However he also recently said during an interview with Sky News “Ian King” Live in London, that he expects approximately 3,000 new jobs to be created in Luxembourg over the next 2-3 years!.
Insurance companies have already kicked this off, with firms such as Hiscox, AIG and FM Global announcing a new EU office in Luxembourg. For them, Luxembourg provides stability and predictability. It has a separate insurance regulator with highly qualified cross-border insurance specialists. It is also worth remembering that many of these “new” companies already have a presence in Luxembourg and are just existing on the services they can now provide.
Asset management and wealth management companies are now following suit and will bulk up operations in the Grand Duchy to avoid being cut off from EU customers. As are corporate services providers in the area of private equity and real estate. A key client of mine plans to hire an additional 16 accounting professionals in the next 12 months to an office which currently has 15 staff in total!
I am not a politician nor do I claim to be a finance expert. I am a Luxembourg financial services recruitment specialist but day in, day out I am speaking with financial services clients old and new in both London and Lux about what Brexit means for them. The overall consensus is one of a wait game and the calm before the storm. One client said for now he is “window shopping”, having asked me to provide their firm with some senior PERE profiles, hoping they will kick start the recruitment process early 2018.
So we may not see the real impact until well into 2018 but companies need to get ready before there is a major war for talent. They need to start pipelining quality candidates, even shortlisting for future roles. Do not wait until you know what is happening with Brexit before taking decisions, get into planning mode now.
Again, to reference the extremely quotable Nicolas Mackel, “We decided relatively early on not to go running around like butterflies on crack as maybe some others have done," Agreed that there is no need for full on panic mode but the fact is there will be a need to fill an abundance of highly skilled jobs in the financial sector and leaving it too late to recruit top tier candidates means you could lose out.