April 30 (Bloomberg) -- After helping to move 23 hedge funds to Switzerland from London in the past two years, David Butler describes the flow as a âsteady trickle.â Now heâs bracing for a flood. âCall it the twin pillars of doom,â said Butler, a founding partner at hedge fund consultancy Kinetic Partners LLP in London. âPut together the U.K. tax changes and what the ogres in France and Germany have created and you will see a mass migration.â Butler said inquiries about relocations have gone up âby a factor of 10â since Britain pledged a new 50 percent rate for top earners on April 22. Many came from fund managers already mulling a move after the U.K. tinkered with tax rules for non- domiciled workers last year. Theyâre calling again after the European Union, backed by France and Germany, proposed yesterday to regulate buyout firms and hedge funds managing more than 100 million euros ($134 million.) The EU is pushing for tighter regulation with an âall encompassingâ approach after markets fell in 2008. The hedge fund regulatory threshold was lowered âat the last minuteâ at the urging of Socialists in the European Parliament. âThe directive has been allowed to become a politically motivated attack on the U.K.âs successful investment management industry,â said Richard Perry, a partner in the financial services practice at Simmons & Simmons, a law firm in London. The measure may drive many fund management businesses outside Europe, he said. âThis could inhibit the growth of Londonâs hedge fund industry significantly.â Leaving London London, home to at least 80 percent of Europeâs estimated $400 billion in hedge fund assets and about 60 percent of Europeâs private equity firms, may suffer as funds decide leaving is easier than complying with new regulations. âThere is a profound disincentive to base businesses in Britain that could as easily be run from Zurich, Dubai or for that matter New York,â Simon Walker, chief executive officer of the BVCA, the U.K. buyout industryâs lobby group, told reporters in London on April 29. âThis is one of the biggest problems: itâs a disincentive to run businesses out of London. http://www.bloomberg.com/apps/news?pid=20601109&sid=aIjy4wLC4eJA&refer=home Welcome in Switzerland ! http://www.swissbanking.org/en/home/home.htm
labour socialist govt just pandering to the electorate. elections are coming and the party of churchill will sweep to power
one arse wants to send it to america. http://www.guardian.co.uk/commentis...all-street-economy-financial-transactions-tax