Paris tops The Banker ’s Top 25 assets table for bank holding companies, while Hong Kong takes the number one spot in its foreign-owned subsidiaries counterpart.

Caught between the reputational damage inflicted to the world of finance by the financial crisis and the overwhelming regulatory response to it, international financial centres the world over are being faced with a number if challenges very different to those they have faced before.

As Western markets continue to falter, more and more asset managers are looking to Asia for growth opportunities. This is where Hong Kong – offering a Western business culture within the heart of China – has a significant advantage.

The traditionally dominant international financial centres are struggling to cope with a glut of post-crisis regulation, giving smaller, newer jurisdictions an opportunity to steal a march on them. The Banker's survey shows that the traditional powerhouses still hold the top spots, but their grip is not as firm as it once was.

With Europe and North America paralysed by sovereign debt crises, the majority of respondents to The Banker  magazine’s global asset management survey are focused on Asia, with more than 50% expecting to increase investment in the region. Investment funds are expanding their operations in centres such as Hong Kong and Singapore, as the eastwards transfer of economic power gathers pace. 

Despite all the talk of emerging economies overtaking the traditional international financial centre powerhouses of New York and London, the big two remain in the top positions in The Banker 's ranking. However, the challengers to this crown are still making ground.