Another British hedge fund seems to be hedging its bets when it comes to impending tax increases in the U.K. and hedge fund regulation in Europe.

Commodity hedge fund shop BlueGold Capital Management has opened a Geneva office, City A.M. reports. Employees of the London-based firm are being offered the opportunity to move to the new Swiss digs in an effort to avoid a tax increase on the U.K.’s highest earners. The richest hedge fund managers in England will soon pay a top rate of 50%, but in Switzerland, the figure is closer to 10%.

BlueGold, which was launched last year by former Vitol Group traders and manages about US$1.6 billion, is one of the fastest-growing hedge funds in London. It has returned about 65% this year.

While the threat of higher taxes and tougher regulation has not led to the exodus of hedge funds from London that was feared, several have opened offices in Switzerland and offshore jurisdictions to give employees an option. Last month, Europe’s largest hedge fund, Brevan Howard Asset Management, said it planned to open an office in Geneva while maintaining its base of operations in the British capital.