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NEW HAVEN, Conn. — NEW HAVEN, Conn. (AP) - As Gov. Dannel P. Malloy reaches out to hedge funds as part of a campaign to boost Connecticut jobs, the industry has a blunt message: We are a lucrative part of the state's economy and we can move if taxes rise too high.

Connecticut's southwestern "Gold Coast" has one of the world's largest concentrations of hedge funds, private partnerships that typically are open to a limited number of investors and require a large initial minimum investment. Connecticut is home to about 200 hedge funds.

Malloy is planning a meeting with industry representatives in recognition of their importance to the business sector in lower Fairfield County, spokeswoman Colleen Flanagan said Friday. She said the governor is reaching out to a range of businesses to see what government can do to help boost job creation.

The jobs tour coincides with preparations by Malloy to lay off about 6,500 state employees to close a budget deficit without the $1.6 billion in anticipated savings from a deal rejected by labor unions. The new budget also raises taxes by $1.4 billion in the first year and $1.2 billion in the second to cover a $3.3 billion deficit.

Some large hedge funds in the state are concerned about income taxes, said Bruce McGuire, founder and president of the Connecticut Hedge Fund Association. He said Florida Gov. Rick Scott has talked about grabbing market share from Connecticut's hedge fund industry and even officials in Shanghai, China, want to create a competing center.

"There are other parts of the country and other parts of the world that would very much like to have what we have here in Connecticut," McGuire said. "The hedge fund industry is very portable. People need to be aware of the fact every time you kick up the personal income tax rate, especially every time you kick it up on higher earners, there is a potential for some of these higher earning hedge fund types to decide to move somewhere where they don't have income taxes or have a lower rate."

McGuire said he was not aware of any plans by major hedge funds to leave the state, but that any such moves would probably start gradually with satellite offices.

His group is planning a study to measure the economic impact of the hedge fund industry in the state, he said..

Flanagan said business leaders in Fairfield County endorsed the Malloy's budget and it involves shared sacrifices. She said the jobs tour is uncovering challenges that businesses face and will lead to proposed legislation in the fall.

State Sen. L. Scott Frantz, a Greenwich Republican that Malloy's administration asked to identify businesses to meet with in the area, said there is strong interest in the meeting. He said businesses in Fairfield County are concerned about higher taxes, and they notice surrounding states are making deeper cuts in their budgets.

"They feel they're looked upon as the unlimited source of revenues for the state of Connecticut," Frantz said.



Read more: http://www.vcstar.com/news/2011/jul/10/hedge-funds-express-concerns-over-conn-taxes/#ixzz1Rs7dFNmI
- vcstar.com
Finance Valley Lake Zurich – An Attractive Location for the Finance
Industry.
Conference: Tuesday 20 Sept 2011 (Hotel Seedam Plaza, Pfäffikon)

Finance Valley Lake Zurich – An Attractive Location for the FinanceIndustry.Conference: Tuesday 20 Sept 2011 (Hotel Seedam Plaza, Pfäffikon)

www.ibc-events.com/cantonschwyz

 

Hedge funds managers are looking to create EU-domiciled hedge funds to complement their offshore funds, according to new research.

Only a quarter (24%) of hedge fund managers have already re-domiciled offshore hedge funds to an EU domicile while 27% are considering to do so in the future, according to a report by RBC Dexia Investor Services and KPMG.

Meanwhile, almost half of the 49 hedge managers surveyed had not re-domiciled any funds and had no plans to do so.

The purpose of the study, entitled Alternative options: hedge fund re-domiciliation trends in evolving markets, was to adopt a better understanding of the factors contributing to the re-domiciliation of hedge funds into the EU.

The study predicts that co-domiciliation - where hedge funds would offer both offshore and onshore options – is the best solution for hedge fund managers.

More than half (55%) of managers who had already moved their offshore funds to an onshore jurisdiction said they preferred co-domiciliation instead of replacing their offshore funds with onshore offerings. Meanwhile, less than 5% of managers had relocated their funds to an EU onshore domicile.

However, the report claims that the preference of co-domiciliation over re-domiciliation could be short lived due to the continued uncertainty over the AIFM Directive. The majority of hedge fund managers who said they are considering moving their funds to the EU said they would do so before the Directive comes into place in 2013, while 69% said they would consider doing so by re-domiciling their offshore funds to the EU.

