£70 Billion Fund Chooses London as New European HQ

Last week Guido reported on how US billionaire Bill Ackman’s £3.6 billion fund had listed in London, today there is more good news for the City. PSP, a £70 billion Canadian pension fund, has backed Britain’s post-Brexit fortunes and opened its new European headquarters in Victoria. Chief executive Andre Bourbonnais told City AM:

“We’re all aware of the possible implications of Brexit. But in our mind with the talent that is here and the fact that London has been the financial centre of Europe for decades, we are committed to it and we think it is the best place for us.”

The fund puts its money where its mouth is and plans to spend up to £4.6 billion here in the next five years. British talent and financial infrastructure is turning out to be what really matters for investors. As Bourbonnais puts it, London “has the financial infrastructure and network that would be hard to replace elsewhere”Can’t see this story on the FT website, though you can imagine the reaction if one of the world’s biggest pension funds announced it was leaving London because of Brexit…




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Quote of the Day

A senior Leaver tells Guido:

“Remainers have been outgunned. They were telling us EEA was nailed on and Spreadsheet Phil was going to get a 5 year transition.”

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