Hong Kong’s proposed expansion of tax breaks for fund managers is already prompting hedge funds and overseas investment firms to examine new structures in the territory, while banks fear the changes could accelerate the movement of trading talent to the buyside, according to Bloomberg.
The government is seeking to broaden its existing carried interest tax concession beyond private equity, potentially bringing hedge fund performance-related compensation within its scope. The legislation forms part of efforts to strengthen Hong Kong’s position as an asset management centre as competition intensifies with Singapore and Dubai.
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