Money managers under the microscope
News and views on the asset management industry from Reuters and elsewhere
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.
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.
Hedge fund stories from the past 24 hours from Reuters and elsewhere:
MF Global starts Japan brokerage – Bloomberg
US hedge fund locks horns with Chinese tycoons – South China Morning Post
Pushing back against energy speculation limits – Institutional Investor