Funds Hub
Money managers under the microscope
Morning Line-up: bonuses, London’s position, Chinese trusts
News and views on the asset management industry from Reuters and elsewhere
Osborne’s watered down bonus disclosure – FT
London’s future looks cloudy
Data from HFI out today may provide further ammunition for those who fear London’s position as Europe’s hedge hub is under threat.
London’s share of global hedge fund firms running more than $1 billion in assets slipped in the first half of 2009 to less than 15 percent from more than 17 percent.
Hedgies sit on the fence
There has been much debate about whether London’s hedge fund community, angry at plans for a 50 percent tax rate on top earners and the EU’s draft directive proposing tough controls on the sector (not to mention the usual problems of traffic, high property prices and quality in life in London that usually get raised), will head to low-tax Switzerland.
Our analysis today argues that, while a trickle have already left, there are far more who have upped the rhetoric but are simply waiting to see who wins the next election.
Morning line-up
Hedge fund stories from the past 24 hours from Reuters and elsewhere:
London loses HF market share to NY – Hedge Fund Journal
Funds FAIL! - FT Alphaville
‘No truth’ to CIT-IndyMac talk - Reuters
Uptick in new hedge funds - NY Times DealBook
Morning line-up
Hedge fund stories from the past 24 hours from Reuters and elsewhere:
Hedge funds flee to Switzerland – Guardian
Bullish times return – Forbes
Investors do greater due diligence - Dow Jones
Harbinger sells more Calpine stock – Reuters
Miami nice
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.
Morning line-up
Hedge fund stories from the past 24 hours from Reuters and elsewhere:
Fuld says being “dumped on” for Lehman failure – Reuters
MF Global starts Japan brokerage – Bloomberg
Despite UK taxes, funds stay in London – WSJ
US hedge fund locks horns with Chinese tycoons – South China Morning Post
Pushing back against energy speculation limits – Institutional Investor
