Fink Says U.K. Should Go Offshore

Sep 24 2012 | 1:22pm ET

Former Man Group CEO and International Standard Asset Management chief Stanley Fink thinks the U.K. should be easier on fortunes such as his own.

The hedge fund honcho and treasurer of Britain's governing Conservative Party has said in an interview that he lobbied the country's chancellor of the Exchequer to do away with "archaic" taxation rules that drive people like himself to tax havens like the Cayman Islands, Channel Islands and Luxembourg.

"I don't see why the U.K. should not compete for jobs that at present are going to the Cayman Islands," he said. "I lobbied George Osborne when the Tories were in opposition. I have long felt that the British government loses jobs to tax havens by allowing the Revenue to have these rather archaic rules."

Fink was ennobled by the Tories for his help in their 2010 electoral victory. He said that Osborne, who has called tax avoiders "morally repugnant," was not moved.

"It's a case where the Revenue has been penny-wise and pound-foolish," Fink said. "I have never understood it but it is something that the Revenue has always been paranoid about."

"Offshore companies are used for technical reasons, not tax avoidance," Fink argued. "Many of the structures in the business have to be based offshore, anyway. Otherwise, why would a Japanese person investing in a hedge fund want to pay U.K. tax? All of the industries I am involved in have to have some offshore entities, if only to help those investors."


In Depth

Why Ponzi Schemes Work: An In-Depth Look At The Allen Stanford Fraud

Dec 21 2014 | 10:30am ET

Texan Allen Stanford first appeared on the radars of financial regulators in 1997...

Lifestyle

Hedgie Funds US Squash Program

Dec 24 2014 | 8:46am ET

Squash, anyone?

Guest Contributor

EidoSearch’s Top Three Market Projections For 2015

Dec 23 2014 | 4:03am ET

It is that time of year again when prognosticators make their big market calls for...

 

Sponsored Content

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

December 2014 Cover

Futures 2014 person of the year

Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.