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Benedicte Gravrand, Opalesque London:
Eric Syz, general manager of the Swiss investment bank Syz & Co recently said in an interview with financial publication Handelszeitung: "London's hedge fund managers are still interested in Switzerland and they will come and settle here in the next few years."
And another optimist, Castaldo Castagna, partner at Ernst & Young Asset Management in Switzerland, said he expected that the number of hedge funds there would double in the next few years, reported AWP in Romandie.com
They probably know something that we don't, because we have only seen a handful of British hedge funds setting up a satellite office in the neutral country in the last year or so - despite the higher taxes on upper salary brackets being implemented this month in the UK - and right now, we are not hearing of many which are even planning to make a move.
But actually, a lot is being done backstage. David Butler, a London-based founding member of Kinetic Partners, a consultancy firm that services the asset management industry, told Opalesque yesterday that over the last three years, close to 50 management firms have moved. He expects that around 20% of the UK hedge fund firms will have moved to Switzerland within the next two years.
"Obviously the trend has sped up recently," he said. "For example in the last nine months we moved as many ma...................... To view our full article Click here
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