Swiss Hedge Fund Industry Grows | Industry Notes

Swiss Hedge Fund Managers

Swiss Hedge Fund Industry Grows | Industry Notes

The note below is relatively mundane by itself but I wonder how it relates to US based hedge fund managers and what their moves may be ahead given the current financial crisis. How much additional business will Bermuda, Canada and possibly even Switzerland see as a result of the election and capital structure failure here in the US?

Switzerland's fledgling hedge fund industry is set for growth as the credit crisis forces the industry to focus on lower-cost centers and the country aims to lure managers from London. Lower living costs, as well as better personal tax rates than London in some cantons, improving tax terms for fund firms and a high quality of life are carrots Switzerland is dangling in front of continental European managers based in London.

And as the credit crisis and huge market volatility hit returns in the hedge fund industry, Switzerland looks set to benefit even as the industry shrinks elsewhere as managers facing fee pressure and outflows look for cheaper locations.

"London is still dominant, but we're seeing some activity (new funds) in Geneva," said Mark Lewis, senior investment funds partner at Cayman Islands-based law firm Walkers Global. "The occasional manager, start-up or transfer of business will be in Switzerland. It's a combination of Switzerland's efforts to win business and the UK government's efforts to lose it."

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