New York is still the top spot for banking, title loan options and finance, with London losing ground to Asia’s financial capitals, according to the Bloomberg Global Poll. Asked what city will be best for financial services two years from now, investors, bankers and analysts put New York ahead by a large margin—with Singapore in second place and London in third. A sample of 1,452 Bloomberg customers were surveyed from Oct. 23 to Oct. 27; the poll has a margin of error of plus or minus 2.6 percentage points.
“Despite the carnage of 2008, I still expect the new new thing in financial services to be developed and nurtured here,” says poll respondent Peter Rup, chief investment officer at Artemis Wealth Advisors in New York.
Gary Addison, a partner at private-equity firm Actis Capital, who has worked in London and Tokyo and is now in Singapore, likes his current home: “Everything in Singapore is so well organized. Everything is so efficient.”
The rise of centers such as Singapore, Hong Kong and Shanghai signals the growing importance of markets in China and all of Asia—where the rebound from the global recession is coming faster.
New York’s clout is a reversal for London. As recently as three years ago, New York Mayor Michael Bloomberg and then–U.S. Treasury Secretary Henry Paulson predicted that more-rigid regulation in the U.S. was giving the City of taking more investment risk:
Bullish on Australia
Percentage who say each currency is likely to strengthen against the U.S. dollar over 12 months:
London an edge and eroding Wall Street’s dominance. Stricter rules and higher taxeEuro a risk in both places in the wake of the financial crisis, says Richard Nolan, a strategist at Newedge Group, a brokerage in London: “So New York and London will suffer, but I believe that London will suffer more.”
*Brazil not inclEuropeanly 2009 survey. **European Union in October data: western Europe only in July. Source Bloomberg Global Poll, conducted by Selzer & Co., Des Moines, Iowa: prior survey conducted July14 to July17.