Funds Hub
Money managers under the microscope
Odey to stay in the UK
So Odey Asset Management isn’t going to be leaving the UK after all.
CEO David Stewart told me today that the firm, which is planning to open a Swiss office, will “always have operations in the UK”, despite government plans for a 50 percent tax rate on top earners.
Nevertheless, the Sunday Times interview with Crispin Odey reflects the frustration many in the hedge fund industry feel from a combination of higher taxes and what they perceive as the UK’s failure to protect them from tougher EU rules, driven by the French and Germans.
Meanwhile, whilst the group will be keeping an office in the UK, this does not show tell us the future spread of its operations and whether London will be its only base for fund managers or merely one of several centres.
Odey’s moves are already closely observed in the City. He made an early call on the start of a new bull market, which has so far proved very profitable. You can be sure the City will be watching what his firm does too.
