French hedge fund managers dismissed as "hot air" claims by Nicolas Sarkozy, right-wing candidate for the French presidency, that he would impose a tax on speculation by hedge funds if he wins this year.

One manager said Sarkozy's claim, reported in an interview with Les Echos, was not serious: "He is an outstanding politician and he is appealing to the guy on the street who doesn't know anything about hedge funds but doesn't like people with money. There is nothing he can do - hedge fund managers have almost no presence in Paris and the funds themselves are registered offshore."