A top hedge fund firm is relocating back to London from Geneva as traders complain of missing the capital’s thriving environment.
Brevan Howard relocated to Geneva in 2009 but will now be taking 65,000 sq ft of office space in St James’s Square, paving the way for half the workforce to head back to London or relocate from remaining offices on Baker Street.
“I’ve heard that some of the traders who made the move out to Geneva have since come to regret that decision,” one insider recently told Reuters. “It seems that life in a small city doesn’t always outweigh the tax savings.”
Over 100 UK staff are based in Switzerland. The costs of keeping staff and running the offices in Geneva would have risen since 2012 as local currency rose 20% in the world economy.
The development Brevan Howard is eyeing up in St James’s Square will not be ready for occupancy until later this year.