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Alternative Market Briefing

Swiss re-domiciliation may not be the ticket for hedge funds after all – Part III

Monday, July 04, 2011

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Matthew Feargrieve
Benedicte Gravrand, Opalesque Geneva:

This is the third of three articles on hedge fund re-domiciliation trends and challenges. Part I can be found here and Part II here.

The Swiss option The amount of assets managed in London won’t change overnight, commented Matthew Feargrieve, partner at global law firm Appleby, during the Informa conference on hedge fund re-domiciliation in Geneva on 28th June (London manages around 19% of the total hedge fund assets.) Tax hikes have not had the expected exodus effect. Swiss-based managers and service providers, he said, have not seen many people from the UK move to their mountains, and are not clear as to what extent the few who have moved have actually settled there. Although it is reckoned that those who do move to Switzerland (a country which is not part of the EU) generally do so to protect their personal wealth.

"A move to Switzerland might make sense on paper, but family practicalities might make it impossible," he added.

The two London hedge funds that moved staff to Switzerland most recently, namely Brevan Howard and BlueCrest, certainly had to deal with those difficulties. ......................

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