Wednesday, 29 June 2016
Last updated 9 hours ago
Jun 30 2010 | 2:22pm ET
Despite new high taxes and fears of proposed European Union alternative investment regulations, there has not been an exodus of hedge funds from London. But the head of Europe’s biggest hedge fund has skipped town.
Alan Howard has moved to Switzerland and is now working from Brevan Howard Asset Management’s new Geneva office, the firm said in a London Stock Exchange statement. The firm opened its Swiss office this year, with room for as many as 100 staffers seeking to escape the new 50% top income tax rate in the U.K.
While Brevan Howard’s headquarters will remain in the British capital, individual employees will have the option to move to Geneva.
Howard remains at the helm of the firm’s flagship master fund from his lakeside tax haven, Brevan Howard said.
In April, the top rate of British income tax rose from 40% to 50% on incomes over £150,000.