London Mayor Boris Johnson
London Mayor Johnson Fights for Hedge FundsHedge funds fighting regulation in the UK have found an advocate in London's Mayor Boris Johnson. Mayor Johnson has been a critic of what he sees as excessive regulation and Wednesday he will meet with top members of the European Parliament and the head of internal markets for the European Commission.
The draft European directive includes "radical" initiatives on raising capital and capital requirements. A large portion of the alternative investments is based in the UK and hedge funds have come under increasing regulatory pressure. Many hedge funds professionals are considering leaving the UK when a 51% tax takes effect next year, read more about that here. Mr. Johnson seeks to keep hedge funds from fleeing to Switzerland:
Read about the UK tax reform here.
Mr Johnson's attack on potential regulation comes as the Swiss government is stepping up its campaign to entice hedge funds and other financial services companies to relocate to Switzerland.
The Economic Development Office of the Canton of Geneva, an arm of the Swiss government, has teamed up with Kinetic Partners, a London-based advisory group, to host a conference in London in September at which they will outline the advantages of moving to Switzerland. Kinetic claims this year to have helped 23 hedge funds managing an estimated $15bn (£9bn) move from London to Switzerland.
The conference invitation, seen by The Sunday Telegraph, says: "The predicted relocation of UK led hedge funds to Switzerland is today becoming a reality. Fuelled by increasingly harsh regulation and changes to tax, and attracted by stability and clarity, the big move from London to Switzerland has already been successful for many funds." source
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Link to This Resource: Boris Johnson Mayor of Londonhttp://richard-wilson.blogspot.com/2009/08/boris-johnson-mayor-of-london.html