![]() ![]() This industry is sometimes perceived as a trade-intermediation activity rather than a national industry (1). Whilst many other studies focused on manufacturing and high-tech clusters (Saxenian, 1994 Porter, 1990 Piore and Sable, 1984), the importance of financial clusters is often ignored. Finally, the paper concludes with some strategic and managerial implications that will help services firms optimise the benefits from clustering. ![]() It contributes by demonstrating how the Porterian conditions are defined in a service cluster, and whether there could be a theoretical and analytical generalisation of the concept to clusters in the services sector. This revelatory case reveals how clustering influences the development of the City of London as a pre-eminent financial centre through the lens of Porter's (1990) work. ![]() In 1990, Michael Porter posed a fundamental and challenging question-why do some nations succeed whilst others fail in international competition? Whilst some (Budd and Hirmis, 2004 Davies and Ellis, 2000) find his arguments contentious, his work remains an important and compelling part of the academic landscape concerned with competitive advantage as it addresses "how the operation of particular clusters promotes growth and competitiveness" (Cumbers and MacKinnon, 2004: 961) of a region or nation. The paper concludes with the strategic and managerial implications to suggest the three golden rules of a location that will help firms optimise on these benefits. The revelatory case will reveal how financial clustering influences the development of the City of London as a pre-eminent financial centre, how the Diamond conditions are defined in a service cluster, and whether there could be a generalisation of the concept. This paper applies the Diamond to a major services cluster and finds that it is an effective framework to tease out the characteristics that result in many tangible and intangible benefits of the location. ![]()
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