Isle of Man: Island To Sponsor Euro Hedge Paris In Spring

Last Updated: 31 January 2008

In little more than a couple of months since the new funds regime was rolled out at an industry briefing in London's financial heartland, two significant global players have set up new hedge fund manager operations and others are laying plans to follow.

Legislation required to introduce the new Specialist Fund and Qualifying Fund – and to update the Experienced Investor Fund, took effect at the beginning of November. It follows publication of the Smith Report earlier this year, which looked at future opportunities for the Island's funds industry. Central to its recommendations was the introduction of two new fund types, one targeted at the institutional funds market and another aimed at non-retail investors.

There were also implications for existing Experienced Investor Funds and the Financial Supervision Commission have announced new licensing arrangements for managers and asset managers to complement the new regime.

The Smith Report was commissioned by the Treasury and chaired by Paul Smith, formerly Head of HSBC's Alternative Fund Services Division. It comprised both public and private sector interested parties, including the Fund Managers Association and was coordinated by Isle of Man Finance.

FSC Chief Executive, John Aspden, said: I am delighted that the successful partnership with industry, Treasury and the Commission has resulted in a new suite of funds appropriate to the modern marketplace for both institutional and non-retail investors. It is pleasing that this close cooperation has allowed the Island to swiftly and commercially implement these recommendations of the Treasury appointed Funds Review Group. I look forward to continuing this partnership as we work to provide the appropriate regulatory environment to support the Island's funds industry now and going forward.'

Unveiled At InvestHedge

David McGarry of KPMG, who has steered the changes on behalf of the fund managers, said: 'Having successfully implemented many of the recommendations set out in the Review Group report, which was submitted to the Treasury earlier this year, we re-launched the Isle of Man's funds offering at the major InvestHedge Conference held in the British Museum in mid-September.

'Our marketing efforts have already translated into two new hedge fund manager setups (see stories below). These are very early success stories and it is now vital that we maintain our momentum over the coming months. In this regard, it is proposed the Isle of Man will sponsor two major hedge manager focused conferences during 2008 – EuroHedge Paris in April and InvestHedge London in September. It is planned that significant Isle of Man representation will be present at each of these events.

Isle of Man Finance' Brian Donegan believes the success of the new initiative will spur on the industry to reach its targets of (US)$50 billion in funds under management and (US)$100 billion under administration by 2010.

'Tremendous Scope To Expand'

'The establishment of these high calibre organisations in the Island is a testament to our dynamic new funds regime and a further indication of the success of the model developed from our recent strategic review of the sector. There is tremendous scope for the international hedge fund manager community to base a substantial part of its operations in the Isle of Man.'

Emerging Markets Specialist – Bridge Asset Management Sets Up Operation

Bridge Asset Management is moving significant middle, back office and trading execution to the Island, while basing the fund advisor in its prestigious head office in London's Mayfair.

Bridge Asset Management is a leading specialist in emerging markets that will now base a substantial portion of its global business in the Isle of Man. This includes middle, back office and trading execution while its fund adviser will operate from the company's head office in London's Mayfair.

The company has moved to the Island as a direct result of the Island's new regime for alternative funds. Bridge can take advantage of the strong regulation, robust infrastructure and cost-effective base that the Island offers businesses.

Bridge Asset Management Launch First Fund

Partners Nick Corby, Gary Cressman, Aelita Arampova and Mark Slater established Bridge Asset Management in August. The firm's first fund, Bridge Global Opportunities Fund, was launched in October.

The event-driven fund, which is set up as part of a Cayman Islands segregated portfolio company, will concentrate on special opportunities within emerging markets. Over time, Bridge plans to increase the size of its operations in the Isle of Man as other fund strategies are added.

Mark Slater, Bridge's General Counsel, said: 'When we formed the business we were presented with a number of choices in the decision of where to base our management services. In the end, the choice was simple.

'The Isle of Man authorities were eager to assist us in the establishment of operations and the process of gaining the requisite licences was extremely efficient and prompt. The prevailing can-do attitude and professionalism is impressive.'

Pelham Sets (US)$500 Million New Fund Target

Hedge fund manager Pelham Capital Management is splitting its new operation between the Isle of Man and London.

