According to a new report from International Financial Services Europe (IFSL), London currently dominates the European hedge fund market, controlling almost 70% of hedge fund assets.
Furthermore, the study by IFSL, a promotional body for UK financial institutions, found that if funds of funds and US trading desks were taken into consideration, London’s presence in the European hedge fund market is almost total at 90%.
"Although the US is still by far the most important location for hedge funds, over the past few years London has gained in importance,” stated IFSL's Director of Economics, Duncan McKenzie.
However, recent hedge fund legislation liberalising the industry in Germany and Luxembourg could soon begin to poach some of this business away from London, although the industry in the former country has been somewhat slow to get off the ground.
It is estimated that European hedge fund assets now amount to around $170 billion.
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