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Survey: London loses top financial hub status to New York amid Brexit woes

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Survey: London loses top financial hub status to New York amid Brexit woes

New York replaced London as the world's top financial hub as Brexit uncertainties continued to weigh on the U.K.'s future, according to a survey of finance professionals conducted by consultancy firm Duff & Phelps.

Fifty-two percent of the respondents said they viewed New York as the world's preeminent financial center, up from 42% in last year's survey. The percentage of respondents who see London as the top financial spot fell to 36% from 53%.

"Last year, Brexit cast a shadow of uncertainty over the U.K.'s economy; it has now escalated to a full-blown crisis," according to the survey results.

Forty-four percent of the people expect New York to retain its top status over the next five years, down from 52% last year. Meanwhile, 21% see London regaining its lead over that period, down from 29%.

Hong Kong was chosen by 12% of respondents as the likely leading finance hub over the next five years, improving from 3% last year.

Duff & Phelps surveyed 183 executives between March and April from different sectors, including asset management, private equity, hedge funds, banking and brokerage.