* Plans office for staff who want to live in Geneva
* Says "completely coincidental" with rising UK tax
* No plans to move headquarters from London
By Laurence Fletcher
LONDON, Sept 23 Europe's biggest hedge fund firm
Brevan Howard Asset Management told Reuters it is planning to
open an office in Geneva, but said the move had nothing to do
with an imminent rise in tax rates for top earners in the UK.
"We've been looking to open an office in Switzerland," said
Aron Landy, chief risk officer at the firm. "(It's) if there are
people who for personal reasons want to live somewhere, we look
at it... We've been looking at it for a long time."
He said the new office could be for any type or grade of
staff, but declined to give details on how many employees would
The news comes amid speculation some hedge fund firms may
leave the UK for Switzerland in response to a new 50 percent
rate of tax for top earners and controversial draft EU rules on
managers of hedge funds. [ID:nL41051566]
However, Landy said Brevan Howard's plans were "completely
coincidental" with those developments.
He added: "We have no plans to change anything (about the
location of our headquarters)."
Brevan Howard ran $26.8 billion in assets at end-December,
according to data from EuroHedge.
(Editing by Elaine Hardcastle)
(To read the Reuters Hedge Fund Blog click on
blogs.reuters.com/hedgehub; for the Global Investing Blog