Notwithstanding the news that London boasts the most expensive office space in the world, a growing number of U.S. hedge funds are setting up shop across the pond to be closer to where the European action is. According to The Times of London, Paulson Partners and Touradji Capital, both based in New York, and Beverly Hills, Calif.-based Canyon Capital are members of the latest class of Americans heading for the U.K. Another reason for eyes turning east, reports The Times, is that London has a number of investment banks, accountants and lawyers all neatly clustered together in one area. But more important, London is increasingly becoming home to global hedge funds, The Times says, with global HF assets under management in town doubling in the past three years, while the share of total global hedge fund assets on these shores has fallen from 86% to 62%. Some of the U.S. hedge funds that are now old timers in London are Citadel Investment, Tudor Investment, Moore Capital and SAC Capital. Among the newcomers are DE Shaw, Cyrus Capital, Highland Capital Management, GoldenTree Asset Management, Oak Hill Advisors, King Street Capital Management and Blue Mountain Capital Partners, according to The Times.
