Hedge Fund Tax Exodus May Cost U.K. 500 Million Pounds, FT Says

One in four hedge fund managers have moved from London to Switzerland, at an annual cost to the U.K. government of an estimated 500 million pounds ($791 million) in tax revenue, the Financial Times reported.

Hedge fund managers are relocating to Switzerland because of its stable tax system and to avoid “fiscal volatility and political hostility” in the U.K., the FT said, citing consultancy Kinetic Partners LLP.