Singapore Hedge Fund

Alternative asset management in Singapore

Boris tries to save london's first place!

Boris Johnson

Boris Johnson

Mr Johnson was there to argue against “enormously damaging” plans to tighten regulation, saying that it would drive jobs in the capital elsewhere and cost the UK billions in tax revenues as business relocated to other financial centres such as New York and Singapore.

“After a series of meetings I am confident we have successfully made a concrete and sensible argument,” the Mayor said. “Amongst the British MEPs I met, there was widespread recognition of the potentially damaging effect that the directive, in its current form, will have on London, the UK and Europe. I was encouraged by MEPs to continue to lobby for the modification of the directive.”

Mr Johnson said that he had a “very friendly, warm and constructive” meeting with Charlie McCreevy, the EU Commissioner responsible for the regulation of financial services.

“Commissioner McCreevy realises the importance of the capital’s financial services industry to London, as well as Europe, and recognises that the directive will be, and should be, amended as it makes its journey through the European Parliament. He encouraged us to continue to play our part in this process and I fully intend to do so,” the Mayor added.

He has maintained throughout that the draft directive is unduly harsh on hedge funds and private equity, which he says were not to blame for the financial crisis. He said he is in favour of “proportionate regulation” but argued in its current form it would cut off a vital supply of investment funding from an industry which currently employs 7,000 people directly in private equity in London and a further 35,000 directly and indirectly within hedge fund management. About 80pc of European hedge funds and 60pc of European private equity funds are located in London, according to the Mayor.

The Alternative Investment Fund Management draft directive was published by the European Commission in April. Mr Johnson has dismissed the plans as protectionist and anti-competitive, and claimed they display ignorance about the workings of the industry.

He has argued that the correct thing to do would be to regulate at the global level through the G20.

JVB with the telegraph

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