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Opalesque Exclusive: Geneva attracts hedge funds – tax concerns is ultimate trump card
From Benedicte Gravrand: According to the Swiss paper Le Temps, Switzerland has a lot to gain in attracting hedge funds. London’s share of the alternative market more than doubled between 2002 and 2006, to US$ 360 billion according to London’s International Financial Services. Some 900 funds are based in London - 80% of the European industry - whereas single managers remain rare in Switzerland.
However, Geneva has everything to attract hedge fund managers. “The office rental prices are not comparable to those in London,” a source revealed, “working in the City or in Mayfair and not living there is a terrible thing”. More and more hedge fund managers are coming to Geneva now. Following the footsteps of ex-GLG Partners’ trader Philippe Jabre, who has already collected US$ 1.5 billion, the American CTA Dighton is going to set up shop by the lake shores very soon, as well as London’s Ecofin, which is launching a Utilities Long Short fund.
“We have everything to gain from the project to reduce fund managers’ tax imposition, as these are capitals which we do not collect in Switzerland anyhow,” said Christophe Borer (Swiss Private Equity and Corporate Finance Association). “Colossal sums and important economic repercussions are at stake if we repatriate managers who create value on Swiss soil”.
On top of the tax benefits, Geneva is the place where many of the investors, fam...................... To view our full article Click here
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