Saturday, 29 November 2014
Last updated 19 hours ago
Nov 22 2010 | 9:36am ET
Brevan Howard Asset Management has pledged to remain a London hedge fund, but is also showing a big commitment to its new Swiss office.
Europe's largest hedge fund will see its Geneva-based staff more than double in number over the next eight months, Bloomberg News reports. The firm, which manages more than US$30 billion, is also moving into larger quarters in the city to accommodate its larger numbers.
Brevan Howard will likely have 65 employees in Geneva by the middle of next year, up from 30 currently. Among them is firm founder Alan Howard, who has moved to Switzerland to escape higher taxes in the U.K. While the firm has said it has no plans to relocate its headquarters from London, the new office will reportedly have room for up to 100 people, and the hedge fund is allowing its employees the option of moving to Geneva.
To prepare for that influx, Brevan is moving its office in the city—opened earlier this year—across the River Rhone. The hedge fund will occupy four floors on the Rue d'Italie, in a building that also houses Schroders' Swiss private bank. The floors are currently rented by Barclays.
Brevan Howard's current Geneva digs are north of the river, near the city's main train station.
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