Another London hedge fund firm has opened an office in Switzerland.
Culross Global Management has established a base in Zug. But the US$600 million fund of hedge funds shop said the move was motivated less by British taxes and more by business sense.
“Most of our clients are in the German-speaking part of Switzerland,” founder Nigel Blanshard told the Financial News. “Zürich is the natural location and I preferred Zug,” about 10 miles south of Zürich.
Blanshard said the firm, which has 11 employees, would hire new staff for the Zug office and would consider relocating some of its London staffers to the new digs. Blanshard himself divides his time between the two jurisdictions.
Culross follows some of London’s biggest hedge funds, including BlueCrest Capital Management and Brevan Howard Asset Management, in establishing Swiss bases. Moore Capital Management has also set up a Swiss office, in Zürich.