Tuesday, 21 October 2014
Last updated 4 min ago
Sep 15 2008 | 8:49am ET
Growing hedge fund unrest about British tax policy is not stopping the leader of that country’s third political party from promising to end the “grotesque spectacle” of hedge fund managers coughing up less than blue-collar workers.
Nick Clegg, who leads the Liberal Democrats, said his party’s platform would include the closing of two tax loopholes that could cost the rich, including London’s hedge fund community, £12 billion (US$21.5 million). He is expected to make the proposal at the party’s annual conference this week.
“We are not being punitive to anyone,” Clegg said on BBC television. “We are simply saying that we need a fair, simple, transparent tax system where everyone pays their fair share, and it shouldn’t just be the rich who enjoy these great, big multi-billion pound loopholes in the system.”
The position of the Lib Dems, who currently boast 63 members in the 646-member House of Commons, could be crucial if the next British election, due by 2010, fails to produce a majority for either of the country’s major parties, the governing Labour Party or the opposition Conservatives. In the case of a so-called “hung parliament,” the Lib Dems could be kingmakers, able to extract concessions in exchange for supporting one party or the other.
That possibility is likely to cause even more tax anxiety in the City. Earlier this month, London-based Krom River Partners decided to move its headquarters to Switzerland, just as Swiss authorities announced plans to make their country more hedge fund-friendly with simpler—and lower—taxes.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...