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Alternative Market Briefing

Brevan Howard may not like Geneva after all

Tuesday, May 29, 2012

Benedicte Gravrand, Opalesque Geneva: Since the UK declared it would increase the tax rates for personal income above GBP150,000 per year from 40% to 50%, starting in April 2010, several hedge funders in London publicly declared they might leave the country. So when Brevan Howard, the UK’s largest hedge fund firm, said in September 2009 that it planned to open an office in Switzerland, some took it as a sign of the beginning of a mass exodus.

By January 2010, there was still no exodus of British hedge fund managers in sight. Only a handful so far had made a move, among them, Bluegold, Amplitude, CQS Asset Management, Tiresias Capital in collaboration with Omni Partners. Between 10 and 20 hedge funds from various origins had come to settle in the last 24 months. Most opened a satellite office with a few people in them. Then, during the summer of 2010, Moore Capital opened an office in Zurich and Brevan Howard opened a small office in Geneva. The latter announced it would ......................

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