Toronto cracks top ten financial centres list

Canada’s financial capital has made it onto the top ten list of global financial centres for the first time, rising two spots on the Global Financial Centres Index (GFCI) since last fall.

The list, compiled by London-based Z-Yen ranked Toronto as number 10 on the list, tied with Sydney, Australia. The top spot went to London, followed closely by New York, with Hong Kong ranking third.

“We are encouraged that Toronto has continued to gain momentum and global recognition as a leader in financial services,” said Janet Ecker, president, Toronto Financial Services Alliance. “We recognize, however, that many countries around the world are competing fiercely to attract financial services business to their shores and that we have to continue to work intensely to sustain our leadership.”

The ranking is based on 11 components, and Toronto ranked inside the top 10 in all but one category:

• Asset Management (8)
• Banking (10)
• Government & Regulatory (9)
• Insurance (8)
• Professional Services (8)
• Wealth Management/Private Banking (5)
• People (10)
• Business Environment (9)
• Market Access (9)
• General Competitiveness (10)
• Infrastructure (11)

“Although we have met TFSA’s initial goal of getting into the top ten in the GFCI, there is much work still to be done,” said Ecker. “We are focused on our goal of attracting jobs and investment to Toronto region with the goal of making Toronto second only to New York among financial centres in North America.”

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The staff of Advisor.ca have been covering news for financial advisors since 1998.