The research also showed that alternative structures such as Irish qualified investor funds (QIFs) and Luxembourg specialised investment funds (SIFs) are becoming more popular than the UCITS structure, where 77% of managers considering to set up an onshore structure in the future say they would prefer QIFs and SIFs instead of UCITS funds.

“The market is starting to realise that even though 90% of alternative strategies can be replicated under UCITS, specialised structures such as SIFs and QIFs offer more flexible liquidity and transparency rules for hedge funds. UCITS still offers very robust protection for investors, but clearly the wholesale shift into alternative UCITS some had been predicting has not taken place,” Tom Brown, EMEA head of investment management for KPMG.

source: 

Basel, 20 April 2011 – In March 2011, the volume of assets placed in the investment funds
covered by the statistics stood at CHF 654 billion, around 9% below the high set prior to
the financial crisis (CHF 714 billion in October 2007). Compared with February, fund
assets were down around CHF 9.6 billion, while net inflows totaled some CHF 1.4 billion.
The first fund statistics drawn up in close collaboration between Swiss Fund Data AG and
Lipper, the fund research company of Thomson Reuters, are now available for March 2011. The
Swiss Funds Association SFA will in future publish these statistics each month. The statistics
are based on the FINMA authorization list and cover all funds under Swiss law as well as all
foreign funds authorized for public sale in Switzerland, including their institutional unit classes.
Foreign funds restricted exclusively for qualified investors are not covered by the statistics given
that these products are only placed privately and cannot receive FINMA authorization. “After a
hiatus of around two years, we are pleased to be able to offer our stakeholders market statistics
with high data quality,” said Martin Thommen, President of the Swiss Funds Association SFA.
“Closing this gap in the statistics allows us to enhance the transparency of the Swiss fund
market for investors and providers alike,” explained SFA CEO Dr. Matthäus Den Otter. Otto
Christian Kober, Global Head of Methodology at Lipper, said: “We are looking forward to
working together with the Swiss Funds Association SFA to present statistics on the Swiss fund
market complete with foreign providers.”
As of the end of March, the total volume of assets in the investment funds covered by the
statistics stood at CHF 654.0 billion, with Swiss funds for institutional investors accounting for
some CHF 231.5 billion of this figure. The assets under management fell by CHF 9.6 billion.
Disregarding net inflows/outflows, the assets in the “other funds” segment (alternative
investments and commodities) rose by 5.4%, whereas bond funds and equity funds slipped
back by 1.7% and 2.4% respectively. The assets under management in mixed funds fell by
3.4% in the month under review.
Bond funds were able to attract the greatest net inflows in March (CHF 1.4 billion). High-yield
bonds in particular contributed to this showing, accounting for CHF 1.0 billion. Some of the new
money in bond funds stems from switches from money market investments, which investors
have been avoiding for two years with interest rates still being very low from the historical
perspective. Withdrawals from money market funds totaled CHF 550 million in the month under
review. The “other funds” category posted inflows of CHF 989 million, this being above all
attributable to commodity funds, and in particular precious metals funds. Furthermore, funds of
hedge funds were also able to post modest inflows once again for the first time since the
financial crisis.
Equity funds suffered net outflows in March, albeit only to a modest extent. This was attributable
to equity funds covering Japan (down CHF 505 million due to the earthquake, tsunami and
nuclear catastrophe), as well as equity funds investing in Europe and the eurozone, which
together shed CHF 515 million due to the persistent uncertainty over the debt crisis. In the
equity segment, there were inflows for North America equity funds (CHF 1.0 billion), Swiss
equity funds (CHF 157 million) and global equity funds (CHF 153 million). Another interesting
aspect was the inflows of some CHF 143 million posted by equity funds covering Russia. Mixed
funds posted outflows of around CHF 322 million, with investors avoiding investment strategy
funds with fixed equity exposures in particular.
2/2
Dufourstrasse 49  Postfach  CH-4002 Basel  Tel. +41 (0)61 278 98 00  Fax +41 (0)61 278 98 08
www.sfa.ch  This email address is being protected from spambots. You need JavaScript enabled to view it.
Development of the Swiss fund market in March 2011 (amounts in CHF millions)
Fund category
Volumes
March 2011
Volumes
Feb. 2011 Change
Net inflows/
outflows
Equity funds 226,646 232,427 -5,781 -153.7
Bond funds 195,614 197,534 -1,920 1,410.8
Money market funds 86,600 88,569 -1,969 -550.5
Asset allocation funds 80,217 83,385 -3,168 -322.2
Other funds 40,054 36,999 3,055 988.6
Real estate funds 24,853 24,737 116 0.4
Total Swiss market 653,984 663,651 -9,667 1,373.4
Top 10 providers on the Swiss fund market (amounts in CHF millions)
Provider
Volumes
March 2011
Volumes
Feb. 2011
Market share
March 2011
UBS 154,082 153,490 23.56
Credit Suisse 99,777 98,413 15.26
Pictet 47,178 47,625 7.21
Swisscanto 45,981 46,394 7.03
Swiss & Global Asset Management 30,770 30,352 4.70
Zürcher Kantonalbank 26,929 26,528 4.12
Lombard Odier 17,567 17,710 2.69
Clariden Leu 15,933 16,098 2.44
JP Morgan 14,512 15,348 2.22
Zurich Invest 10,070 10,110 1.54

