Luxembourg expecting more announcements in coming months (Shutterstock)

Luxembourg has clocked in more than 20 "top-ranked" finance firms over the course of the last year, which have chosen to set up shop or move activities to the Grand Duchy.



The moves come as Luxembourg competes with other European cities to attract businesses preparing for Britain's departure from the European Union.



The new arrivals in 2017, announced by public/private promotional body Luxembourg for Finance (LFF), included five banks, more than a dozen asset managers and 10 global insurers.



The five banks – Northern Trust, Citibank, JP Morgan, Julius Baer and China Everbright Bank – decided to expand or establish a presence in the Grand Duchy, as well as asset managers such as Blackstone, Carlyle, EQT Partners, Henderson Global, MJ Hudson and T Rowe Price.



Insurers – AIG, Aioi Nissay Dowa Insurance, CNA Hardy, FM Global, Hiscox, Liberty Mutual, RSA, SOMPO, Tokyo Marine and Britannia – will also establish European hubs.



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



Jupiter Fund Management this week chose Luxembourg as its "preferred location" on the Continent after Brexit, while rival UK fund manager Schroders confirmed the city would remain its European hub.