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Alternative Market Briefing

Paris suffers from inaccurate perception and high tax, but fund managers can thrive

Wednesday, July 24, 2013

Komfie Manalo, Opalesque Asia:

Paris is suffering from inaccurate public and investor’s perception and the problem is compounded by a rigid and costly labor framework, and high tax burden, said Jean-François Comte, a Founding Partner of Paris-based asset management firm Lutetia Capital, an independent asset manager based in Paris in the latest Opalesque 2013 France Roundtable.

The Opalesque 2013 France Roundtable was sponsored by Lyxor and Eurex and took place on June 6th 2013 in Paris.

"The reflection unfortunately goes well beyond asset management," Comte told hedge fund managers who attended the Roundtable. "Our country suffers from a rigid and costly labor framework, and the tax burden is simply too high, especially for small and mid-size corporations. If we look at an industry like ours, where you can easily move a structure and basically run the same exact activity across the border in London or in Geneva, the debate about competitiveness even within Europe takes all its sense. We provide the perfect example of why having the EU without harmonization is a nonsense. We can’t blame our neighbors for playing their best hand; our political leaders have to force the conversion. This is probably a matter of tim......................

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