Standard Life’s chairman Gerry Grimstone says the firm, soon to merge with Aberdeen Asset Management, is eyeing Dublin as its new European Union hub as he “confidently” argues London is going to become a smaller financial centre after Brexit.
Standard Life currently has an Irish branch, but would upgrade this to a subsidiary, Grimstone told Bloomberg.
The firm would then make its German business a branch of the Irish business so that it could continue to do business with its 500,000 clients in Austria, Germany and Ireland.
“All of us are preparing road maps like that,” said Grimstone, who is also deputy chairman of Barclays.
Grimstone says the City will suffer from less European business following Brexit, but that will be partially offset by more business with India and China.
“I will confidently say that London is likely to be smaller as a financial center and that’s no secret,” Grimstone said.