Money managers under the microscope
The hedge fund exodus from London’s West End predicted by some in the wake of plans for a 50 percent tax rate on high earners has so far failed to materialise, but some managers are nevertheless looking abroad.
Pedro de Noronha, managing partner at Noster Capital, told me over a full english breakfast at hedge fund central The Wolseley this morning that he would quit the UK if, as expected, the rate comes into force.
The possible destinations? Switzerland, Monaco or Miami.
As well as potential personal tax savings, the quality of life (including the fantastic ocean views in Miami restaurants he cites and which I must admit London lacks) is a big selling point for many managers.
The outcome of the EU draft directive on alternative investment fund managers remains up in the air, and with it the ability of non-EU fund managers to sell into the EU.
But his comments show that the international community that run hedge funds out of London are certainly not limited to one location.