Hedge fund exodus could cost UK millions

| 03/10/2010

(FT.com): Britain will lose hundreds of millions of pounds in tax revenues every year as a result of top hedge fund managers moving overseas, with the departure of just two to Switzerland estimated to cost the Treasury more than £200m. So far only a handful of hedge fund partnerships have moved their headquarters offshore but a far greater number of individual employees than previously acknowledged have moved to subsidiary offices abroad. Hedge fund managers are relocating to Switzerland because of its stable tax system and to avoid “fiscal volatility and political hostility” in the UK. The departures of Alan Howard founder of Brevan Howard Asset Management LLP, Europe’s biggest hedge fund, and Mike Platt of BlueCrest Capital Management will cost the treasury £200m in lost revenue.

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