Un Fonds Spéculatif
What Not to Say in France: [I Work For] Un Fonds Spéculatif
The new pan-EU securities regulator – the European Securities and Markets Authority, or Esma, which has a responsibility for regulating hedge funds – is to be based in Paris. However, most French hedge fund managers, like a sort of French foreign legion, work in the UK. London’s hedge fund community is full of French nationals, which has contributed to South Kensington’s nickname as “le quartier français de Londres”.
Georges Gedeon, a former partner at GLG in London who set up a hedge fund firm, Mereor Management, in Paris this year, said in May that “London is where the brain is.” Mereor plans an office in London.
Denis Beaudoin, chief executive of Finaltis, a managed futures fund, said: “We’re based in Paris – an original mistake – but we stayed here. To set up a hedge fund in Paris now you have to be slightly masochistic or truly patriotic.”
In France, as Esma will discover, the environment for hedge funds is hostile. Not only are the doubts about the industry implicit in the French name for it, suspicion has been encouraged by France’s politicians. President Nicolas Sarkozy has labelled hedge funds “predators” and “asset strippers.” Source