Given how the slightest hint of a bad news story from the City is seized upon by certain elements of the media, it’s interesting that this one has gone under the radar. US billionaire Bill Ackman’s £3.6 billion fund Pershing Square Holdings, which initially listed in Amsterdam some years ago, has listed on the London Stock Exchange today. The move clearly reinforces London’s attractiveness to international fund managers despite the doom and gloom from Remainers. Ackman explicitly says today that Brexit has not affected London’s stature as a global financial stature and that listing in London rather than Amsterdam improves market access and liquidity. As a City source puts it:

“No one is pretending Brexit wont present real challenges but in business we deal in facts and the facts show London markets remaining resilient and open to investors around the world. London’s unique financial ecosystem continues to drive global economic growth benefiting both the UK and European economies.”

Q1 2017 saw 20 IPOs in London raising £1.83 billion. Compare that to Q1 2016, which saw 18 IPOs, raising £1.79 billion. Market watchers EY warned after Brexit: “IPO activity can be expected to largely cease in the next 12 months”. £2.6 billion has been raised in Q1 2017 by London-listed funds, up more than 100 per cent year-on-year…