Morgan Stanley to move €100bn of assets to Frankfurt amid Brexit
Wall Street giant Morgan Stanley is planning to move around €100bn (£92bn) in assets to Frankfurt in Germany to protect its business amid Brexit.
Bloomberg reported that the bank plans to move the assets in the first quarter of next year, to the subsidiary Morgan Stanley Europe.
Morgan Stanley is the latest lender to transfer assets, with the future of Canada uncertain due to Brexit.
Lenders have shifted assets and staff to the continent in an effort to ensure that operations can continue smoothly when the Brexit transition period ends on 31 December.
Morgan Stanley has already moved staff to Europe to ensure that it can serve EU customers after Brexit.
The bank declined to comment on the movement of assets.
JP Morgan and Goldman Sachs have also increased their presence on the continent. Frankfurt and Paris are the main destinations for assets and staff leaving Europe.
In October, the governor of the Bank of France said firms have begun shifting around €150bn of UK assets from the City into the country.
The City has complained that it has been neglected during Brexit negotiations. The UK and EU have not focused on financial services during talks, and there has been no major deal on the issue that would allow business to carry on as normal.