Home›ETFs & Funds›Hedge Funds›Millennium Management weighs Geneva tax deal to expand…

Millennium Management weighs Geneva tax deal to expand in Switzerland

The New York-based hedge fund manages more than $92bn, and a Geneva arrangement could help it compete with lower-tax Zug as it considers where portfolio managers and traders work.

Reported · Written up by our desk · Hedge Funds

Millennium Management is negotiating with authorities in Geneva about a potential tax arrangement that could enable the hedge fund to expand its presence in Switzerland’s French-speaking canton, according to a Financial Times report carried by Hedgeweek.

The firm already operates offices in Geneva and Zug, with Zug currently the larger base due to a lower tax burden that is attractive to investment professionals.

Hedgeweek says Millennium employs about 6,900 people and manages more than $92bn, and that Switzerland’s decentralized tax system gives cantons substantial control over tax rates and incentives.

Geneva’s maximum personal income tax rate can approach 45%, versus roughly 20% in Zug, and the firm is exploring the impact on where employees based on tax considerations, including portfolio managers and trading staff who can have flexibility over their location.

More like this

Sources