Wednesday, 30 July 2014
Last updated 11 hours ago
Jul 22 2010 | 12:46pm ET
Her letter to the New York hedge fund industry inviting them to move north having attracted no takers, Connecticut Gov. M. Jodi Rell is offering some face time.
Rell—who sent the letter to the New York Hedge Fund Roundtable and several prominent New York hedge funds after the state began considering a new tax on the industry—has sent another letter to the Roundtable, inviting its president, Timothy Selby, and “a few” of his colleagues to meet her for dinner at a Darien restaurant.
“We have much to discuss!” Rell exclaimed, the New York Post reports. “The meeting will be intimate, direct and private.”
Rell’s initiative follows a proposal to close the so-called carried-interest loophole in New York. That measure would tax performance fee income as ordinary income, rather than capital gains, more than doubling the rate such fees are assessed. But as with her last letter, the invite to The Water’s Edge at Giovanni’s on Aug. 2 seems to be attracting more kind words than actual interest.
“I’m encouraged that there is a politician who would have such an appreciation for this sector of the financial-services industry,” Selby told the Post, adding, “I only wish we had a counterpart of hers in New York.” But despite the praise, Selby would not even commit to dining with Rell, saying the invite is “under consideration.”
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…