Sun, Aug 2, 2015
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Escape to the mountains, Part 1: Are UK taxes a good reason to move south?

Friday, October 16, 2009

By Benedicte Gravrand, Opalesque London:

Part one of a four-part series on the possible migration of UK hedge funds to Switzerland.

Consulting firm Kinetic Partners LLP recently told Bloomberg it had helped 23 hedge fund firms move from London to Switzerland in the past 18 months. "Since April, we've started moving another 15 managers, all of a significant size," said David Butler, a founder of Kinetic. "I believe 20% of the hedge fund managers will leave London in the next two years, and many of them will go to Switzerland because there is already a club there for them to join. Once something like this gets momentum, it is very hard to stop."

This is quite a statement - considering London, with around 1,000 hedge funds (figures vary between 900 and 1,400) is home to 80% of the European hedge fund industry. This is compared to Switzerland, which hosts around 3% of it, most of which being funds of hedge funds. According to IFSL, an independent organisation representing the UK financial services industry, London's share of the global hedge fund industry was around 18% and New York's share slightly more than 40% in 2008.

"There has been a lot of talk about people moving to Switzerland, but more talk than actual moves. Some of this may be because hedge funds [a......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Opalesque Exclusive: Despite bumpy June/July, CTAs hold on[more]

    Bailey McCann, Opalesque New York: To say that things have been rocky in managed futures recently is putting it mildly. In June, the industry saw its worst month on a performance basis in the past four years. Then yesterday,

  2. Investing - Hedge fund billionaires bet on London as revival gathers pace[more]

    From Bloomberg.com: London’s fund industry is bouncing back, and U.S. billionaires Steven A. Cohen and Ken Griffin are grabbing a piece of the action. Griffin’s Citadel and Millennium Management, a hedge fund run by Israel Englander, have bulked up in London, where asset growth is outpacing the U.S.

  3. Other Voices: Same day reporting and the evolving role of fund administrators[more]

    By: Scott Price, Head of Business Development and Client Management for North America, Maitland Ernst & Young’s latest glob

  4. Cowen Group, Inc. to acquire Conifer Securities[more]

    Cowen Group, Inc. and Conifer Securities, LLC had announced the signing of a definitive agreement under which Cowen will acquire Conifer Securities, the prime services division of Conifer Financial Services LLC. The transaction, the terms of which have not yet been disclosed, was approved by the boa

  5. Cargill’s Black River Asset to shut down four hedge funds[more]

    Komfie Manalo, Opalesque Asia: Cargill Inc.’s $7.4 billion Black River Asset Management said it was closing four hedge funds with a combined $ 1 billion in assets and start returning investors money over the next several months, various media said. The hedge funds represent 15% of Black River’

 

banner