Another major British hedge fund has set up a tax-friendly Alpine retreat. Moore Capital Management has recently opened an office in Zurich, Switzerland. One portfolio manager has already moved to the Swiss office, and others may follow.
Kornelius Klobucar has been moved from London to the new office, Financial News reports. But Klobucar, who has been with Moore for three years, is unlikely to be the last. The firm is expect to hire staff specifically for the Zurich office, or to move additional personnel there from London.
Moore, which manages US$14 billion and recently opened another office in Hong Kong, has registered a new subsidiary, Moore Cap Switzerland GmbH, in the country. The firm is just the latest London-based firm to open an office in Switzerland, which gives employees a way to escape new, higher taxes in the U.K. and potentially strict hedge fund regulations in the European Union, of which Switzerland is not a member.
Other firms opening Swiss centers include Brevan Howard Asset Management and BlueCrest Capital Management.