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From Benedicte Gravrand, Geneva: Still on the trail to sunny Spain’s hedge fund market, Opalesque contacted David Jack, marketing manager of Madrid-based investment management company Belgravia Capital, who gave his perspective on the changes of regulations and the future of the industry in Spain.

Few independent investment managers “In Spain, the offshore hedge fund market is a fairly restricted market both from a regulatory perspective and a fiscal perspective. Also the market here is consolidated, not fragmented; the financial offerings made to individuals and institutions tend to be dominated by the main financial institutions in Spain. The concept of small independent financial management boutiques is not particularly common here so there are few independent investment managers.”

Setting up a hedge fund: past hurdles and draconian fiscal rules “Belgravia Capital was launched in 2002. The background of the founding partner of the company came from a large and pioneering hedge fund in London, Park Place Capital, where he was head of research and fund manager. He spent 10 years in the U.K., decided to come back to Spain and set up a financial boutique... He found it problematic to set up a classic Cayman Island-domiciled hedge fund because that was almost unmarketable either at the HNWI level or at the institutional level. The regulator here prohibited the marketing of any fund domiciled in a fiscal ......................

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