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Opalesque Exclusive: Hedge funds are `crucial` in Switzerland`s financial market says Harcourt`s MP, country in 3rd European position but could move up to 2nd At last week’s Swiss Funds Association (SFA) conference in Zurich, Philippe Cottier, managing partner at Harcourt Investment Consulting, said that there was a real growth potential in the hedge fund sector, especially in Switzerland where annual growth is at 20%, SwissInfo.ch reported. Hedge funds have a big slice of the Swiss financial sector, he said.

According to Mr. Cottier, funds of hedge funds employ between 2000 and 5000 people in 300 to 500 firms, managing assets of CHF3bln to CHF5bln (US$2.87bln to $4.78bln). Switzerland has 31% of the world markets and manages around CHF280bln (US$268bln).

Switzerland takes the third position within the single-manager hedge funds sector, behind the UK and France, but could soon move up to second position and take France’s place.

Opalesque Exclusive: Less taxes for hedge fund managers would be beneficial for Switzerland, but it won`t happen just yet Pierre Mirabaud, president of the Swiss Bankers’ Association, said that decreasing taxes on hedge fund managers would make Switzerland a lot more attractive: “The British government has just changed its tax rules for hedge fund managers. This profession is almost not practised here in Switzerland. We could attract it but we must change our legal conditions very fast. A decision should be......................

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