 per cent last time around), while just nine per cent flag up Dubai, the second most popular choice.

Julian Korek, CEO and founding partner of Kinetic Partners, says: “This shift from just two years ago is a testament to the resilience of the New York market. Despite uncertainty following the 2008 crisis, New York has proven that it can draw and maintain institutions that believe it is the best place to grow their businesses. Given the rise of Hong Kong in the industry, as well as a fast growing, but lesser known, financial services centre in Shenzhen, China’s model for developing hotbeds for financial expertise may be copied in similar countries if it proves successful. However, firms should assess any investment against their global business plans and compliance infrastructures. They must ask themselves: what are the realistic returns for the Chinese opportunity? And how might the slowly emerging clarity about the investment and regulatory regime impact the outlook for its future as a leading financial centre?”

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