Headed by Ross Turner and Hadyn Cunningham, Pelham opened its London office in July and launched its new long/short European Equity Hedge Fund on November 1. The firm has set a target of raising (US)$500 million from institutional investors.

'As a Triple A-rated jurisdiction by Standard & Poor's, the Isle of Man offers an investment grade location for hedge fund managers,' said Director Ross Turner. 'In addition, the dual attraction of experienced staff and a competitive cost base make the Isle of Man a perfect location for growing the business.

'Further attractions for us are the Island's tax neutral environment, strong regulatory reputation and its close proximity to our London office within the same European time zone,' he added.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

To print this article, all you need is to be registered on Mondaq.com.

Click to Login as an existing user or Register so you can print this article.

 
In association with
Up-coming Events Search
Tools
Print
Font Size:
Translation
Channels
Mondaq on Twitter
 
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).
 
Email Address
Company Name
Password
Confirm Password
Position
Mondaq Topics -- Select your Interests
 Accounting
 Anti-trust
 Commercial
 Compliance
 Consumer
 Criminal
 Employment
 Energy
 Environment
 Family
 Finance
 Government
 Healthcare
 Immigration
 Insolvency
 Insurance
 International
 IP
 Law Performance
 Law Practice
 Litigation
 Media & IT
 Privacy
 Real Estate
 Strategy
 Tax
 Technology
 Transport
 Wealth Mgt
Regions
Africa
Asia
Asia Pacific
Australasia
Canada
Caribbean
Europe
European Union
Latin America
Middle East
U.K.
United States
Worldwide Updates
Check to state you have read and
agree to our Terms and Conditions

Terms & Conditions and Privacy Statement

Mondaq.com (the Website) is owned and managed by Mondaq Ltd and as a user you are granted a non-exclusive, revocable license to access the Website under its terms and conditions of use. Your use of the Website constitutes your agreement to the following terms and conditions of use. Mondaq Ltd may terminate your use of the Website if you are in breach of these terms and conditions or if Mondaq Ltd decides to terminate your license of use for whatever reason.

Use of www.mondaq.com

You may use the Website but are required to register as a user if you wish to read the full text of the content and articles available (the Content). You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these terms & conditions or with the prior written consent of Mondaq Ltd. You may not use electronic or other means to extract details or information about Mondaq.com’s content, users or contributors in order to offer them any services or products which compete directly or indirectly with Mondaq Ltd’s services and products.

Disclaimer

Mondaq Ltd and/or its respective suppliers make no representations about the suitability of the information contained in the documents and related graphics published on this server for any purpose. All such documents and related graphics are provided "as is" without warranty of any kind. Mondaq Ltd and/or its respective suppliers hereby disclaim all warranties and conditions with regard to this information, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. In no event shall Mondaq Ltd and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use or performance of information available from this server.

The documents and related graphics published on this server could include technical inaccuracies or typographical errors. Changes are periodically added to the information herein. Mondaq Ltd and/or its respective suppliers may make improvements and/or changes in the product(s) and/or the program(s) described herein at any time.

Registration

Mondaq Ltd requires you to register and provide information that personally identifies you, including what sort of information you are interested in, for three primary purposes:

  • To allow you to personalize the Mondaq websites you are visiting.
  • To enable features such as password reminder, newsletter alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our information providers who provide information free for your use.

Mondaq (and its affiliate sites) do not sell or provide your details to third parties other than information providers. The reason we provide our information providers with this information is so that they can measure the response their articles are receiving and provide you with information about their products and services.

If you do not want us to provide your name and email address you may opt out by clicking here .

If you do not wish to receive any future announcements of products and services offered by Mondaq by clicking here .

Information Collection and Use

We require site users to register with Mondaq (and its affiliate sites) to view the free information on the site. We also collect information from our users at several different points on the websites: this is so that we can customise the sites according to individual usage, provide 'session-aware' functionality, and ensure that content is acquired and developed appropriately. This gives us an overall picture of our user profiles, which in turn shows to our Editorial Contributors the type of person they are reaching by posting articles on Mondaq (and its affiliate sites) – meaning more free content for registered users.