Basel, 20 April 2011 – In March 2011,

he volume of assets placed in the investment fundscovered by the statistics stood at CHF 654 billion, around 9% below the high set prior tothe financial crisis (CHF 714 billion in October 2007). Compared with February, fundassets were down around CHF 9.6 billion, while net inflows totaled some CHF 1.4 billion.The first fund statistics drawn up in close collaboration between Swiss Fund Data AG andLipper, the fund research company of Thomson Reuters, are now available for March 2011. TheSwiss Funds Association SFA will in future publish these statistics each month. The statisticsare based on the FINMA authorization list and cover all funds under Swiss law as well as allforeign funds authorized for public sale in Switzerland, including their institutional unit classes.Foreign funds restricted exclusively for qualified investors are not covered by the statistics giventhat these products are only placed privately and cannot receive FINMA authorization. “After ahiatus of around two years, we are pleased to be able to offer our stakeholders market statisticswith high data quality,” said Martin Thommen, President of the Swiss Funds Association SFA.“Closing this gap in the statistics allows us to enhance the transparency of the Swiss fundmarket for investors and providers alike,” explained SFA CEO Dr. Matthäus Den Otter. OttoChristian Kober, Global Head of Methodology at Lipper, said: “We are looking forward toworking together with the Swiss Funds Association SFA to present statistics on the Swiss fundmarket complete with foreign providers.”As of the end of March, the total volume of assets in the investment funds covered by thestatistics stood at CHF 654.0 billion, with Swiss funds for institutional investors accounting forsome CHF 231.5 billion of this figure. The assets under management fell by CHF 9.6 billion.Disregarding net inflows/outflows, the assets in the “other funds” segment (alternativeinvestments and commodities) rose by 5.4%, whereas bond funds and equity funds slippedback by 1.7% and 2.4% respectively. The assets under management in mixed funds fell by3.4% in the month under review.Bond funds were able to attract the greatest net inflows in March (CHF 1.4 billion). High-yieldbonds in particular contributed to this showing, accounting for CHF 1.0 billion. Some of the newmoney in bond funds stems from switches from money market investments, which investorshave been avoiding for two years with interest rates still being very low from the historicalperspective. Withdrawals from money market funds totaled CHF 550 million in the month underreview. The “other funds” category posted inflows of CHF 989 million, this being above allattributable to commodity funds, and in particular precious metals funds. Furthermore, funds ofhedge funds were also able to post modest inflows once again for the first time since thefinancial crisis.Equity funds suffered net outflows in March, albeit only to a modest extent. This was attributableto equity funds covering Japan (down CHF 505 million due to the earthquake, tsunami andnuclear catastrophe), as well as equity funds investing in Europe and the eurozone, whichtogether shed CHF 515 million due to the persistent uncertainty over the debt crisis. In theequity segment, there were inflows for North America equity funds (CHF 1.0 billion), Swissequity funds (CHF 157 million) and global equity funds (CHF 153 million). Another interestingaspect was the inflows of some CHF 143 million posted by equity funds covering Russia. Mixedfunds posted outflows of around CHF 322 million, with investors avoiding investment strategyfunds with fixed equity exposures in particular.2/2Dufourstrasse 49  Postfach  CH-4002 Basel  Tel. +41 (0)61 278 98 00  Fax +41 (0)61 278 98 08www.sfa.ch  This email address is being protected from spambots. You need JavaScript enabled to view it.ent of the Swiss fund market in March 2011 (amounts in CHF millions)Fund categoryVolumesMarch 2011VolumesFeb. 2011 ChangeNet inflows/outflowsEquity funds 226,646 232,427 -5,781 -153.7Bond funds 195,614 197,534 -1,920 1,410.8Money market funds 86,600 88,569 -1,969 -550.5Asset allocation funds 80,217 83,385 -3,168 -322.2Other funds 40,054 36,999 3,055 988.6Real estate funds 24,853 24,737 116 0.4Total Swiss market 653,984 663,651 -9,667 1,373.4Top 10 providers on the Swiss fund market (amounts in CHF millions)ProviderVolumesMarch 2011VolumesFeb. 2011Market shareMarch 2011UBS 154,082 153,490 23.56Credit Suisse 99,777 98,413 15.26Pictet 47,178 47,625 7.21Swisscanto 45,981 46,394 7.03Swiss & Global Asset Management 30,770 30,352 4.70Zürcher Kantonalbank 26,929 26,528 4.12Lombard Odier 17,567 17,710 2.69Clariden Leu 15,933 16,098 2.44JP Morgan 14,512 15,348 2.22Zurich Invest 10,070 10,110 1.54

