Morgan Stanley plans to transfer assets worth about 100 billion euros from London to Frankfurt.
The main part of the assets, according to them, will be transferred in the first quarter of 2021, after the Brexit transition period, in force until the end of this year.
The assets will go to the Frankfurt unit – Morgan Stanley Europe SE.
Other U.S. banks, including JPMorgan Chase & Co. and Goldman Sachs Group Inc. are also looking to strengthen their positions in Europe after Brexit. According to the Bundesbank, foreign financial institutions will transfer assets totaling about 400 billion euros to Germany by the end of this year, which will more than double their total assets in the country.
JPMorgan earlier announced the transfer of 200 employees and assets totaling 200 billion euros from London to Frankfurt. According to Dorothy Blessing, head of the bank’s investment banking division in Europe, this is only the “first wave” of departures from the U.K.
Morgan Stanley had previously moved employees from London to other European cities, including Madrid and Milan, and launched a trading platform in Paris back in 2018.
Morgan Stanley has a staff of more than 5,000 in London, compared to only about 350 in Frankfurt.