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EU laws seen driving hedge funds from UK

Reuters UK – Some hedge funds will leave the UK if draft new European law is not changed, said one manager present at a meeting this week with the Treasury, in which the industry expressed grave doubts about the rules.

Proposed new EU rules to force disclosure of leveraged positions and give regulators more control over borrowing levels could drive away managers, David Stewart, the head of Odey Asset Management, told Reuters in an interview.

"They’d have to (leave) in some cases. If you put in the leverage rules and (the fact) that Cayman funds couldn’t be sold into the EU, I don’t know how it operates," he told Reuters.

"There will be some people who go back to America."

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