Money managers under the microscope
Disgruntled London-based hedge fund managers annoyed by the prospect of tougher EU rules and higher income tax shouldn’t pack their bags and fly to Geneva just yet, according to law firm Katten Muchin Rosenman Cornish.
At a breakfast briefing at London’s plush Capital Club this morning, legal experts said further details and amendments to the European Commission’s draft directive last month were likely, but said it was too early to decide to relocate.
“It’s not a no-brainer that you just run off to Switzerland,” said managing partner Martin Cornish.
“It’s way too early to make any such decisions. There’s no certainty that this is going to come in in this format at all. Unless Switzerland falls into line (with the planned EU rules) you won’t be able to market your products back into the EU.”