 "Higher taxes dent growth of local hedge funds")
Hedge funds in New York and London fretting about tough times have one consolation: at least they’re not in India.
There, a tax of about a third of income from investments — versus no levy for mutual fund picks held for at least a year — has kept assets managed by hedge funds in the country well below $1 billion and forced money managers to be creative. Take Andrew Holland, the man behind one of India’s first onshore hedge funds, who markets his long-short stock vehicle as an alternative to bonds.
“I can’t compete with equities with that tax,” Holland,
