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Precy Dumlao, Opalesque Asia:

The state of Connecticut appears to have taken the upper hand in its hedge fund tax border war with New York as the New York Hedge Fund Roundtable responded positively to Connecticut's invitation to move in and its offer "to do anything to assist" the industry in these "trying times."

The New York Hedge Fund Roundtable, a non-governmental organisation comprised of more than 1,200 hedge fund managers, is dedicated to the advancement and education of industry professionals and the promotion of ethical standards. 

In a July 6 letter to Connecticut Gov. Jodi Rell, New York Hedge Fund Roundtable's President Timothy P. Selby said the group welcomed the efforts of Rell's administration in acknowledging the value of the hedge fund industry and "pursuing economic policies that promotes its growth."

Selby added: "We only hope, however, that lawmakers in Albany reach the same conclusion-that this is an industry that should be embraced and not taxed to the point of extinction in the State of New York."

Selby recognizes the importance of New York as the financial capital of the world and being home to the greatest number of hedge fund managers and industry professionals, but he said New York's proposal to tax hedge fund professionals working in New York but living outside the state "may encourage hedge fund managers" to accept the "generous offer of assistance" ......................

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