Luxembourg Says 50 Firms Have Chosen Grand Duchy in Brexit Moves

(Bloomberg) -- Luxembourg said it is “very pleased” that about 50 asset managers, insurers, and other financial firms have looked to the Grand Duchy as a foothold in the European Union once the U.K. leaves the bloc.

“We are very pleased with what has happened in terms of asset managers, insurance companies, fin-tech companies,” Luxembourg Finance Minister Pierre Gramegna said Tuesday in an interview with Maria Tadeo on Bloomberg Television in Brussels. “Quite a few have chosen Luxembourg.”

The list of insurers, funds and banks that are selecting Luxembourg as a post-Brexit site for operations includes insurance giant American International Group Inc., private-equity firm Blackstone, RSA Insurance Group Plc, U.S. insurer FM Global, Lloyd’s of London insurer Hiscox Plc and asset manager M&G Investments. JPMorgan Chase & Co. plans to move some London-based bankers to Luxembourg.

“It’s about 50 companies that have decided for Luxembourg,” Gramegna said.

He said the EU has “gone the extra mile” in helping U.K. Prime Minister Theresa May to make the divorce agreement more palatable to the British Parliament ahead of a key vote on Tuesday.

“We’re now in a situation where we might face a situation of no-deal, which is bad for both sides,” Gramegna said.

©2019 Bloomberg L.P.