FT.com / Companies / Financial Services - Geneva office for Brevan Howard staff.

The FT reports:

Brevan Howard, Europe’s largest hedge fund, plans to open an office in Geneva amid growing uncertainty over taxation and market regulation in the UK.

However, fears of an exodus of hedge funds from Mayfair have been overplayed, say fund managers. The majority see opening offices in Switzerland — or elsewhere abroad — as an unwelcome but prudent necessity, rather than a matter of preference.

Thank goodness: the over dependence on financial services, many of which under pay in terms of their tax contribution, might be drawing to a close in the UK.

And that's exactly what we need if we are to rebuild the economy on a sound footing. After all, it was the culture of finance that brought us to our knees.