Monday, Jan 18, 2010
UK faces bright financial future
FT: London will thrive, says hedge fund
“The idea that London is going to be full of tumbleweed in 10 years is not credible,” said Savvas Savouri, chief economist at Tosca. “There are too many aspirational economies that don’t have infrastructures of their own.
“We have an affinity with India, with the Gulf, even with China, via Hong Kong. These markets will want a western hub.”
He predicts that London will attract at least 100,000 new financial services jobs over the next decade.
Posted by mountain goat @ 01:47 PM (983 views) Add Comment
10 Comments
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1. paul said...
London will only thrive if there are fewer hedge fund managers wearing rose tinted bottle-top glasses!
2. mountain goat said...
Seriously though, if you are a rich b@stard in Bombay, Moscow, Hong Kong, Abu Dhabi or Rio de Janeiro where would you keep your private savings & investments and those of your company? Wall Street, Seychelles, Bahamas or London? According to this hedge fund, London is still attractive. As he says “For those concerned that tax and regulation will deflect new arrivals from London, we say this: taxes are rising and regulation is being tightened elsewhere too.” (one can always rely on governments to react late).
I bet most people think we are better off without the investment bankers and hedgies, however, I want those banks to pay back some of my money now that our government has bailed them out against my wishes, and no doubt will continue to do so for some time to come.
3. jack c said...
"Tosca came close to collapse in 2008 after mistiming investments in troubled banks. It was the second biggest shareholder in Washington Mutual at the time the bank failed"
Lets hope they don't mistime their prediction !
4. Sidchan said...
Do you know why Hong Kong Exchanges is king of IPO in the world?
All that thanks for China state owned enterprises choose to raise capital in Hong Kong.
Frankly speaking, I can’t find any reason for Chinese conglomerate to option for listing in London in view of tightening regulation, higher tax and operating costs! But most important is less investors in UK who would be interested in China stocks.
5. icarus said...
In the opera Tosca arranges for the condemned Mario to be shot with empty rounds. In the end he's shot with real bullets and dies.
As he lays there Tosca, still thinking he's been shot with blanks, tells him everything's great and it's time for him get up and ride off into the sunset with her.
Then she kills herself.
6. icarus said...
(when she realises he's dead).
7. will said...
The bankers will thrive again in London - like pigs in a sty scoffing off the rest of us.
8. drewster said...
If you can't beat 'em, join 'em. Now, how do I go about becoming a banker?
9. stillthinking said...
This is part of the false distinction both parties make. They push the interests of the UK, but not the UK people. Having lots of rich foreigners working in London, or cheap immigrant labour, is good for the UK. However, bad for the UK people.
10. paul said...
@drewster
Answer me these questions three, 'ere the other side you see:
1. WHAT school did you go to?
2. WHAT banking qualifications .... oh hang on that's not it ...
3. WHO do you know who works in banking already?