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Paris Hedge Funds

Paris Hedge Funds

France Encouraging Managers to Start a Hedge Fund in Paris

At a time when European countries are cracking down on hedge funds with regulations and taxes, France is taking steps to encourage hedge funds to set up shop in the country. But can Paris really compete with major hedge fund hubs like London and New York? Patrice Bergé-Vincent, head of the asset management regulation policy division at the AMF, the French financial market regulator, seems to think so.

In a recent roundtable discussion Bergé-Vincent signaled that France was looking to welcome hedge funds to do business in the country saying, "We prefer to have more managers, more management companies in France." The government is also considering initiatives like a national seeding fund that aim to encourage managers to start a hedge fund in Paris. Some managers expressed skepticism at the idea, however, given the tough regulation and France's recent ban on short selling of the country's financial firms.
The moves come amid figures showing France accounts for just 0.63% of global assets in single-manager hedge funds, compared with 12.45% of global assets that are run out of the UK, according to data provider Hedge Fund Research. Almost four-fifths of assets are managed by US-based firms. 
Some may find the AMF’s eagerness to attract hedge fund managers to France at odds with its actions elsewhere. Yesterday the French regulator announced a ban on taking short positions in 10 French financial stocks, a move that provoked opposition from the hedge fund trade body the Alternative Investment Management Association, which argued that legitimate short selling plays an important role in financial markets. 
Reza Ghodis, managing partner and founder of Darius Capital, a hedge fund advisory firm, said that while Paris is attractive from both a professional and a personal perspective, it would be difficult for it to become a meaningful hedge fund centre without a strong local investor base. Source

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