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Jean Keller Benedicte Gravrand, Opalesque Geneva:

Geneva has not managed to become the new El Dorado of the hedge fund world, laments Swiss daily Le Temps, as those who moved to the Swiss city in the past have since substantially decreased their headcounts.

"We overestimated the attractiveness of the region to foreign hedge funds," Jean Keller, executive director of Quaero Capital and former head of 3A, the alternative investment division of Syz Bank, told Le Temps.

For example, Californian hedge fund Passport Capital closed its Geneva-based division two weeks ago. The reason for doing so may have been down to red tape and financial losses.

In the last decade, two major alternative investment houses moved out of London and domiciled in Geneva: Brevan Howard and BlueCrest, who managed up to $40bn combined. But the announced exodus never really took place. The reason may be that Geneva never really put its welcome strategy in place, and that the location is too quiet compared to the City of London.

Brevan Howard has halv......................

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