Galena Ditches London For Geneva

Mar 9 2011 | 11:08am ET

Commodity hedge fund Galena Asset Management has moved its entire trading team from London to Switzerland.

The shift to Geneva, completed last week, is part of parent Trafigura's plan to house all of its traders in one place. The commodities giant made the move both for tax purposes and to take advantage of having all of its European trading operations under one roof.

"The whole office moved to Geneva last week," one Galena trader told Reuters.

"Basically, they are centering the trading operations in Geneva," a trader added. "So the majority of trading teams will be there. It makes a lot of sense on different fronts—lifestyle, too."

Galena has some US$1.4 billion in assets under management. Some staff will remain in London, where the hedge fund was set up in 2004, but all traders have been shifted south.

Last year, the U.K. increased its top rate of tax from 40% to 50%.


In Depth

Fundraising for Mid-Sized PE Funds: Should You Use a Registered B/D?

Dec 6 2016 | 7:18pm ET

When does a fund sponsor need to use a registered broker/dealer when raising capital...

Lifestyle

Trump Attends 'Villains and Heroes' Costume Party Dressed As...Himself

Dec 5 2016 | 11:16pm ET

U.S. President-elect Donald Trump attended a "Villains and Heroes" costume party...

Guest Contributor

Nowhere to Hide: Why the Future of Asset Management Depends on Innovation

Nov 15 2016 | 6:55pm ET

Information technology has reshaped the asset management industry’s periphery,...

 

From the current issue of

Since the inception of Modern Trader, a core editorial theme has centered on the wisdom and power of crowds. Editorial emphasis has focused on companies and projects engaged in the collection and analysis of information. 

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR