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Sunday, May 3, 2009

London’s ‘Twin Pillars of Doom’ May Spark Hedge Fund Exodus

In order to raise tax revenues, the UK government has announced some significant tax changes that will increase taxes. Result, businesses and people are leaving. Anyone surprised? What will be the net result do you think; will tax revenues increase or fall? Should anyone then be surprised? Yet, many will be surprised as the tax revenues drop.

April 30 (Bloomberg) -- After helping to move 23 hedge funds to Switzerland from London in the past two years, David Butler describes the flow as a “steady trickle.” Now he’s bracing for a flood.

“Call it the twin pillars of doom,” said Butler, a founding partner at hedge fund consultancy Kinetic Partners LLP in London. “Put together the U.K. tax changes and what the ogres in France and Germany have created and you will see a mass migration.”

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