UK Tsy’s Myners Calls For Onshore Hedge Fund Regime

WSJ – The U.K. should develop a viable onshore regulated hedge fund industry, Paul Myners, the U.K. Treasury’s financial services secretary, said Monday.

Myners said he endorsed the findings of a government-sponsored report on the future of the U.K. asset management industry, published Monday, which says creating an onshore hedge fund regime would substantially benefit the U.K.

“I regard this as a real opportunity for the industry to grasp,” Myners said at a briefing on the report. “There is no obvious reason why hedge funds should be located in offshore tax centers. We need to see this industry increasingly come onshore as part of a general program of improving and strengthening the robustness of the financial system.”

The U.K.’s Financial Services Authority regulates hedge fund managers based in the country but doesn’t oversee the funds they run, which are frequently operated in offshore financial centers, such as the Cayman Islands.

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