London hedge fund giant Brevan Howard has warned the British government that it may move its headquarters to Switzerland as a result of proposed tax changes.
The $22 billion firm, which employs 250 in London, told the Financial Services Association that it may quit the British capital due to uncertainty over taxation, as well as a proposed charge on non-domiciled employees, the Telegraph reports. Five of Brevan Howard’s eight founding partners are reportedly non-domiciled in Britain.
The firm is in talks with several Swiss localities about opening an office, which could quickly be transformed into the firm’s new headquarters.
Brevan Howard is the second major alternative investments firm to consider quitting London for Switzerland. U.S. private equity giant TPG Capital is also mulling the move, also due to the non-domiciled issue. The Telegraph reports that other hedge funds and financial services firm may abandon the City because of the tax changes.
Tax Changes Could Push TPG Out Of London