June 2006
The lead story poses the question "Hedge funds: Are they investment banks of the future?". The last few years have seen an increasing convergence of activity between Europe's hedge funds and investment banks, or put another way hedge funds are moving into the banking arena. Faced with a shortage of suitable investment opportunities in the more conventional investment strategies, they have moved into areas such as debt factoring, lending, derivatives trading and M&A activity, traditionally the realm of investment banks. This has served to highlight key tax differences between investment banks and hedge funds.
Other issues covered in this edition include asset servicing challenges, MiFID, Russian real estate, UK-Swiss tax agreement, German real estate IPOs, real estate certificates, wealth management M&A, French OPCI opposition, Abbey National VAT decision, German risk advantages, UK Treating Customers Fairly, UK pension scheme governance, EU withholding tax and environmental taxes.
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