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UK job laws a legal maze for US hedge funds

Wealth Bulletin- US hedge funds keen to support their European client bases are looking at expansion into London. Institutional Credit Partners Capital and Silver Creek have made the move.

Despite predictions that the UK’s non-domiciled tax regime would lead to hedge funds migrating to other European destinations, London remains the hedge fund centre of Europe, handling some 75% of Europe’s $300bn hedge fund assets.

Setting up in the UK poses challenges for unwary US firms – and those coming unprepared may be in for a rude awakening. US hedge funds are generally accustomed to an “employment at will” legal system – hiring and compensating employees without formal written agreements and firing them without any reason (bar discriminatory ones) or any form of prior disciplinary action or dismissal procedure. This is not the case in the UK.

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