Luxembourg woos more than 20 top firms in 2017 because of Brexit

LONDON (Reuters) - More than 20 top-ranked international institutions chose Luxembourg to set up all or part of their activities as a result of Britain's decision to leave the European Union, the country's financial development agency said on Thursday.

During 2017, five banks, more than a dozen global asset managers and 10 global insurance companies announced plans to move to the duchy or bulk up existing operations, Luxembourg For Finance said in a statement.

Among the companies to do so were JPMorgan, Northern Trust, Blackstone, T Rowe Price, AIG and Hiscox, it said.

A total of 139 financial institutions from 28 countries are based in Luxembourg, it added, with a focus on investment management, private banking, and the business and trade finance sectors.

"Luxembourg is expecting further announcements from businesses over the coming months, whether in the insurance, fund management, banking or fintech sectors," it said.

(Reporting by Simon Jessop, editing by Silvia Aloisi)