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The association of Swiss private bankers (ABPS) wants Switzerland to attract a lot more hedge fund managers. The country only has 150 alternative funds, against 7000 in the Cayman Islands, Swiss news site Romandie.com reports.
Government’s duty to pay attention
“At the moment, we have an exceptional opportunity to attract small, leading-edge teams in the hedge fund sector”, Pierre Darier declared on Friday, at Zurich’s ABPS General Assembly. He believes that “it is the duty of the federal tax governing body to pay more attention to this matter”.
Letting more hedge funds come to Switzerland would represent a new source of tax. It “would transform above all our position, within finance, into a desirable centre for specialists, which would be essential to our positioning as a centre of excellence in fund management”, Mr. Darier added.
Overcoming fiscal concerns
Currently, the main impediment to the setting up of hedge funds and private equity in Switzerland lies in discouraging fiscal concerns. ”We really hope that the tax authorities, and also the parliament, realise the importance of what is at stake. “Mr. Darier said. He also thinks that recent signs from the federal department of finance (DFF) “could generate some optimism”. The Geneva private banker added that the fiscal problems also pertain to trusts, which development in Switzerland will be possible as from July 1st, as the Haye’s Convention on entities of legacy management is...................... To view our full article Click here
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