We are only able to provide the material on the Mondaq (and its affiliate sites) site free to site visitors because we can pass on information about the pages that users are viewing and the personal information users provide to us (e.g. email addresses) to reputable contributing firms such as law firms who author those pages. We do not sell or rent information to anyone else other than the authors of those pages, who may change from time to time. Should you wish us not to disclose your details to any of these parties, please tick the box above or tick the box marked "Opt out of Registration Information Disclosure" on the Your Profile page. We and our author organisations may only contact you via email or other means if you allow us to do so. Users can opt out of contact when they register on the site, or send an email to unsubscribe@mondaq.com with “no disclosure” in the subject heading

Mondaq News Alerts

In order to receive Mondaq News Alerts, users have to complete a separate registration form. This is a personalised service where users choose regions and topics of interest and we send it only to those users who have requested it. Users can stop receiving these Alerts by going to the Mondaq News Alerts page and deselecting all interest areas. In the same way users can amend their personal preferences to add or remove subject areas.

Cookies

A cookie is a small text file written to a user’s hard drive that contains an identifying user number. The cookies do not contain any personal information about users. We use the cookie so users do not have to log in every time they use the service and the cookie will automatically expire if you do not visit the Mondaq website (or its affiliate sites) for 12 months. We also use the cookie to personalise a user's experience of the site (for example to show information specific to a user's region). As the Mondaq sites are fully personalised and cookies are essential to its core technology the site will function unpredictably with browsers that do not support cookies - or where cookies are disabled (in these circumstances we advise you to attempt to locate the information you require elsewhere on the web). However if you are concerned about the presence of a Mondaq cookie on your machine you can also choose to expire the cookie immediately (remove it) by selecting the 'Log Off' menu option as the last thing you do when you use the site.

Some of our business partners may use cookies on our site (for example, advertisers). However, we have no access to or control over these cookies and we are not aware of any at present that do so.

Log Files

We use IP addresses to analyse trends, administer the site, track movement, and gather broad demographic information for aggregate use. IP addresses are not linked to personally identifiable information.

Links

This web site contains links to other sites. Please be aware that Mondaq (or its affiliate sites) are not responsible for the privacy practices of such other sites. We encourage our users to be aware when they leave our site and to read the privacy statements of these third party sites. This privacy statement applies solely to information collected by this Web site.

Surveys & Contests

From time-to-time our site requests information from users via surveys or contests. Participation in these surveys or contests is completely voluntary and the user therefore has a choice whether or not to disclose any information requested. Information requested may include contact information (such as name and delivery address), and demographic information (such as postcode, age level). Contact information will be used to notify the winners and award prizes. Survey information will be used for purposes of monitoring or improving the functionality of the site.

Mail-A-Friend

If a user elects to use our referral service for informing a friend about our site, we ask them for the friend’s name and email address. Mondaq stores this information and may contact the friend to invite them to register with Mondaq, but they will not be contacted more than once. The friend may contact Mondaq to request the removal of this information from our database.

Security

This website takes every reasonable precaution to protect our users’ information. When users submit sensitive information via the website, your information is protected using firewalls and other security technology. If you have any questions about the security at our website, you can send an email to webmaster@mondaq.com.

Correcting/Updating Personal Information

If a user’s personally identifiable information changes (such as postcode), or if a user no longer desires our service, we will endeavour to provide a way to correct, update or remove that user’s personal data provided to us. This can usually be done at the “Your Profile” page or by sending an email to EditorialAdvisor@mondaq.com.

Notification of Changes

If we decide to change our Terms & Conditions or Privacy Policy, we will post those changes on our site so our users are always aware of what information we collect, how we use it, and under what circumstances, if any, we disclose it. If at any point we decide to use personally identifiable information in a manner different from that stated at the time it was collected, we will notify users by way of an email. Users will have a choice as to whether or not we use their information in this different manner. We will use information in accordance with the privacy policy under which the information was collected.

How to contact Mondaq

You can contact us with comments or queries at enquiries@mondaq.com.

If for some reason you believe Mondaq Ltd. has not adhered to these principles, please notify us by e-mail at problems@mondaq.com and we will use commercially reasonable efforts to determine and correct the problem promptly.