source https://www.sfa.ch/media/media-releases?action=download&type=mediarelease&id=48

 

 

The Swiss financial services regulator has granted its authorisation to Switzerland's first hedge fund, in a development fuelled by the growing desire of institutional investors for greater regulation of alternative investment funds.
 The Swiss Hedge Trading Fund has been launched by local distributor Swiss & Global Asset Management and is run by local manager Swiss Hedge Capital. It is the first single-manager hedge fund - as opposed to a fund of hedge funds - to be regulated by the Swiss Financial Market Supervisory Authority, Finma, according to Swiss & Global.

The long/short European equity fund replicates a strategy used by the manager in a Cayman-domiciled fund.

Reto Barbarits, a project leader at Swiss & Global Asset Management, said: "Institutional investors, mainly from Switzerland but also from the European Union, have told us that they would prefer hedge funds that come from a more regulated environment than an offshore domicile such as the Cayman Islands. We have seen investors asking for that in the last two months.

"One way to achieve that would be to use the European Union's Ucits fund structure, but that would not allow the physical borrowing of stock that the manager uses for short selling. The Swiss regulations don't impose that restriction, and we wanted the manager to have the chance to do what he does exactly, so we domiciled the fund here."

Barbarits said Swiss & Global could have opted for a Cayman-domiciled fund or sold to institutional investors using the private placement rules of each EU country, but there was a clear preference for the Swiss option and its greater regulation: "We see a lot of market potential here," he said.

The fund is denoted formally as an “other fund for alternative investments with special risk”. The authorisation by the Swiss authorities ensures that the fund meets requirements on transparency and investor protection.

While most hedge fund managers live and work in the US or the UK, their funds are domiciled in the Cayman Islands. Definitive figures are unavailable, but industry participants say Cayman is home to about two-thirds of the world's hedge funds.

Gerhard Schreiber, founder and managing partner of Swiss Hedge Capital, said: “The future of the hedge fund industry lies in the regulated environment."

A spokesman for Finma was unavailable for comment.

Barbarits added that the development would provide hedge fund managers with a reason to relocate to his country from the UK or elsewhere in the European Union. He said: "We think we will be able to attract them with this product. Swiss and European institutional investors say they would really prefer a fund with a Swiss domicile, and it is easier to get one if the manager is based in Switzerland and has a licence from Finma."

Jabre Capital, one of the first hedge fund management firms to set up in Switzerland rather than the UK, was brought under Finma's umbrella in 2009, but none of its funds are authorised by Finma.

Swiss & Global is part of GAM Holding, which was spun out of Julius Baer Asset Management in 2009 to be listed on the SIX Swiss Exchange and is the exclusive manager of Julius Baer funds. It had assets under management of Sfr80.4bn at the end of December 2010, and employed more than 250 staff.
source: http://www.efinancialnews.com/story/2011-03-23/switzerland-approves-its-first-hedge-fund?mod=sectionheadlines-IB-AM 

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