Add GLG Partners to the list of UK-based hedge funds that are exiting the city after it imposed a huge bonus tax on top earners.
Pierre Lagrange, one of the founders of GLG (which recently merged with Man Group), told Hedge Funds Review that a few of his employees have left the UK for Geneva, Switzerland.
He told the review:
“We have offices in quite a few jurisidictions so we have quite some flexibility. If staff want to go, absolutely they can but few have gone.”
It makes you wonder if the tax was even worth it – or if the city has broken even.