London hedge funds ruling at end of month

The future of London as the hedge-fund capital of Europe, along with the €700bn (€820bn) of assets money managers control, may be determined by a market watchdog this month.

The Paris-based European Securities and Markets Authority will recommend this month whether hedge funds, private equity and real-estate funds based in some countries outside of the EU should be able to continue selling products within the bloc.

The opinion will be closely scrutinised by London-based fund managers because it could become a template for when Britain exits the EU.