The four-strong team that manages the $114m (£59.78m) Altis Global Futures Portfolio is moving to Je...
The four-strong team that manages the $114m (£59.78m) Altis Global Futures Portfolio is moving to Jersey. This is the first in what Jersey hopes will be around 20 hedge fund and fund of hedge funds managers relocating to Jersey over the next five years.
Zbigniew Hermaszewski, principal of Altis Partners, said he and his three partners had decided to leave the UK partly because of the "creaking infrastructure".
He added: "We were attracted to Jersey by various factors. It is offshore but is not so foreign from London. It has a well regarded financial services centre. The neutral tax regime is attractive and it has good communications. But a key issue in our decision was the quality of life in Jersey and other less tangible attributes."
Another factor in Jersey's favour, said Hermaszewski, was the quality of the schools on the island. "The investment by the States of Jersey in education is impressive. Our children, however, are probably looking forward to playing on the beaches more than going to their new schools."
He also praised the support that Altis Partners was given by the Financial Services Commission and the finance industry in Jersey. "The time scale from when we decided to press the button to proceed to gaining approval and when we could move to the island was impressively short."
Ian Cadby, chief executive of Liberty Ermitage, argued that the lifestyle in Jersey will enable the island to attract more hedge fund managers. "There has been a long-term trend of hedge fund managers moving away from the City of London to enjoy a better quality of life. Technology is enabling them to do this and once they get to £250m in assets under management they are established enough to do this.
"Hedge fund managers first left the City for the West End of London. Then they moved to Surrey and now they are looking further afield, such as to Jersey. I would expect Jersey to have around 20 hedge fund and fund of hedge funds managers with at least $9bn (£4.71bn) in assets under management in five years' time.
"The quality of lifestyle will play a key role in attracting hedge fund managers. Jersey can become the Connecticut of the British Isles by establishing an industry cluster around hedge fund managers.
"Jersey is close to London, has an attractive and simple tax regime and a good quality of life. It is also well regulated which helps with business integrity. Evidence of this is the fact that a recent recruit said he would only join us if the job was to be based in Jersey rather than London."
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