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Hedge funds 'should be brought onshore'
Lower tax and looser regulation would help to keep hedge funds in the UK, one expert has advised, as the 50 per cent top rate of tax threatens to force even more hedge fund managers abroad.
Writing in the Financial Times, James Mackintosh said that the "danger is serious", as the 450 remaining managers in the UK will take hundreds of lawyers, accountants and prime brokers with them if they emigrate.
The majority of the non-US hedge fund industry is currently based in the Cayman Islands, he went on to say, accepting that some of them are there to dodge tax and regulation.
"But most are there because Britain, the natural home of the non-US industry, only exempts UK-based hedge fund managers from tax on the funds they run - as mutual fund managers are - if they base their funds abroad," Mr Mackintosh explained.
London's hedge funds were recently given a boost from the Financial Services Authority, after a report from the organisation found no evidence that they represent a systemic threat to the banking industry.
Posted by Jared Atreides.
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