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

Q&A: Rotation Capital's Rothfleisch On SPAC 2.0

Aug 11 2017 | 7:43pm ET

Corporate actions have long been a staple of event-driven investors, but activity...

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

Star Mountain: Private Lending in the Lower Middle-Market

Aug 14 2017 | 4:45pm ET

Private credit has become one of the most popular alternative asset classes in recent...

 

From the current issue of