London is catching up, but still trails New York

Fri Apr 27, 2007



By Neil Wilson

A steady stream of stories in recent weeks indicates that London looks to be mounting an ever-stronger challenge to New York's traditionally dominant position as the leading center of global hedge funds. From small beginnings only a few years ago, the growth of assets of London-based firms has indeed been impressive. And the outlook for managers based in the United Kingdom continues to look quite positive, notwithstanding some lingering concerns about the tax system - which is raising the prospect of more serious competition from other European centers, such as Switzerland.

Nonetheless, it seems to me that the notion that London is already a serious rival to New York looks somewhat premature. For one thing, the latest statistics on the size and shape of the industry - which we revealed last month in our first-ever HedgeFund Intelligence Global Review - still show New York has a long lead...

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