Moody's

Failed to comply with Credit Rating Agencies Regulation

Looking outside the 'Big Three'

Reforms not enough

Implications for banks

First downgrade since 1989

Threat to traditional asset managers

Inflows into US passives of $505bn in 2016

Moody's downgraded sector outlook to 'negative'

Passive growth accelerating

Many firms reaffirmed their commitment to London and the UK in the wake of the Brexit vote, and like the majority of economic data that has surfaced following June's EU referendum, recruitment activity in the City surprised on the upside.