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City hedge fund exodus begins

Times Online – Brevan Howard, the UK’s largest hedge fund, is planning to open an office in Switzerland, perhaps signalling the beginning of a mass exodus by financial groups from London.

The hedge fund, which has assets under management of close to $27 billion (£17 billion), has instructed property agents to find an office in the tax haven with capacity for at least 100 staff. It has narrowed the search to Geneva and the nearby Nyon.

In June, James Vernon, the firm’s chief operating officer, said that a proposed EU directive on hedge-fund regulation would make it “impossible” for it to do business in the UK.

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