Sunday, 23 November 2014
Last updated 2 days ago
Apr 17 2007 | 9:55am ET
Concerned by London’s dominance of the European hedge fund industry, Swiss officials are considering a dramatic tax cut to make their country more alluring to hedge fund managers.
The Swiss banking federation has proposed a 10% tax rate for top hedge funds, The Telegraph reports, and Swiss Finance Minister Hans-Rudolf Merz says he is considering the move.
Hedge fund managers are currently subject to a marginal tax rate of approximately 45%.
“It’s an idea I’m carrying around,” Merz, who has been meeting with leaders of the Swiss financial community, said. “The financial marketplace is of enormous importance to our country. I know that we have a disadvantage in taxes. We understand the problem, and we have to solve it.”
But Merz added it was unrealistic to expect Switzerland to supersede London—home to 80% of Europe’s hedge fund assets—saying London is “too strong” for a “frontal attack.” Instead, he told Bloomberg News, “It’s absolutely vital that there’s a certain competition.”
Nov 4 2014 | 9:45am ET
Data management is important to every business, but for hedge funds, it is critical. FINalternatives recently asked Peter Sanchez, CEO of Northern Trust Hedge Fund Services, how fund managers can deal with the demands of managing data while at the same time remain transparent and abide by operational best practices. Read more…
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