Tuesday, 31 March 2015
Last updated 5 hours ago
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."
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…