London’s renewed vigour as a global capital hub is confounding a negative narrative
Ross Mitchinson, CEO of Deutsche Numis and Co-Head of Equity Distribution at Deutsche Bank, talks to key measures that could strengthen London as a nexus of global capital and give the capital a renewed vitality among investment destinations.
There is a palpable sentiment shift among FTSE leaders to greater optimism around London’s prospects to attract listings and capital raising events, with our recent research demonstrating why.
2025 marks the third year of Deutsche Numis’ Raised in London report, which surveys 150 FTSE leaders, including CEOs, CFOs, Chairs and Heads of Investor Relations, for their views on London’s UK capital markets and growth.
This year’s responses showed a striking resurgence in the appeal of London as an investment destination in the context of severe geopolitical tensions and uncertainty due to tariff policies. Respondents were all but unanimous, with 99% saying the UK is an attractive market for launching an IPO or raising capital, up from 87% in 2024.
Other results showed how sensibilities have changed regarding the UK’s relative position as a global marketplace. When asked how the appeal of the UK had changed as an investment destination during the past 12 months as compared with other regions, 73% of the FTSE leader participants said the UK’s appeal had “increased dramatically”, with the top reason for London’s appeal to international investors cited as good governance and an excellent financial services support network.
There are many drivers behind this improved outlook, both domestic and international, but reforms to the Listings Rules in 2024 have played their part. Having seen and felt the impact of these reforms, 96% of survey respondents said they have made life as a listed company easier and/or cheaper. Ross Mitchinson, CEO of Deutsche Numis and Co-Head of Equity Distribution at Deutsche Bank
The only other region that came anywhere close – albeit not that close – to drawing this level of enthusiasm was Europe (excluding Germany), which almost half (49%) of respondents said had also dramatically increased its appeal.
A prevailing upbeat view continued in FTSE leaders’ predictions for IPOs in London. Some 93% expected the number of IPOs in the capital to increase, up from 81% last year, and slightly higher than the 89% who expected the number to rise globally.
There are many drivers behind this improved outlook, both domestic and international, but reforms to the Listings Rules in 2024 have played their part. Having seen and felt the impact of these reforms, 96% of survey respondents said they have made life as a listed company easier and/or cheaper.
London’s reinvigoration may benefit from further policy tailwinds, such as the government’s Invest 2035 programme, a multi-faceted industrial strategy that includes an objective to capture a greater share of internationally mobile investment.
Pension reforms could be another catalyst. An overwhelming 97% of our survey participants think the Pension Schemes Bill – which aims, among other goals, to consolidate schemes and double the number of ‘megafunds’ by 2020 – will increase pension fund investment in infrastructure and private business.
Nonetheless, we must also highlight the strategic challenges that emerged from our report. Executive remuneration, as well as recruitment and retention of talent, were most commonly noted as the biggest constraints on growth ambitions, while under-valuation was highlighted as a material concern for 83% of respondents.
So we must not be blinkered in our outlook for London. The buoyant sentiments in our Raised in London report will need to be propelled and sustained by a composite of concrete measures from policymakers and industry stakeholders.
We have identified five priority recommendations:
• To nurture the UK’s IPO pipeline, incentives are needed for issuers to list, dual-list, or retain their listing in the UK. • A positive narrative is needed, with coordinated efforts from government, regulators and industry stakeholders, to champion the role of the UK’s capital markets within the wider economy. • We must upskill the UK workforce as we prioritise sectors with the highest growth capacity, such as science and tech. • Domestic institutional investment in UK PLCs should be mobilised, with a portion of any newly unlocked DB fund surpluses to be invested in UK productive assets. • Support UK savers to connect with the UK capital markets to incentivise long-term investment.
Our FTSE leaders’ survey indicates that the somewhat tired narrative around London losing its edge as a financial centre, amid a shift in listings to the US, is starting to recede.
Ultimately, London has never lost its robust foundations, not least its reputation for governance and stability. In a fragile global economy that is rebalancing to a new landscape, these fundamental elements, combined with coordinated measures, should fuel London’s newly regained momentum into the future.
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Ross Mitchinson, CEO of Deutsche Numis and Co-Head of Equity Distribution at Deutsche Bank, talks to key measures that could strengthen London as a nexus of global capital and give the capital a renewed vitality among investment destinations.
There is a palpable sentiment shift among FTSE leaders to greater optimism around London’s prospects to attract listings and capital raising events, with our recent research demonstrating why.
This year’s responses showed a striking resurgence in the appeal of London as an investment destination in the context of severe geopolitical tensions and uncertainty due to tariff policies. Respondents were all but unanimous, with 99% saying the UK is an attractive market for launching an IPO or raising capital, up from 87% in 2024.
Other results showed how sensibilities have changed regarding the UK’s relative position as a global marketplace. When asked how the appeal of the UK had changed as an investment destination during the past 12 months as compared with other regions, 73% of the FTSE leader participants said the UK’s appeal had “increased dramatically”, with the top reason for London’s appeal to international investors cited as good governance and an excellent financial services support network.
The only other region that came anywhere close – albeit not that close – to drawing this level of enthusiasm was Europe (excluding Germany), which almost half (49%) of respondents said had also dramatically increased its appeal.
A prevailing upbeat view continued in FTSE leaders’ predictions for IPOs in London. Some 93% expected the number of IPOs in the capital to increase, up from 81% last year, and slightly higher than the 89% who expected the number to rise globally.
There are many drivers behind this improved outlook, both domestic and international, but reforms to the Listings Rules in 2024 have played their part. Having seen and felt the impact of these reforms, 96% of survey respondents said they have made life as a listed company easier and/or cheaper.
London’s reinvigoration may benefit from further policy tailwinds, such as the government’s Invest 2035 programme, a multi-faceted industrial strategy that includes an objective to capture a greater share of internationally mobile investment.
Pension reforms could be another catalyst. An overwhelming 97% of our survey participants think the Pension Schemes Bill – which aims, among other goals, to consolidate schemes and double the number of ‘megafunds’ by 2020 – will increase pension fund investment in infrastructure and private business.
Nonetheless, we must also highlight the strategic challenges that emerged from our report. Executive remuneration, as well as recruitment and retention of talent, were most commonly noted as the biggest constraints on growth ambitions, while under-valuation was highlighted as a material concern for 83% of respondents.
So we must not be blinkered in our outlook for London. The buoyant sentiments in our Raised in London report will need to be propelled and sustained by a composite of concrete measures from policymakers and industry stakeholders.
We have identified five priority recommendations:
• To nurture the UK’s IPO pipeline, incentives are needed for issuers to list, dual-list, or retain their listing in the UK.
• A positive narrative is needed, with coordinated efforts from government, regulators and industry stakeholders, to champion the role of the UK’s capital markets within the wider economy.
• We must upskill the UK workforce as we prioritise sectors with the highest growth capacity, such as science and tech.
• Domestic institutional investment in UK PLCs should be mobilised, with a portion of any newly unlocked DB fund surpluses to be invested in UK productive assets.
• Support UK savers to connect with the UK capital markets to incentivise long-term investment.
Our FTSE leaders’ survey indicates that the somewhat tired narrative around London losing its edge as a financial centre, amid a shift in listings to the US, is starting to recede.
Ultimately, London has never lost its robust foundations, not least its reputation for governance and stability. In a fragile global economy that is rebalancing to a new landscape, these fundamental elements, combined with coordinated measures, should fuel London’s newly regained momentum into the future.