From the FT 9 October 2010:
Sir, The FT report on hedge fund managers moving to Switzerland (“Hedge fund shift costs UK £500m”, October 2) gives the impression that there will soon be a glut of empty offices in Mayfair and the City of London as hedge fund managers stampede to move to Switzerland.
In reality, this is not the case.
Frstly, immigration requirements in Switzerland are complex and not everyone from London will be eligible to work there. Secondly, for the principals of the business, relocating to a new country will be fraught with family and domestic considerations notably spousal consent, continuation of schooling arrangements for children, etc. Thirdly... the actual rate of tax savings on attributable non-Swiss earnings, on a marginal basis, is unlikely to be more than about 15 per cent [etc]
Joe Seet, Senior Partner, Sigma Partnership, London EC3.
From the FT, 12 July 2015:
Brevan Howard is moving some of its most senior traders back to London from Geneva, reversing a high-profile decision by the $27bn hedge fund to leave the UK and bucking concerns that the City’s status as Europe’s leading hub for the industry was under threat.
The decision comes as a number of other large hedge funds are also planning to expand or launch in the British capital, in a sign that international investors continue to gravitate to London.
Hedge fund managers and investors argue that low tax rates have failed to win over traders to the merits of life in Switzerland, with many leaving their families behind in London.
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