Here's a feather for the cap of London's hedge fund boosters: Bucking the trend of firms moving in the opposite direction, one fund of hedge funds shop is moving to London… from Switzerland.
Octane Holdings, which was acquired from its management last year by South Africa's Sanlam, will pick up sticks from Zürich and head to the British capital.
"London is still the hub, it's still the place to be," Sanlam Investment Management's Robert Roux told Financial News. "Tax is important, but we are not worried about it."
While few, if any, hedge fund firms have outright relocated from London to Switzerland, several have opened offices in the country to allow their employees to escape higher British taxes, among them Brevan Howard Asset Management, BlueCrest Capital Management and Moore Capital Management. What's more, several high-profile hedge fund managers, including Moore's Philippe Blochet, a co-founder of Brevan Howard, have made plans to move to Switzerland.