Hedge-fund manager Leda Braga has had enough of Geneva and its high prices: she will start moving her employees back to London, where Brexit is exerting downward pressure on costs. Braga is not the only one to consider moving back to England.

The concern about the future of the U.K. outside the European Union has weakened sterling significantly. Lower costs are making London more attractive as a hub for the financial-service industry. One of the companies to act is hedge fund Systematica, Leda Braga’s firm.

Braga has decided to shift staff from Geneva to London in coming months, «Financial News» (behind paywall) reported. The reason: Geneva, where Systematica has 44 employees, has become ever more expensive – all the while London has become cheaper as the pound fell.

Systematica is making its money in U.S. dollar and the weakening of the U.K.’s currency has made costs for operating in England cheaper.

Plenty of Staff Available

London of course also has a wealth of well-qualified staff eager to work at a lower rate than is the case in Switzerland. Systematica will expand the staff in London, while not actually shuttering Geneva, according to the report.

Braga isn’t the only one to consider London as the place to be. Zug-based hedge fund Amplitude recently opened a branch in London. Zug may have attractive tax rates, but for customers, London is much more important given its international allure as a financial hub.

Not the Only One

Alan Howard, the co-founder of Brevan Howard hedge fund, also recently moved to London – for family reasons. Howard’s hedge fund had moved to Geneva in 2010 with a staff of 50. Brevan Howard has since ordered a number of his people to move back to London.

The big move from the U.K. to Switzerland had started after the financial crisis when the U.K. announced stiff increases in taxes, while Switzerland had lucrative conditions for hedge funds.

But the advantages of low taxes in the run won’t weigh up the problem companies face when looking for talented staff in Switzerland. London-based headhunter Barry Seath (Mirage Recruitment) told «Financial News» that a growing number of hedge-fund managers is looking to shift their people back from Switzerland as they can’t find accommodation close to good schools in Zurich or Geneva. Also, some regions have much higher income taxes than others – an argument that would not speak in favor of Geneva, which has some of the highest taxes in Switzerland.

Another important company in the industry, Man Group, has reduced the offices in Pfaeffikon over the past years. Europe’s biggest listed hedge fund in 2016 had 104 people working in Switzerland, compared with 365 five years earlier.