France is looking to attract more hedge funds and banks to Paris as part of a new plan to raise the standing of the city as a European Union finance hub, according to a report by Bloomberg. The initiative is aiming to build on an initial wave of post-Brexit relocations.
The report cites people familiar with the plans as saying that the French government is planning to make amendments to some rules and introduce other new measure as early as next year, although the exact nature and scope of the changes isn’t known at this stage.
The arrival of the likes of multi-strategy hedge fund major Millennium Management in Paris along with major US banks including JP Morgan Chase & Co following the UK’s withdrawal from the European Union, brought thousands of jobs top teh city and improved MAcron’s standing as pro-business reformer capable of the country’s slow-moving economy.
According to government officials, the plan is now to develop the whole value chain in financial services, while one of Blomberg’s sources revealed that several US hedge funds are currently in the process of securing licenses from country’s markets regulator Autorite des Marches Financiers.