Tuesday, 27 September 2016
Last updated 2 hours ago
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%.