Sure, they’ve got a banker in charge now, but the likelihood that the French capital is about to become the capital of capitalism is still fairly slim. First, there are those pesky worker-friendly laws that no one expects the Great Macron will have any more success loosening than have any of his predecessors. And banks have already begun fleeing London—but not for Paris. Finally, the French play for the European Banking Authority seems more about keeping it out of Germany than actually landing it by the Seine.
So Paris isn’t going to be the next London, insofar as London is the European equivalent of New York and Hong Kong. But maybe it can be the next London insofar as London is the European equivalent of Boston?
The French regulator for the funds industry, AMF (Autorite des marches financiers) had a call with 53 senior executives from U.S. and UK asset managers on May 12 to discuss the process of setting up entities and ways to help, said Laurens….
The AMF is also offering fund firms a fast track approval process of two weeks for regulatory licenses, said Laurens, which compares with two months in countries such as Ireland and Luxembourg which are also vying for asset managers, he said.