Liechtenstein may draw several hundred managers of hedge funds and venture capital firms from Switzerland after the principality transposed a European Union directive on investor protection into law, Handelsblatt said, citing a confidential study by PricewaterhouseCoopers LLP.
Fund managers will need the new license to operate in the EU from 2013, the German newspaper reported. While Switzerland is working on a revision of its legislation, it can only be applied from 2015 because the country isn’t a member of the European Economic Area, Handelsblatt said.
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