Hedge funds to stick to Mayfair

Hedge funds are unlikely to exit the UK because of tax, a report suggested yesterday. Property consultancy Cushman & Wakefield found 10 per cent of UK firms now consider taxation a crucial factor in deciding where to headquarter their business, up from 5 per cent three years ago. Around 18 hedge funds are contemplating overseas moves ahead of the hike in the top rate of income tax to 50 per cent in April. However Cushman said appetite from hedge fund managers for prime West End property remained high - accounting for 10 per cent of take-up.