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One in four hedge fund managers have moved from London to Switzerland, at an annual cost to the U.K. government of an estimated 500 million pounds ($791 million) in tax revenue, the Financial Times reported.

Hedge fund managers are relocating to Switzerland because of its stable tax system and to avoid “fiscal volatility and political hostility” in the U.K., the FT said, citing consultancy Kinetic Partners LLP.

The departures of Alan Howard, founder of Brevan Howard Asset Management LLP, Europe’s biggest hedge fund, and Mike Platt of BlueCrest Capital Management Ltd. will cost the treasury 200 million pounds in lost revenue, the newspaper reported, citing its own analysis.

To contact the reporter on this story: Bryan Keogh in London at This email address is being protected from spambots. You need JavaScript enabled to view it.

To contact the editor responsible for this story: Paul Armstrong atThis email address is being protected from spambots. You need JavaScript enabled to view it.

 

Single Hedge Fund Managers in Switzerland:
Evolution and Adaptation to a Changing Environment

Single Hedge Fund Managers in Switzerland:Evolution and Adaptation to a Changing Environment

Centre Alternative Investments & Risk Management
ZHAW Zurich University of Applied Sciences
School of Management and Law

 

 

SOURCE:

http://www.blick.ch/news/schweiz/zuerich/das-sind-die-besten-gemeinden-der-schweiz-156639

Switzerland Luring Hedge Funds with Lower Taxes

Swiss hedge funds are growing more popular as Switzerland's government looks to lure hedge fund managers with lower tax rates than rival countries. According to a Zurich University study there are currently 125 single-manager hedge funds in Switzerland managing $14 billion across 71 firms.

Swiss managers rank third in Europe, with 4 percent of the market, behind London’s 75 percent share and Sweden with 5 percent. Brevan Howard Asset Management LLP, Europe’s biggest hedge fund, and third-ranked BlueCrest Capital Management Ltd. have both opened offices in Geneva this year.

“Heavy competition between cantons has helped to keep tax rates low,” making Switzerland more appealing, Regina Anhorn, one of the study’s authors, said in a presentation in Zurich. “We have seen famous names move part of their institution to Switzerland. We may see many more to come.”

There are signs that fees charged by Swiss hedge funds fell over the past two years, from a typical 2 percent management fee and a 20 percent share of performance, according to the study. A 1 percent management fee is “increasing in popularity” together with a performance fee of 10 percent, it said. Source

Fund of Hedge Funds SEC

SEC Reportedly Looking into Fund of Hedge Funds

Fund of hedge funds are facing scrutiny from the Securities and Exchange Commission. The fund of funds industry has suffered big losses and failed to recover as quickly as their hedge fund investments. Now, the SEC is conducting what is called a "sweep exam", in which the regulator examines a number of funds (about a dozen fund of hedge funds in this case) and collects information to develop leads but this does not necessarily mean that anything improper has occurred at the funds.

The Securities and Exchange Commission is examining whether firms that collect fees for funneling investors into hedge funds are properly overseeing client money and dealing with potential conflicts of interest, people familiar with the matter said.

The inquiry has identified about a dozen investment-advisory firms for questioning but could expand, according to people familiar with the matter, making it one of the SEC's broadest examinations ever of funds of hedge funds and advisers specializing in hedge funds.

According to documents reviewed by The Wall Street Journal, the inquiry is a "sweep exam" by the SEC's Office of Compliance Inspections and Examinations. That office's responsibilities include identifying fraud and other securities-law violations in investment firms, securities exchanges and Wall Street brokerage firms.

The sweep also could include alternative-investment advisers focused on private equity and other registered advisers catering to pension funds, people familiar with the situation said. Source

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