The Compliance Strategy Institute (CSI) last month held Executive roundtables both in London and Paris, with specific workshops and focus areas around Brexit and the possible competition from Paris and other cities vis-a-vis London in the context of Mifid 2, Brexit, FinTech and RegTech. Ongoing institute working groups are comparing notes on how to best approach the challenges and also business opportunities from a compliance, data and risk standpoint.
The recent FT discussion with the head of KKR’s Europe business around why he moved to Paris from London and what that would mean for the firm, for private equity, and for the European marketplace was instructive on a number of levels and resonated with some of the themes we discussed in NY, Boston, London and Paris (PS, I really enjoyed how KKR allows immediate contact with all its employees, as well as the video and blog work: KKR social media and video approach)
KKR’s EMEA head Johannes Huth has moved from London to Paris and is “fascinated with what’s happening in Paris” – so are we. While London remains the international hub for financial markets and investment management, other countries and regulators are ramping up to compete. The EU is leading the way – possibly globally – with Mifid 2 and the SEC, the FCA and other regulators will have to deal with this new reality. Local regulators such as the AMF have developed task forces to attract more business, in partnership with the local industry, to compete for greater market share post Brexit.