Apr. 17–More money is now managed in St James’s in London’s West End than in Germany’s leading financial centre Frankfurt, according to the Economist magazine.<\/p>\n
It says the exclusive Mayfair enclave is now home to almost 100 hedge funds — unregulated investment funds — directly managing $150 billion (UKpound 95.2 billion) in funds. With their ability to leverage through borrowing, it estimates that the assets they control may be twice that sum.<\/p>\n
That means the area, which has seen a surge in the number of hedge funds setting up office there since the start of the bear market in early 2000, has overtaken continental Europe’s top financial centres in terms of financial clout.<\/p>\n
It also suggests St James’s, home to well-known hedge fund names such as Soros, KKR and Blackstone as well as lesser known entities such as Camomile and Zebedee, is now “undisputed home of the European hedge fund”.<\/p>\n
“The area’s respectability no doubt appeals to an industry often suspected of shady practices,” the journal says.<\/p>\n
“Canary Wharf’s chief virtues — cheapness and lots of space hold little allure,” it concludes “Hedge funds don’t need to worry about being close to the City to be close to meetings. They manage so much money that the City boys come to see them.”<\/p>\n
—–<\/p>\n
To see more of the Evening Standard, or to subscribe to the newspaper, go to http:\/\/www.thisislondon.co.uk<\/p>\n
UKpound preceding a numeral refers to the United Kingdom’s pound sterling. (c) 2003, Evening Standard, London. Distributed by Knight Ridder\/Tribune Business News.<\/p>\n
STJ, CWG,<\/p>\n","protected":false},"excerpt":{"rendered":"
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