Money managers under the microscope
There’s been plenty of confusion over who exactly will be hit by the ‘supertax’ on banker bonuses.
The wording of the Treasury’s clampdown last week suggested some hedge funds and traditional asset managers could be caught — PwC’s John Terry told me that of the 20 hedge funds he had spoken to, around half may have been caught in the net.
However, hedge funds are to fall outside the supertax, confirming a rumour doing the rounds among hedge fund executives.
Speaking at Reuters’ London offices this morning, City minister Paul Myners clarified that the tax would be focused on “the activities of banking”.