Thu, Feb 23, 2017
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. People - Kuwait wealth fund head Al Saad said to step down after 14 years[more]

    From Bloomberg.com: Kuwait Investment Authority is set to name Farouk Bastaki as managing director, replacing Bader Al Saad who ran the world's fifth-largest sovereign wealth fund for 14 years, a person familiar with the matter said. The KIA, as the fund is known, is finalizing the appointment, said

  2. Latin America, high yields and Asia Pacific strategies dominate hedge fund returns in January[more]

    Komfie Manalo, Opalesque Asia: Latin America (+7.04%), high yield (5.63%), and Asia-Pacific (+5.06%) strategies dominated hedge fund performance in January, data provider Hennesee Fund Research said. The bottom three strategies for the mont

  3. Investing - Hedge funds loading up on this dividend stock, The biggest hedge funds have been piling into bank stocks[more]

    Hedge funds loading up on this dividend stock From Incomeinvestors.com: Hedge funds are backing up the truck on Cameco Corp stock. Billionaire Jim Simons owns 389,000 shares. Other Wall Street titans - including Ray Dalio, Ken Griffin, and Chuck Royce - have been quietly building positio

  4. Legal - Fannie, Freddie shares dive after U.S. appeals court ruling[more]

    From Reuters.com: Shares of Fannie Mae and Freddie Mac tumbled more than 30 percent on Tuesday after a U.S. appeals court shut down efforts by hedge funds and other investors to pursue numerous legal claims accusing the U.S. government of seizing their profits following taxpayer bailouts. By a

  5. Institutional investors plan to raise allocations to alternative assets in 2017[more]

    Komfie Manalo, Opalesque Asia: A survey by Context Summits Miami showed that nearly 72% of institutional investors and family offices plan to raise their allocations to alternative asset managers this year, suggesting continued strong demand for the industry. "As many large, brand name f