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Opalesque Exclusive: Geneva’s Finance Minister negotiating better conditions for hedge fund managers
Geneva’s Finance Minister, David Hiler, announced last week he was in talks with Bern’s federal government to work out a plan to attract London’s hedge fund managers to Switzerland.
He told Swiss paper Le Temps that he did not want to attract hedge funds but rather fund managers, especially those working from London, where, he said, fiscal conditions had been unbeatable up until Brown’s government, who changed things. This has created a window of opportunity for Geneva.
David Hiler told Le Temps that in order to do so, he and Berne would find a transparent way to determine which part of the value created by fund managers results from their activity in Switzerland – which would entail a reasonable tax on the firm’s profits. Swiss law allows this practice which does not come into conflict with the European Union. It is a question of guideline rather than rule. “We are discussing it with the federal government,” he said.
He warned that there must be a concrete plan or an agreement on the way to proceed before the end of the year – otherwise the window may close again. This has been debated for a while now, especially since last autumn, when Swiss banks presented their Master Plan for the Swiss financial sector. Those banks wanted a change in legislations to attract hedge funds.
Swiss banking regulator to substantially raise capital requirements...................... To view our full article Click here
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