Brevan Howard left a wide gaping hole in London when it left the city for Geneva, Switzerland and took some $500 million of tax dollars pounds with it.
Now, they’re pushing the knife in further.
According to Bloomberg, Brevan Howard is expanding its Switzerland office and bringing 35 more of its employees to the tax haven.
When the tax went into effect on April 6th, and anyone earning more than 150,000 pounds was required to pay 50%, it was almost funny how quickly Alan Howard, whose fund manages more than $30 billion, personally left London for Switzerland.
He filed his departure as soon as June.
His firm had been planning on opening a Swiss office since September 2009, apparently, and a spokesman for Brevan Howard denied that the reason for the move had anything to do with the tax hike. But the timing of the move coincided perfectly, just as though it had been planned just to avoid the 50% tax.
And now –
Brevan Howard will take over four floors of a building in Rue d’Italie as the firm’s employees in the city increase to 65 from about 30, said the person who declined to be named because the matter is private.
That’s payback for ya, London.