London remains center of European Hedge Fund universe despite higher taxes
| May 1st, 2011 | ||
| London is the second largest hedge fund money center in the world, behind only New York. According to an article by Reuters, this position of power will not change in the face of rising taxes. Despite its 50% tax rate on high earners, 63 hedge funds with over $1billion in assets under management are headquartered in London, compared to just 3 such hedge funds in Paris and Stockholm, the next largest European money centers. Large firms such as Brevan Howard Asset Management and Bluecrest Capital Management retain offices in Switzerland; Brevan Howard even has senior executives Alan Howard and Nagi Kawkabani situated there. However, smaller hedge fund managers seem drawn to London – former Brevan Howard trader Frederic Denjoy, of the Geneva office, left to set up his own hedge fund Denjoy Capital Partners in London. It seems that smaller hedge fund managers may be drawn by the lifestyle and comfort of London, and to them higher taxes are a mere inconvenience. Larger hedge funds, on the other hand, are forced to retain their London presence to compete for talent with emerging boutique and recently launched hedge funds. | ||
For Detailed Investor Profiles on these Investors, click below: |
BlueCrest Capital Management |
Brevan Howard Asset Management |
Related People: Alan Howard;
Related Entities: BH Global;
Related Article Tags: Multi-Strategy, Long Short, Equity, Debt and Global Macro Hedge Fund News; Hedge Fund Jobs, Hirings and Firings; Featured Reports
Add a Comment |
More Recent Headlines
FERC flexes its New Muscle with $30M fine on former Amaranth Advisors trader Brian Hunter |
Best Practice Series: Team Work at Hedge Funds |
Lee Robinson’s Trafalgar Capital Management winds down Catalyst hedge fund |
Citadel LLC hires Edwin Lin and Steven Goldberg to bolster Global Fixed-Income Investment Team |
List of Wealthiest College Graduates see assets jump by nearly 15% |
Margin of Safety: An alternative risk assessment tool? |
Former Gartmore Fund Managers Roger Guy and Guillaume Rambourg to start hedge fund |
Former Deephaven Capital portfolio manager Edouard Salet launches Apson Capital Management |
Julian Robertson’s Tiger Management Corp to accept outside investors for first time in 10 years |
BlueGold Capital veteran Stephen Jen founds SLJ Macro Partners |
