The past few years have seen huge growth in funds and capital markets products, and it has traditionally been the offshore financial centres (OFCs) that have thrived on the work generated by this boom.
The Cayman Islands in particular has established itself as a leading centre for this type of work, drawing significant capital offshore and becoming the world’s fifth-largest banking centre. However, European financial centres such as Dublin and Luxembourg are now also increasing the amount of work they carry on in this sector, prompting speculation that the work might be returning onshore: the so-called ‘onshore drift’.
