Wed, Aug 20, 2014
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Financiers relocate to Switzerland ‘because that's where the money is’ - discussion

Tuesday, July 27, 2010

Benedicte Gravrand, Opalesque London:

An interesting discussion has been taking place on Linkedin.com since the beginning of the month, about hedge funders relocating to Switzerland. It was started by Omkumar Enkannathan, Vice President at New York-based hedge fund firm SAC Capital, who asked: “Alan Howard of Brevan Howard group and many others that I hear in recent news have relocated to Geneva. Why is that?”

Here are a few interesting – and at times philosophical – answers that came to him.

Taxes Top UK tax rates that went up 50% in April was given as a first reason. “It's not likely to ever become "most" but "some" will if the UK continues to make itself unattractive tax-wise. However, the best-off always manage to find a way!” commented a business development director from Luxembourg.

“As finance professionals, they are acutely aware of the poor ROI [return on investment] they receive for their taxes. In countries like the US, where our politicians increase the debt approving bills they have not read, they see a very clear picture of taxes to come. While Lugano is no NYC or London, with the money you save in taxes, a first class flight to each location on a quarterly basis with 5 star accommodations will leave your principle untouched,” noted a company director from New York.

But some think that taxes can only be a catalyst, not a substantial reason for relocating.

“Having just returned from two weeks of running around......................

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. Institutions – Texas Employees sets 2015 tactical plan for alternatives, CalPERS' real estate consultant cautions the pension fund's investment committee, Why Sunsuper likes hedge funds[more]

    Texas Employees sets 2015 tactical plan for alternatives From PIOnline.com: Texas Employees Retirement System will invest in up to four new hedge funds in the next fiscal year, which begins Sept. 1. Trustees approved 2015 tactical investment plans for the hedge fund, private equity and in

  2. Private equity follows hedge funds into reinsurance for long-term capital[more]

    From Artemis.bm: It’s not just hedge funds that are entering the insurance and reinsurance market in search of so-called long-term capital to put to work in their strategies, private equity firms targeting the space are also seeking opportunities to add assets under management. The entry of large pr

  3. North America – New York City’s next hot neighborhoods targeted with property funds[more]

    From Bloomberg.com: New York’s real estate world is filled with tales of ordinary people who bought property decades ago and saw values skyrocket to the millions. Seth Weissman is seeking investors to get in early on the next hot neighborhoods. The veteran of Goldman Sachs Group Inc. and hedge

  4. Investing – George Soros bets $2bn on stock market collapse, Warren Buffett's Berkshire reveals Charter stake, cuts DirecTV, Hedge funds lusting to cash out of MGM, Top hedge fund managers are buying Ally Financial, Hedge funds dumped 5m Herbalife shares in Q2, Paulson & Co hedge fund ups Puerto Rico real estate bet, Netflix Inc., Citigroup Inc, Google Inc are top new picks in Tiger Management’s 13F[more]

    George Soros bets $2bn on stock market collapse From Newsmax.com: Billionaire investor George Soros has increased his financial bet that U.S. stocks will collapse to more than $2 billion. The legendary hedge fund manager has been raising his negative bet on the Standard & Poor's 500 Inde

  5. Investors now net short S&P500 and increased Russell shorts, technicals suggest further selling[more]

    Komfie Manalo, Opalesque Asia: Market Neutral funds increased their market exposure to -1% net short from -6% net short last week, according to Bank of America Merrill Lynch’s Hedge Fund Monitor. The report also added