The cost-cutting in hedge fund land is getting out of hand. Managers are reportedly avoiding the extravagant rents of London’s Mayfair in favour of such down-at-heel locations as “Lower Regent Street” and “Baker Street,” according to Wealth Bulletin, an offshoot of Financial News.
As Howard Colvin, head of a start up fund of funds called Rudolf Wolff, declared from Dorland House, 14-16 Regent St:
There was no pressure on us to be in Mayfair or St James’s. Investors coming from abroad do not expect us to be there.
Brevan Howard, meanwhile, left St James’s earlier this year to move to 55 Baker Street, joining DE Shaw north of Oxford St.
This is despite rents in Mayfair and St James’s falling from a peak of £140 per square foot two years ago to an average of £87.50 now.
Related links:
221B Baker St – Wikipedia