Galena Ditches London For Geneva

Mar 9 2011 | 12:08pm 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

PAAMCO: Will Inflation Deflate the Asset Bubble?

Jan 30 2018 | 9:49pm ET

As the U.S. shifts from monetary stimulus to fiscal stimulus, market pricing should...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Boost Hedge Fund Marketing ROI By Raising Your ROO

Feb 14 2018 | 9:57pm ET

Tasked with delivering returns on client capital, a common dilemma for many alternative...

 

FINalternatives Trending

From the current issue of