Reuters: Odey AM not abandoning Britain - Spear's Magazine

Reuters: Odey AM not abandoning Britain

LONDON (Reuters) – Hedge fund firm Odey Asset Management says it will not abandon Britain, despite government plans for higher taxes on top earners, but will launch a Swiss arm able to avoid tough new European regulation.

LONDON (Reuters) – Hedge fund firm Odey Asset Management says it will not abandon Britain, despite government plans for higher taxes on top earners, but will launch a Swiss arm able to avoid tough new European regulation.

The comment by chief executive David Stewart followed a report in The Sunday Times newspaper the firm was “seriously considering leaving” in response to the government’s move to raise the income tax rate on high earners to 50 percent. “I’m sure we would always have operations in the UK,” Stewart told Reuters in an interview on Monday.

Whether an individual stayed in Britain or moved to another country was a matter “for individuals,” he said, adding: “If you’re a young person and a non-domicile, why on earth would you stay here?”

To read the full story, visit reuters.com



 

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